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Geothermal ORC Market Size

Report ID: GMI7465
Published Date: Nov 2023
Report Format: PDF

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Geothermal ORC Market Size

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.

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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.

Geothermal ORC Market Report Attributes
Report Attribute	Details
Base Year:	2022
Geothermal ORC Market Size in 2022:	USD 6.4 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	13.5%
2032 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:	Increasing adoption of renewable energy Stringent emission norms Increasing clean energy demand
Pitfalls & Challenges:	Availability of other alternative technologies

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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.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.