Geothermal ORC Market
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Geothermal ORC Market was valued at USD 6.4 billion in 2022 and is poised to witness more than 13.5% CAGR from 2023 to 2032. Continuing governmental efforts to cut CO2 emissions have prompted increased funding for implementing such technologies. Moreover, declining renewable energy costs and national mandates to meet renewable energy goals are driving the gradual phasing out of traditional coal-powered stations.
Geothermal ORC is a technology that harnesses geothermal energy, utilizing the organic rankine cycle principle. Geothermal energy, derived from the Earth's heat, is employed as the heat source in the ORC system. The rapid uptake of renewable energy technologies, encompassing geothermal, biomass, and other non-traditional sources for generating power, presents a substantial opportunity for Organic Rankine Cycle (ORC) system manufacturers. Additionally, the existence of advantageous government incentives and regulatory changes intended to foster the adoption of renewable energy sources across the Asia Pacific region will continue to drive business expansion.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Geothermal ORC Market size in 2022: | USD 6.4 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 13.5 |
| 2023 Value Projection: | USD 23 Billion |
| Historical Data for: | 2019 to 2022 |
| No of Pages: | 150 |
| Tables, Charts & Figures: | 329 |
| Segments Covered: | Power Output |
| Growth Drivers: |
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| Pitfalls Challenges: |
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At present, Organic Rankine Cycle (ORC) technology is in its developmental phase, often involving a more intricate and prolonged process to obtain environmental clearances compared to Supercritical Rankine Cycle (SRC). The availability of alternatives like SRC and Kalina technology, offering enhanced efficiency and cost-effectiveness, tends to overshadow ORC. SRC enjoys broader adoption due to its use of economical working fluids and a reputation for safe operations, unlike ORC systems. Yet, regulatory bodies consistently introduce reforms aiming to cut greenhouse gas (GHG) emissions. Moreover, consumer preferences favor eco-friendly solutions, indicating a potential shift in industry dynamics ahead.
The pandemic caused a substantial downturn in industry growth, leading to a notable decrease in the installation of numerous large-scale projects. Nonetheless, developed economies are prioritizing the acceleration of global industrial development to offset the recent impacts of COVID-19.
In recent years, there's been a noticeable industry shift towards utilizing dependable medium and low-temperature heat sources like biomass, geothermal energy, and solar power for generating power. Organic Rankine Cycle (ORC) systems are widely used to produce electricity by capturing heat from biomass combustion and geothermal sources. This increased adoption of renewable energy sources, supported by favorable legislation, is expected to encourage broader use of ORC systems. Stricter emission regulations targeting CO2 reduction, along with the rising deployment of biomass and geothermal power units, will further boost the industry's potential.
Based on power output, the > 10 MWe segment was worth more than USD 85.2 million in 2022. Organic Rankine Cycle (ORC) systems showcase an exceptional level of adaptability compared to other thermal energy harvesting methods. They're highly versatile, capable of generating power across a broad spectrum of capacities, from large-scale installations to smaller sources producing just a few kilowatts. What fuels the widespread adoption of this technology is its reputation as the most efficient and cost-effective way to convert thermal energy into mechanical or electrical power. The multitude of benefits, including superior efficiency, dependability, and adaptability, has led to an increased prevalence of ORC systems in installations surpassing 10 megawatts electric (>10 MWe).
North America region captured around 30.6% share of the geothermal ORC market in 2022. There's a growing interest in leveraging geothermal energy for power generation. ORC systems are becoming a favored choice due to their efficiency in harnessing low-temperature geothermal sources. As sustainability gains momentum, more attention is being directed towards renewable energy sources like geothermal, driving the adoption of ORC systems. Ongoing advancements in ORC technology are enhancing its efficiency and reliability. Innovations in materials and system designs are making ORC systems more adaptable to various geothermal conditions, thereby expanding their feasibility and applicability.
General Electric holds a significant stake in the Geothermal organic rankine cycle (ORC) industry due to its expertise in engineering and manufacturing various waste heat recovery technologies, including SRC and ORC systems. The company's robust background in sustainable technologies has enabled it to provide ORC solutions across a wide range of geothermal applications.
Some of the key market players operating across the geothermal ORC industry are:
Market, By Power Output
The above information is provided for the following regions and countries:
General Electric, Mitsubishi Heavy Industries, Ltd., Exergy International Srl, Turboden S.p.A, Calnetix Technologies, LLC, ENOGIA, Triogen, ABB, Atlas Copco AB, INTEC GMK, ORCAN ENERGY AG, and Ormat Technologies.
North America geothermal ORC industry accounted for more than over 30.6% of the revenue share in 2022 and is estimated to exhibit robust growth through 2032, driven by the rising interest in leveraging geothermal energy for power generation.
Geothermal ORC market from the > 10 MWe segment power output segment generated more than USD 85.2 million in 2022 and is projected to witness high demand through 2032, due to their efficiency and cost-effectiveness in converting thermal energy into mechanical or electrical power.
The market valuation of geothermal ORC was worth USD 6.4 billion in 2022 and is estimated to expand at 13.5% CAGR from 2023 to 2032, attributed to the continuing governmental efforts to cut CO2 emissions and the increased funding for implementing several technologies.