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Organic Rankine Cycle (ORC) Market Size

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

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Organic Rankine Cycle Market Size

Organic Rankine Cycle Market size exceeded USD 13.5 billion in 2022 and is projected to expand at more than 15% CAGR from 2023 to 2032, driven by government regulations aimed at lowering GHG emissions.

The soaring adoption of renewable energy globally is fueling ORC market expansion. The significant preference for renewable energy technologies for power generation, from sources such as geothermal, biomass, and other non-conventional sources has greatly increased economic opportunities for ORC manufacturers. In February 2021, Turboden S.p.A, an Italian ORC supplier, announced its selection for the Energy Development Corporation’s Palyan Bayan Expansion project and deployed 29 Mwe geothermal power plant in the Philippines.

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Furthermore, this has also escalated the demand for clean energy which in turn is predicted to foster the organic rankine cycle market. The promising funding from financial institutions including the IFC and Asian Development Bank, together with the rapid expansion of renewable networks to serve rural areas with grid connectivity is set to hasten the adoption of renewable energy sources. In September 2021, the USDA announced an investment of USD 464 million to enhance renewable energy infrastructure and help rural communities to attain electricity at lower costs in 48 states and Puerto Rico.

Organic Rankine Cycle Market Report Attributes
Report Attribute	Details
Base Year:	2022
Organic Rankine Cycle Market Size in 2022:	13.7 Billion (USD)
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	15.3%
2032 Value Projection:	57.5 Billion (USD)
Historical Data for:	2019 to 2022
No. of Pages:	330
Tables, Charts & Figures:	556
Segments covered:	Power Output, Application
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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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.