SAN FRANCISCO, March 2, 2022 /PRNewswire/ -- The global organic rankine cycle market size is expected to reach USD 926.3 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 20.3% from 2020 to 2028. 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.
Key Insights & Findings from the report:
- By application, the geothermal segment held the largest revenue share in 2020. Geothermal projects are usually of higher capacity as compared to biomass and waste heat recovery projects. The growth of the segment is also attributed to the deployment of large-scale geothermal projects in recent years.
- In 2020, Europe accounted for the largest revenue share of over 45.0%. The European region has been one of the front runners in implementing favorable policies and support mechanisms for the growth of renewable energy and energy efficiency projects across the globe. This has resulted in making Europe a dominant regional market.
- Various strategic initiatives were recorded over the past few years to boost the growth of the market. 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 a fuel.
Read 72-page market research report, "Organic Rankine Cycle Market Size, Share & Trends Analysis Report By Application (Geothermal, Biomass, Waste Heat Recovery, Solar Thermal), By Region, And Segment Forecasts, 2020 - 2028", published by Grand View Research.
Organic Rankine Cycle Market Growth & Trends
The supply chains of spare parts for ORC systems are majorly affected due to the shutdown of production facilities of the manufacturers. The manufacturing of most components in the energy and power sector is slowing down considerably. In addition, local and international travel restrictions, quarantine requirements, and lockdowns have caused delays in the shipment of already manufactured parts to be supplied to the distributors and end users. ORC manufacturers usually have access to an adequate supply of critical parts, devices, components, and materials for emergencies. But these companies are facing bottlenecks due to the limited production of supplies in countries severely affected by COVID-19.
The geothermal application segment led the market in 2020. This can be attributed to the large-scale megawatt capacity of these geothermal projects as compared to other application segments, such as biomass, waste heat recovery, and solar thermal. Each of the geothermal projects is usually of the capacity of more than 10 MW, whereas ORC-based projects in other application segments are not always of capacities equivalent to 10 MW and are generally less than 1 to 2 MW.
The ORC market is a concentrated market where major companies such as Ormat, Turboden, and Exergy accounted for more than 75.0% share in the market in 2020. These companies apart from equipment supply are also focusing on providing EPC and long-term maintenance services to enhance their market share further. This factor is expected to help these companies maintain their lead in the market in the forecast period.
Organic Rankine Cycle Market Segmentation
Grand View Research has segmented the global organic rankine cycle market based on application and region:
Organic Rankine Cycle (ORC) Application Outlook (Revenue, USD Million, 2017 - 2028)
- Waste Heat Recovery
- Solar Thermal
Customer Relationship Management Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Players of Organic Rankine Cycle Market
- Turboden S.p.A.
- Exergy S.p.A.
- Zhejiang Kaishan Compressor Co., Ltd.
- Elvosolar, a.s.
- General Electric
- INTEC GMK
- Enogia SAS
Check out more related studies published by Grand View Research:
- Biomass Power Market - The global biomass power market size is expected to reach USD 203.61 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% over the forecast period. The growing concerns about Greenhouse Gas (GHG) emissions have resulted in favorable policies and regulations for renewable energy, which has been the key factor driving the growth of this market.
- Waste Heat Recovery System Market - The global waste heat recovery system market size is expected to reach USD 107.0 billion by 2027 registering a CAGR of 8.8%, according to a new report by Grand View Research, Inc. Rising energy costs and stringent regulations concerning energy efficiency are expected to drive the global market.
- Solar Thermal Collector Market - The global solar thermal collector market is expected to reach USD 41.96 billion by 2025, according to a new report by Grand View Research, Inc. The solar thermal collector market is growing worldwide on account of the increasing need for renewable energy.
Browse through Grand View Research's Power Generation & Storage Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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