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Organic Rankine Cycle Market to Reach USD 769.27 Million by 2032 | Global Installed Capacity of the ORC System to Surpass 4,500 Mwel, Says Extrapolate


News provided by

Extrapolate

27 Mar, 2023, 15:27 GMT

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DUBAI, UAE, March 27, 2023 /PRNewswire/ -- According to Extrapolate, the Organic Rankine Cycle (ORC) Market is expected to grow significantly over the forthcoming years. The market size is predicted to increase from USD 509.8 million in 2022 to USD 769.27 million by 2032 at a CAGR of 4.2%.

The organic Rankine cycle converts low to medium-temperature heat sources into electricity. This technology is particularly well-suited for geothermal and biomass applications, as well as waste heat recovery and solar thermal power generation. The growing interest in renewable energy and the need for sustainable power generation solutions have driven the development and implementation of ORC systems worldwide.

In 2016, the global installed capacity of the ORC system in the global organic Rankine cycle market was 2,701 MW, distributed across 705 power plant projects and consisting of 1,754 individual ORC units, which is expected to surpass 4,500 MWel, with over 2,000 power plants in operation by the end of 2023. The increase in capacity will primarily be driven by new projects being planned or commissioned, as well as the expansion of existing facilities.

Get a Sample Copy of the Report: https://www.extrapolate.com/sample/energy-and-power/organic-rankine-market/87401

In the geothermal sector, countries with significant geothermal resources, such as Indonesia, Mexico, and Kenya, are also exploring and investing in ORC technology to harness their geothermal potential. These countries are expected to increase their installed ORC capacity in the coming years considerably. Apart from this, countries with a strong focus on bioenergy and waste-to-energy projects, like Sweden, Finland, and the United Kingdom, also invest in ORC systems to utilize biomass resources more efficiently. This trend is expected to continue as biomass becomes a viable renewable energy source.

Growing Environmental Concerns to Facilitate ORC Demand

The organic Rankine cycle market has grown significantly due to mounting environmental concerns worldwide. The concerns over the depletion of fossil fuel resources and their negative impact on the environment have resulted in an increased demand for renewable energy sources, such as ORC systems. One of the key drivers of the ORC market is the longer lifespan of these systems and their cost-effectiveness in operation and maintenance.

According to our research, the installed capacity of ORC systems has been on the rise, with approximately 1800 power stations having such systems installed, totaling over 3,815 MWel as of 2022. Furthermore, 75 more plants were planned for construction or operation, adding 526.8 MWel of capacity in the same year.

The growth in the organic Rankine cycle market is also driven by a favorable legislative environment and financial incentives that promote the deployment of renewable energy. Governments worldwide offer various financial incentives, including feed-in tariffs, subsidies, and tax breaks, to encourage investments in renewable energy sources, such as ORC systems. These measures have further helped boost the ORC market's growth, and it is expected to continue in the future.

Inquire Before Buying This Report: https://www.extrapolate.com/enquire/energy-and-power/organic-rankine-market/87401

Geothermal Segment to Retain Market Dominance

Geothermal power plants remain the dominant force in the global organic Rankine market, accounting for a whopping 72.6% of all built capacity in 2022. This is primarily due to the impressive megawatt capacity of geothermal projects, enabling this segment to maintain its supremacy.

While other renewable sources, such as solar thermal, waste heat recovery, and biomass, have yet to utilize the same capacity as geothermal power fully, there is growing recognition of their potential in the global organic Rankine cycle market. However, geothermal projects generally boast a capacity greater than 10 MW, placing them in a league of their own in size and scale. On the other hand, the average capacity of ORC-based plants ranges from 1 to 2 MW.

Geothermal energy is an established technology that offers baseload electricity with a high capacity factor in the United States, Indonesia, the Philippines, Turkey, and Aotearoa New Zealand. Geothermal power facilities in these nations provide 97 TWh of electricity per year.

Biomass Segment to Experience Growth with Rising Consumption of Forest-Based Fuel

The use of biomass as a feedstock for ORC has steadily increased. Currently, it represents over 10% of ORC installations, making it an essential contributor to the industry's growth. In fact, the biomass segment is expected to experience the fastest growth during the forecast period.

Europe has been leading charge in the organic Rankine cycle market regarding biomass inclusion in ORC systems, with a significant portion of the wood used for bioenergy in the EU being stem wood. According to the Joint Research Centre of the European Commission, coppice wood, small stem thinning wood, and harvested stems of low quality that cannot be used in sawmills or pulp and paper products account for most of the stem wood used. Additionally, treetops, branches, and other residues comprise 17% of the wood used for bioenergy in the EU. These findings highlight the potential for utilizing various biomass sources in ORC systems, which can improve the industry's sustainability and provide an opportunity for more efficient use of natural resources.

Purchase this Premium Research Report: https://www.extrapolate.com/complete-checkout-buyal/87401 

Presence of Geothermal Sources Across North America to Propel Regional Organic Rankine Cycle Market

The US has emerged as the leading contributor to the North American market due to its significant potential for geothermal energy plants and favorable government policies supporting geothermal energy development. Despite the emergence of new competitors, established players such as Air Squared Inc. have helped maintain the US market's supremacy.

In fact, the US market currently accounts for approximately 53% of the global revenue generated by the ORC industry. This dominance can be attributed to the country's abundant geothermal resources and the development of advanced ORC technology that can efficiently harness this energy source. With the continued growth of the geothermal energy sector and increasing interest in sustainable energy solutions, the US is expected to remain a key player in the ORC market for the foreseeable future.    

  • According to the U.S. Department of Energy estimates, the continental US has over 100 GW of geothermal electric capacity, which is likely 40 times more geothermal power than is already installed and represents nearly 10% of existing U.S. electrical capacity.
  • As per our research, many businesses buy renewable energy as part of their environmental initiatives. As of April 2022, The Procter & Gamble Company, Microsoft, Google, T-Mobile, Intel, and Microsoft were the top five consumers of renewable energy in North America. Our analysts believe these factors will likely encourage residential consumers to use geothermal energy.

Browse the Complete Report Here: https://www.extrapolate.com/energy-and-power/organic-rankine-market/87401 

Competitive Landscape of the Global Organic Rankine Cycle Market

The global organic rankine cycle industry is highly competitive, with several key players operating in the market. These players focus on expanding their product portfolio, collaborating with each other, strengthening their distribution channels, and enhancing their geographic reach to increase their market share.

  • In March 2023, the European Innovation Fund approved Eavor's cutting-edge geothermal initiative for a generous €91.6 million grant.
  • In September 2022, ElectraTherm Inc. and Transitional Energy agreed to collaborate on converting waste heat to power within the oil and gas sector, as evidenced by a signed Letter of Intent between the two entities. This relationship expands on their prior cooperation in Nevada's geothermal energy harvesting.

Some of the prominent players in the organic Rankine cycle market:

  • ABB
  • Air Squared, Inc.
  • CLEAN ENERGY TECHNOLOGIES, INC.
  • Dürr Group
  • ENOGIA
  • Enertime
  • EXERGY INTERNATIONAL SRL
  • GENERAL ELECTRIC
  • Opcon Energy Systems
  • ORCAN ENERGY AG
  • Ormat
  • Turboden S.p.A.

Browse Complete TOC: https://www.extrapolate.com/toc/energy-and-power/organic-rankine-market/87401 

Key Points from TOC:

Chapter 1. Executive Summary

Chapter 2. Research Methodology

Chapter 3. Market Outlook

Chapter 4. COVID-19 Impact on Organic Rankine Cycle Market

Chapter 5. Global Organic Rankine Cycle Market Overview, By Application, 2018 - 2032 (USD Million)

Chapter 6. Global Organic Rankine Cycle Market Overview, By Geography, 2018 - 2032 (USD Million)

Chapter 7. North America Organic Rankine Cycle Market Overview, By Countries, 2018 - 2032 (USD Million)

Chapter 8. Europe Organic Rankine Cycle Market Overview, By Countries, 2018 - 2032 (USD Million)

Chapter 9. Asia Pacific Organic Rankine Cycle Market Overview, By Countries, 2018 - 2032 (USD Million)

Chapter 10. Middle East & Africa Organic Rankine Cycle Market Overview, By Countries, 2018 - 2032 (USD Million)

Chapter 11. South America Organic Rankine Cycle Market Overview, By Countries, 2018 - 2032 (USD Million)

Chapter 12. Competitive Landscape

Chapter 13. Key Vendor Analysis

Chapter 14. Sourcing Strategy and Downstream Buyers

Chapter 15. Marketing Strategy Analysis, Distributors/Traders

Chapter 16. Market Effect Factors Analysis

Chapter 17. Future Outlook of the Market

About Us:

Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.

In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets - not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.

Contact Us

Extrapolate
Phone: (+1) 888 328 2189

E-mail: talk@extrapolate.com
Website: https://www.extrapolate.com
Blog: https://www.extrapolate.com/blog

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