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Organic Rankine Cycle (ORC) Market Analysis

Report ID: GMI5434
Published Date: Feb 2023
Report Format: PDF

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Organic Rankine Cycle Market Analysis

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The geothermal segment is slated to hold nearly 46.5% share of the organic rankine cycle market through 2032. This growth is attributed to the growing deployment of large-scale geothermal facilities is pushing segment growth. To cite an instance, in June 2022, Exergy International, an ORC provider, inked a partnership contract with Geothermal Development & Investment Inc. to open multiple geothermal power plants in Japan with ORC technology for the development and completion of ORC power plants in the country.

In terms of power output, the ≤ 1 MWe ORC systems accounted for around 23% of the global organic rankine cycle market share in 2022. These ORC systems do not produce any additional emissions while generating power compared to their high megawatt electrical output counterparts, which is encouraging frequent adoption of ≤ 1 Mwe organic Rankine cycle systems. For instance, in 2022, Padd Energy, a UK-based power generation company, opened a new 1MW woodburning CHP at a manufacturing facility in North Wale that uses ORC to produce 1Mwe of electrical power.

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North America organic rankine cycle market held an installed capacity of 1.4 GW in 2022 as a result of national renewable energy goals combined with redundancy for the expansion of conventional electrical networks. In July 2022, the U.S. Department of Energy under the Biden-Harris Administration launched a new set of Solar Initiatives to reduce electricity bills and open clean energy employment opportunities. This program was aided with about USD 10 million funded under the Bipartisan Infrastructural Law to propel the solar energy sector.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The ORC market size crossed USD 13.5 billion in 2022 and is primed to grow at over 15% CAGR through 2032 driven by government regulations aimed at lowering GHG emissions.

The geothermal application segment is foreseen to clock more than 46.5% of the market share through 2032 owing to the significant use of ORC systems due to the growing demand for large-scale geothermal facilities.

The < 1 MWe ORC segment accounted for more than 23% of the overall market share in 2022 as they do not form any additional emissions while generating power compared to their high megawatt electrical output counterparts.

The North America market held an installed capacity of nearly 1.4 GW in 2022 as a result of national renewable energy goals combined with redundancy for the expansion of conventional electrical networks in the region.