Organic Rankine Cycle Market Analysis

Organic Rankine Cycle Market Analysis

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.