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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