According to the research report, the global organic rankine cycle market was valued at USD 857.88 million in 2023 and is expected to reach USD 1,162.10 million by 2032, to grow at a CAGR of 3.40% during the forecast period.
Market Overview:
The Organic Rankine Cycle (ORC) market is gaining momentum as a pivotal technology for energy recovery and power generation. ORC systems are designed to convert low-grade heat into usable electricity, leveraging organic fluids with lower boiling points than water. This makes ORC technology particularly effective in industries and applications where waste heat, geothermal energy, or solar thermal energy can be harnessed. With a growing emphasis on sustainable and efficient energy systems, the ORC market is witnessing increased adoption across various sectors.
Market’s Growth Drivers:
Rising Demand for Renewable Energy Solutions
The global shift toward renewable energy sources is a major driver for the ORC market. ORC technology facilitates the efficient use of geothermal, solar thermal, and biomass energy, aligning with the increasing focus on reducing carbon emissions and transitioning to cleaner energy systems.
Increasing Focus on Waste Heat Recovery
Industries such as manufacturing, oil and gas, and power generation produce significant amounts of waste heat. ORC systems provide an effective solution to recover and utilize this heat for electricity production, reducing energy costs and enhancing overall efficiency.
Supportive Government Policies and Incentives
Governments worldwide are introducing policies and incentives to promote energy efficiency and renewable energy adoption. Subsidies, tax benefits, and funding initiatives for ORC projects are encouraging industries and utilities to invest in this technology.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
Some of the major players operating in the global market include:
- Atlas Copco
- Calnetix Technologies
- Elvosolar
- Enogia SAS
- Exergy International
- TAS Energy
- Triogen
- Turboden
- Zhejiang Kaishan Compressor
Recent Developments:
- In February 2020, Turboden entered into a contract with the Meadow Lake Tribal Council (MLTC) in Canada to supply an 8,000 kW ORC system for power generation. This system will utilize residual woody biomass from sawmills as its primary fuel source.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The Organic Rankine Cycle Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
Organic Rankine Cycle Market, Application Outlook (Revenue, USD Million, 2019 – 2032)
- Waste Heat Recovery
- Petroleum Refinery
- Chemical
- Glass
- Cement
- Metal Production and Casting (Iron & Steel)
- Biomass
- Geothermal
- Solar Thermal
- Oil & Gas (Gas Pipeline Pressure Stations)
- Waste to Energy
The Organic Rankine Cycle market is poised for substantial growth as industries and energy providers seek efficient, sustainable, and cost-effective power generation solutions. With ongoing technological advancements and the rising adoption of renewable energy, ORC technology is set to play a crucial role in shaping the future of energy systems.
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