Organic Rankine Cycle (ORC) Market
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The global organic rankine cycle market size was assessed at USD 18.8 billion in 2024 and is envisioned to witness a CAGR of 15% by 2034, owing to the growing uptake of eco-friendly energy systems along with heat waste recycling systems. The ORC technology is being embraced in industries such as geothermal power plants, biomass generation, and in the industrial sector to optimize energy consumption and lower CO2 emissions. Furthermore, the market growth is facilitated by Government incentives and policies that encourage sustainable energy solution adoption.
The organic rankine cycle market is being propelled by technological advances in ORC systems as they enhance efficiency and lower the cost of the system. Advancements such as high efficiency heat exchangers, low temperature ORC systems, and zero inert LOX reflective candidate materials are broadening the application scope of these systems. Considerable improvement in the operational efficiency and reliability has also been achieved through automation and the integration of various digital monitoring tools. Also, modularized ORC systems are becoming popular due to easy to install and can be used in areas that are remotely located or off grid. Such developments are broadening the use of ORC technology beyond its normal boundaries not only to data centers, but also to a distributed energy system.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Organic Rankine Cycle Market size in 2024: | USD 18.8 Billion |
| Forecast Period: | 2025 – 2034 |
| Forecast Period 2023 - 2032 CAGR: | 15 |
| 2023 Value Projection: | USD 76.7 Billion |
| Historical Data for: | 2021 – 2024 |
| No of Pages: | 110 |
| Tables, Charts & Figures: | 20 |
| Segments Covered: | Power Output, Application |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The ORC market is comprised of different industries and each makes use of the technology for different reasons. In the case of the industrial sector, ORC systems are employed extensively for recovering waste heat from the manufacturing process. In the case of energy, they are used in geothermal and biomass power plants. The marine industry is integrating ORC systems to optimize vessel operations and minimize emissions in accordance with the emissions level of maritime regulations.
The ORC system is used in heavy-duty vehicles in the transportation industry in order to increase the energy recovery. All these applications of ORC systems for specific purposes working in tandem further indicate an array of opportunities for ORC systems in new and developing regions. Moreover, improved ORC systems which include increased efficiency as well as better materials are enabling these technologies to become more cost effective and easily available thus increasing the potential for their adoption in range of applications including transportation and marine users.
According to the application in the industry, it is segmented into waste heat recovery, biomass, solar thermal, waste to energy, oil & gas and geothermal. Geothermal segment is expected to cross USD 40.7 billion mark by 2034. This growth in the usage of geothermal sources for power generation purposes in the organic Rankine cycle (ORC) market is complemented by the increasing global pro-renewables and sustainable power generation trends. Geothermal energy is a carbon neutral source which quite perfectly supplements the global tackling climate change strategies. Besides, the government provides an environment for investment in geothermal projects through incentives, tax credits and other policy support.
The organic Rankine cycle market is also divided based on the power output such as ≤ 1 MWe, > 1 – 5 MWe, > 10 MWe, and > 5 – 10 MWe. > 1 - 5 MWe segment is projected to exceed a CAGR of more than 13.9% for the year 2034. The growth reported for the >1–5 MWe segment in the organic Rankine cycle (ORC) market is due to medium sized projects focusing on Industrial waste heat recovery, biomass power plants, and small scale geothermal projects. This segment provides a viable option of cost and efficiency which is exactly what several industries aiming for sustainable energy sources want.
U.S. organic Rankine cycle market is believed to cross USD 17.1 billion mark by 2034, owing to the increasing focus on investments towards renewable energy and energy efficiency measures. ORC systems are being integrated by various sectors in order to maximize on waste heat utilization while minimizing greenhouse emissions, in line with the sustainability actions by the Federal and State Governments. Geothermal power remains a key contributor alongside the availability of resources and government support.
The Asia Pacific organic Rankine cycle market is growing at a rapid pace fueled largely by urbanization, electricity demand, and the use of clean power sources. In China, Japan and India, there is great potential due to the growing investments in geothermal and biomass energy application. The vast availability of geothermal energy resources in the region and the friendly government policies facilitate ORC uptake.
ABB has consolidated its position in the organic rankine cycle industry and has become one of the leaders in the industry. The market participants who hold a notable share of the market are more powerful in terms of pricing. This also means that more significant companies can, through greater market share, reduce unit costs and thus have more room to sell cheaper or gain better profits than smaller firms. This strategic edge is greatly valuable in these markets as it helps in increasing the customer base and protects ones position in the market.
Some of the key players operating across the organic rankine cycle industry are:
Market, By Power Output
Market, By Application
The above information has been provided for the following regions and countries:
The > 1 - 5 MWe segment is anticipated to grow at a CAGR of over 13.9% through 2034, led by its suitability for medium-scale applications like industrial waste heat recovery and small geothermal projects.
The U.S. organic rankine cycle market is projected to exceed USD 17.1 billion by 2034, fueled by increasing investments in renewable energy and energy efficiency initiatives, along with government support for geothermal power generation.
Key players in the organic rankine cycle market include ABB, Alfa Laval, Atlas Copco, Calnetix Technologies, Elvosolar, Enertime, Energia, Exergy International, General Electric, Intec GMK, Kaishan USA, Mitsubishi Heavy Industries, Orchan Energy, Ormat Technologies, Triogen, and Turboden.
The global market for organic rankine cycle was reached USD 18.8 billion in 2024 and is projected to grow at a 15% CAGR from 2025 to 2034, driven by increasing demand for renewable energy solutions and waste heat recovery systems.
The geothermal segment is expected to surpass USD 40.7 billion by 2034, supported by its alignment with global decarbonization goals and government incentives promoting sustainable power generation.