Organic Rankine Cycle Market Projected to Grow at a Steady Pace during 2021-2028

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The global organic rankine cycle market size was valued at USD 211.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.3% from 2020 to 2028. The rise in the adoption of renewable energy, the longer life cycle of ORC, and low O&M cost are some of the major factors boosting the growth of the organic rankine cycle (ORC) market globally. North America is expected to witness higher demand for ORC installation over the coming years owing to the rising focus on the development of power through clean energy sources and the availability of supporting policies and financial support for clean energy projects.

The rise in the adoption of renewable energy in countries, such as the U.S., China, Germany, and Canada, is leading to the emergence of supportive regulations and provision of financial incentives for the deployment of renewable energy. Financial incentives such as feed-in-tariff, subsidies, and tax benefits are some of the major tools utilized by countries around the world to attract investment in the renewable energy sector. These factors are expected to propel the growth of the organic rankine cycle (ORC) market in the near future.

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Key Player Mentioned:

  • Turboden S.p.A.
  • Exergy S.p.A.
  • Zhejiang Kaishan Compressor Co., Ltd.
  • Ormat
  • TAS
  • Elvosolar, a.s.
  • General Electric
  • INTEC GMK
  • Enogia SAS

Application Segment Analysis:

  • Waste Heat Recovery
  • Biomass
  • Geothermal
  • Solar Thermal

The market is characterized by the presence of key players, along with a few medium and small regional players. Leading market players compete based on their product development capabilities and new technologies used in product formulations. Established players such as Turboden are investing in the development of innovative ORC systems that give them an edge over their competitors. For instance, in February 2020, Turboden signed a contract to provide the Meadow Lake Tribal Council (MLTC), Canada with an 8000 kW ORC power generation system, which uses sawmill residual woody biomass as fuel.

Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.

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The U.S. has been one of the leading countries in the ORC market development and deployment from the past at the global level. The high presence of geothermal reserves has resulted in driving the market for ORC in the country owing to which the geothermal application segment holds a leading position in the U.S. market.

ORMAT has been the major company that has been active in the country in the ORC market as the company provides its ORC equipment along with EPC services for the development of geothermal ORC projects. Furthermore, the company owns and operates around 622 MW of geothermal and recovered energy generation projects across the U.S.

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  • A strong research methodology was followed to collect data for the report. The data collected in this way are subjected to several quality checks to provide the best quality.
  • The report provides a holistic view of the competitive scenario of the Organic Rankine Cycle Market.
  • The latest product launches, along with technological changes and developments, are included in the report.
  • The data analysis in the report will help you understand the Organic Rankine Cycle Market dynamics projected from 2021 to 2028.
  • The Report has a vast data store, so it can accommodate your custom needs as well.

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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research  database is used by the world’s renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.


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