Asia Pacific Organic Rankine Cycle (ORC) Market Analysis

Asia Pacific Organic Rankine Cycle Market Analysis

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Based on power output, the market is segmented as ≤ 1 MWe, > 1 - 5 Mwe, > 5 - 10 Mwe, and > 10 MWe. The > 10 MWe segment held a market value of more than USD 55.2 million in 2022. ORC systems exhibit a remarkable level of flexibility when compared to other thermal energy harvesting technologies. They can be effectively employed to generate power across a wide range of capacities, from large-scale installations to smaller sources generating just a few kilowatts. What further drives the adoption of this technology is its status as the most efficient and economically viable means of converting thermal energy into mechanical or electrical power.
 

The numerous advantages, including high efficiency, reliability, and flexibility, have led to an increased presence of ORC systems in installations exceeding 10 megawatts electric (>10 MWe). Additionally, ORC power plants can be custom-designed for stationary applications without incurring excessive additional costs. This adaptability is significantly advancing the industry landscape.
 

Based on application, the Asia Pacific ORC market is segmented as waste heat recovery, biomass, geothermal, solar thermal, oil & gas, and waste to energy. The geothermal application is set to grow at a CAGR of over 13.5% by 2032. The integration of a geothermal system with an ORC (Organic Rankine Cycle) unit for heat extraction represents a cost-effective method for power generation. Geothermal wells typically yield temperatures ranging from 50°C to 350°C. To access higher temperatures from the Earth, deeper wells are necessary, which can substantially raise the overall cost.
 

The preference for ORC units has grown significantly, allowing for the generation of more power from lower-temperature geothermal wells. This trend is expected to boost the adoption of ORC technology in this field. Furthermore, the introduction of low-energy utilization power cycles has made it feasible to generate geothermal power even from oil and gas wells, further expanding the potential applications of this technology.
 

The organic rankine cycle market across China held a market share of over 31.8% in 2022. China has been placing a significant emphasis on renewable energy sources to reduce its reliance on coal and combat air pollution. The adoption of ORC systems for power generation from sources like geothermal, biomass, and waste heat aligns with the country's renewable energy goals. Geothermal energy has gained attention in China as a clean and sustainable power source.
 

ORC technology is well-suited for harnessing low-temperature geothermal resources, and this trend was driving the use of ORC systems in geothermal power generation. ORC systems were being adopted for industrial applications, such as recovering waste heat from manufacturing processes. China's extensive industrial base offers numerous opportunities for implementing ORC technology to improve energy efficiency.