Global Organic Rankine Cycle Market Size By Application(Waste Heat Recovery, Biomass, Geothermal, Solar Thermal), By Geographic Scope And Forecast

Organic Rankine Cycle Market Size And Forecast

Organic Rankine Cycle Market size is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e., 2023 to 2030.

The Global Organic Rankine Cycle Market has witnessed strong growth owing to the increasing adoption of renewable energy, significant application and longer lifecycle of organic rankine cycle with low operation and maintenance cost are fueling the growth of the Global Organic Rankine Cycle Market over the forecasted period. The Global Organic Rankine Cycle Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Organic Rankine Cycle Market Definition

The organic Rankine Cycle (ORC) is a technology that converts heat into electricity for renewable energy applications such as biomass, solar, geothermal, and industrial energy efficiency. Organic Rankine Cycle systems are available from micro-scale range (kW) to large multi-megawatt. It can be used for domestic cogeneration to geothermal power plants. It follows the same principle as the traditional steam Rankine cycle, used in most thermal power plants to generate electricity, but uses an organic fluid instead of water. The organic Rankine Cycle system represents a total installed capacity of around 2701 MW, with 1754 ORC units and more than 700 projects.

Furthermore, high turbine efficiency, low number of stages, low mechanical stress, increased flexibility, and high availability of features and water-free system, no major overhaul, automatic, less hectic operation, and long life operational advantages make it more popular worldwide in waste to heat, biomass, geothermal, oil & gas and waste to energy application.

Global Organic Rankine Cycle Market Overview

Organic Rankine Cycle (ORC) is also defined as a steam cycle in which traditional steam is replaced by hydrocarbons. It utilizes clean energy resources such as solar irradiation, geothermal fluid, waste heat from industrial processes, ocean thermal gradient, and heat from biomass combustion. ORC is an alternative for clean power generation and a new opportunity for industries.Increasing adoption of renewable energy and significant application of Organic Rankine System are driving the market. Geothermal resources are one of earth’s core renewable sources found at a depth of 6500 Km. Power generation from geothermal brines is the crucial application of all Organic Rankine Cycle installed capacity worldwide. However, due to significant investments, a very low number of geothermal plants are available. Hence, few companies such as ORMAT, Exergy, Turboden and TAS have been active in this plants.

Furthermore, Organic Rankine Cycle (ORC) technology is become an ideal choice for biomass plant due to its high efficiency, ability and availability to follow load dependent on fuel supply. Turboden and EXERGY are some key players adopting this technology for biomass plants. Similarly, ORC is also suitable for converting thermal energy by solar to electricity with a cost-efficient and high efficiency level. The EXERGY provides solar power generation using Organic Rankine Cycle (ORC). Moreover, waste heat recovery is one of the important fields of the Organic Rankine Cycle (ORC). It can be used to heat plants and in farming and industrial processes. Also, ORC has become a proven process to produce carbon-neutral power efficiently.

Global Organic Rankine Cycle MarketSegmentation Analysis

The Global Organic Rankine Cycle Market is segmented based on Application, and Geography.

Organic Rankine Cycle Market by Application

• Waste Heat Recovery• Biomass• Geothermal• Solar Thermals• Oil & Gas• Waste to Energy

Based on Application, the market is segmented into Waste Heat Recovery, Biomass, Geothermal, Solar Thermal, Oil and gas, and Waste to Energy. During the forecasted period, the Geothermal segment is growing exponentially due to the availability of large-scale megawatt capacity geothermal plants in multiple regions. The adoption of renewable energy sources is increasing worldwide due to high energy efficiency, cost efficiency, and carbon emission reduction. Thus, the Organic Rankine Cycle adoption is growing in geothermal, biomass, solar, waste to heat energy, oil & gas, and around the world.

Organic Rankine Cycle Market by Geography

• North America• Europe• Asia Pacific• Latin America• Middle East and Africa

Based on regional analysis, the Global Organic Rankine Cycle Market is classified into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Europe is the leading region in the Global Organic Rankine Cycle Market due to the higher adoption Organic Rankine Cycle system amongst crucial companies due to its significant features such as a water-free system, minimum operation, and maintenance cost, wholly automatic, and low overhaul.

Furthermore, North America is expected to surge in demand for Organic Rankine Cycle installation over the coming year, owing to rising focus on clean energy sources, largest installed capacity and multiple ORC-based plants are under the pipeline in U.S. are expected to drive North America’s ORC market in forecasted period.

Key Players

The “Global Organic Rankine Cycle Market” study report will provide valuable insight with an emphasis on the global market. The major players are Ormat, TAS Energy, Turboden S.p.A, Kaishan, General Electric, ALFA LAVAL, AKTERM ENERGY, enertime, GMK, Adoratek, Exergy International srl amongst others, in the Organic Rankine Cycle Market.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• On 25th September 2019, Exergy International Srl is acquired by China based company Nanjing TICA Thermal Technology Co., Ltd

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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