Organic Rankine Cycle Market Research Report By Power Generation Capacity (1 MW, 1-10 MW, 10-50 MW, >50 MW), By Heat Source (Waste Heat Recovery, Geothermal Energy, Solar Energy, Biomass Energy), By Application (Power Generation, Cogeneration, District Heating, Industrial Process Heat), By End-User Industry (Oil and Gas, Manufacturing, Mining, Power Utilities, Others), By Component (Turbine, Expander, Heat Exchanger, Controls and Instrumentation) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa)

Global Organic Rankine Cycle Market Overview

As per MRFR analysis, the Organic Rankine Cycle Market Size was estimated at 14.11 (USD Billion) in 2022. The Organic Rankine Cycle Market Industry is expected to grow from 15.08 (USD Billion) in 2023 to 27.41 (USD Billion) by 2032. The Organic Rankine Cycle Market CAGR (growth rate) is expected to be around 6.87% during the forecast period (2024 - 2032).

Key Organic Rankine Cycle Market Trends Highlighted

The global Organic Rankine Cycle (ORC) market is poised for significant growth driven by several key factors. The increasing demand for renewable energy sources and the need to reduce carbon emissions are propelling the adoption of ORC systems. Additionally, the growing focus on waste heat recovery and efficiency improvements is creating ample opportunities for ORC technology. Recent industry trends indicate a rise in the exploration of unconventional heat sources, such as geothermal energy and industrial waste heat.

Moreover, advancements in ORC technology, including the development of high-efficiency expanders and working fluids, are enhancing the performance and reducing the cost of ORC systems. As a result, the market is expected to witness increased adoption in various industries, including power generation, transportation, and industrial applications. Key drivers of the ORC market include stringent environmental regulations, rising energy costs, and the growing demand for distributed energy generation. Governments worldwide are implementing policies that promote the use of renewable energy sources, such as ORCs, to mitigate climate change and reduce air pollution. Furthermore, ORCs offer a cost-effective solution for waste heat recovery, enabling industries to improve their energy efficiency and reduce operating expenses.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Organic Rankine Cycle Market Drivers

Increasing Demand for Energy Efficiency

There is a growing global trend demanding more energy-efficient solutions, which, in turn, fosters the development of the Organic Rankine Cycle Market Industry. The cost of energy goes up, while the unwillingness of governments and businesses to destroy the environment stimulates the practical implication of innovative and energy-efficient techniques. The Organic Rankine Cycle is now often used throughout various industrial processes to increase efficiency and, as a result, reduce the cost of the energy used. The most common industries that use ORC systems to increase efficiency include power generation, oil and gas, manufacturing, and food processing. In the power generation sector, ORC systems are used to generate electricity from waste heat.

In such a way, the heat coming out of the power plant or produced by any other industrial process could be transferred into cheap electricity. In the oil and gas industry, ORC systems are implemented to recover the energy coming from gas pipelines or compressed stations. As far as the manufacturing sector is concerned, ORC systems are used to recover heat coming from different types of ovens and furnaces. Finally, food processing implements ORC systems to recover heat expelled from refrigeration systems or the cooking process. Overall, the growth of the Organic Rankine Cycle Market Industry may be explained by the increasing demand for more energy-efficient procedures and products. After all, the current ecological situation is catastrophic, and energy-efficiency techniques that are both sound and cheap are highly appreciated.

Government Regulations and Incentives

Moreover, the Organic Rankine Cycle Market Industry is stimulated by government regulations and incentives. There are a number of restrictions that regulate the emission of greenhouse gases in many countries. Most counties also implement a number of regulations to urge businesses to switch to sources that are not harmful to the environment. The combination of these incentives is expected to stimulate the growth of ORC usage in the upcoming years.

Technological Advancements

Technological advancement is also a factor that causes the industry to grow, as continuous research and development are being made to advance ORC systems. ORC technology is relatively newer and thus needs some development. The latest technologies are making ORC systems more efficient, economical, and easy to deploy.

Organic Rankine Cycle Market Segment Insights

Organic Rankine Cycle Market Power Generation Capacity Insights

The most recent and crucial report, the Organic Rankine Cycle Global Market Report, has categorized the power generation capacity segment into four sub-segments. These sub-segments are 1 MW, 1-10 MW, 10-50 MW, and >50 MW. A 1 MW segment is projected to grow with a substantial CAGR during the forecast period due to increasing demand for small-scale and distributed power generation systems in developed countries. The 1-10 MW segment is anticipated to hold a major share due to the widespread use of organic Rankine cycle systems in industrial and commercial applications. A 10-50 MW segment is estimated to grow at a steady pace, with the increasing deployment of ORC technology in geothermal and biomass power plants.

A >50 MW segment is likely to hold a major market share, with the increasing demand for large-scale power generation capacity. The size of the Organic Rankine Cycle Market for power generation capacity was USD 15.08 billion in 2021 and 2023. The growth in the market trends is primarily attributed to the rising demand for sustainable energy sources. The organic Rankine cycle technology is largely adopted in small to large-scale industrial and commercial applications all across the world. Additionally, increasing governmental policies and incentives are likely to boost the demand for and installation of organic Rankine cycle systems.

The report Organic Rankine Cycle Market Insights: Trends and Forecast, 2024-2032, provides a detailed analysis of the market size, volume, forecast, and trend, as well as key insights on the segments and market trends. The segmentation of the organic Rankine cycle market provides an understanding of the respective segments. This directly benefits the stakeholders in the development of a direct market retargeting strategy plan to enhance the market uphold in the respective segments.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Organic Rankine Cycle Market Heat Source Insights

The Organic Rankine Cycle Market is segmented by heat sources such as waste heat recovery, geothermal energy, solar energy, and biomass energy. Among all of these, the portion of waste heat recovery is anticipated to be the leading segment in 2023. This is likely to happen since a rising number of industries demand energy efficiency, and there is a tremendous amount of waste heat available in the sectors. What is more, the geothermal energy segment is presumed to increase noticeably throughout the forecast period. This tendency is fostered by the growing employment of alternative energy sources and the installation of geothermal power plants, which are currently on the increase worldwide. The solar energy segment is hypothesized to rise steadily as a result of the decreasing price of solar photovoltaic panels and the growing demand for off-grid power generation. In turn, the biomass energy segment is probably to expand conscientiously because people worldwide are making attempts to put more and more biomass into their need for reliable sources of energy.

Organic Rankine Cycle Market Application Insights

The Organic Rankine Cycle Market segmentation by Application includes Power Generation, Cogeneration, District Heating, and Industrial Process Heat. Among these, the Power Generation segment is expected to hold the largest market share during the forecast period. The increasing demand for electricity from remote and off-grid areas is driving the growth of this segment. The Cogeneration segment is also expected to witness significant growth due to its ability to generate both electricity and heat simultaneously. The District Heating segment is expected to benefit from the growing focus on energy efficiency and the adoption of low-carbon heating systems. The Industrial Process Heat segment is also expected to experience growth due to the increasing use of ORC systems in industrial applications such as food processing, textile manufacturing, and chemical production.

Organic Rankine Cycle Market End-User Industry Insights

The end-user industry segment is a crucial aspect of the Organic Rankine Cycle Market segmentation. It categorizes the market based on the industries that utilize organic Rankine cycle (ORC) technology. Key end-user industries include oil and gas, manufacturing, mining, power utilities, and others. In 2023, the oil and gas industry held a significant share of the Organic Rankine Cycle Market revenue, owing to the growing demand for ORC systems in enhanced oil recovery and gas processing applications. The manufacturing sector is also a major end-user, employing ORC systems for waste heat recovery and power generation.

The mining industry presents a promising growth opportunity for the Organic Rankine Cycle Market. ORC systems offer an efficient solution for harnessing waste heat from mining operations, reducing energy costs and environmental impact. Power utilities are increasingly adopting ORC technology to enhance the efficiency of power plants and reduce emissions. The "others" category encompasses a diverse range of end-user industries, including chemicals, pharmaceuticals, and food processing. These industries utilize ORC systems for various applications, such as waste heat recovery, combined heat and power (CHP), and refrigeration.

Organic Rankine Cycle Market Component Insights

The Organic Rankine Cycle Market is segmented into various components, including turbines, expanders, heat exchangers, and controls and instrumentation. These components play crucial roles in the operation of Organic Rankine Cycle systems and contribute significantly to the overall market revenue. According to recent market data, the turbine segment is expected to hold a dominant share of the market in the coming years, driven by the increasing adoption of turbines in large-scale Organic Rankine Cycle power plants. The expander segment is also expected to witness significant growth due to the rising demand for smaller and more efficient expanders in distributed power generation applications. Heat exchangers, which are essential for transferring heat between different fluids in the Organic Rankine Cycle process, are expected to experience steady growth in the market. The controls and instrumentation segment plays a vital role in monitoring and controlling the operation of Organic Rankine Cycle systems, ensuring their efficient and reliable operation.

Organic Rankine Cycle Market Regional Insights

The regional segmentation of the Organic Rankine Cycle Market offers valuable insights into the market's geographical distribution and growth potential. North America holds a significant share of the market due to the presence of key players, government initiatives, and favorable regulatory policies. Europe follows closely, driven by stringent environmental regulations and a growing demand for renewable energy sources. The APAC region is projected to witness substantial growth in the coming years, primarily driven by China's focus on sustainable development and industrial expansion. South America and MEA represent emerging markets with untapped potential, offering growth opportunities for market participants. With increasing awareness about energy efficiency and the adoption of sustainable technologies, the Organic Rankine Cycle Market is poised for steady growth across all regions.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Organic Rankine Cycle Market Key Players And Competitive Insights

Active players in the organic Rankine cycle market are forming strategies to innovate products and technologies to increase the growing energy demands across the world. Combination with other market leaders to strengthen the position in a particular market and access to other markets forms an important part of the major Organic Rankine Cycle Market players’ strategies. Key Organic Rankine Cycle Market companies are transforming ORC technology with heavy investments in research and development to make the systems more efficient and cost-effective. In addition, they are also expanding their product ranges to meet end user needs.

The Organic Rankine Cycle Market industry will see the emergence of new market players due to the increasing popularity of renewable energy sources. Some of these new players are bringing in innovative technologies and concepts and challenging key players across the globe. Players like Mitsubishi Heavy Industries are key market players offering a wide range of solutions under the Organic Rankine Cycle Market division for applications across different verticals like Power Generation, Industrial Waste Heat Recovery, and Geothermal Energy. The organic Rankine cycle systems of Mitsubishi Heavy Industries are popular for their high efficiency and reliability.

The company is in a good position in Europe, the Middle East, and Asia-Pacific. Key players like Turboden are also adopting the Organic Rankine Cycle Market strategy, as well as companies and their products and systems, to provide ORC systems for distributed power generation and waste heat recovery. Turboden is famous for its high-efficiency electrode systems, which are compact and require low maintenance. Overall, the company operates with a strong footing in Europe and is increasingly active across the globe, especially in Asia and South America.

Key Companies in the Organic Rankine Cycle Market Include

• Hirata Corporation


• Exergy


• Doosan Enpure


• IHI Corporation


• Mitsubishi Heavy Industries, Ltd.


• Heatric


• Ebara Corporation


• Ormat Technologies


• Calnetix Technologies, LLC


• Turboden S.r.l.


• Turbec France SAS


• Alfa Laval


• Siemens Energy


• Kawasaki Heavy Industries, Ltd.


• Enogia S.A.

Organic Rankine Cycle Market Industry Developments

The global organic Rankine cycle (ORC) market is expected to witness significant growth over the forecast period, driven by increasing demand for renewable energy sources and government initiatives to reduce carbon emissions. The ORC market is expected to be valued at USD 15.08 billion in 2023 and is projected to reach USD 27.41 billion by 2032, exhibiting a CAGR of 6.87%. The Asia-Pacific region is anticipated to hold the largest market share, owing to the growing demand for electricity and the presence of favorable government policies in countries such as China and India. Key recent developments in the ORC market include the launch of new products, strategic partnerships, and mergers and acquisitions. For instance, in 2023, Exergy ORC, a leading provider of ORC technology, announced a partnership with Enel Green Power to develop and deploy ORC systems in Italy.

Organic Rankine Cycle Market Segmentation Insights

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  Organic Rankine Cycle Market Power Generation Capacity Outlook

  
  
  
  
  • 1 MW
  
  
  • 1-10 MW
  
  
  • 10-50 MW
  
  
  • >50 MW
  
  
  
  

• 
  

  Organic Rankine Cycle Market Heat Source Outlook

  
  
  
  
  • Waste Heat Recovery
  
  
  • Geothermal Energy
  
  
  • Solar Energy
  
  
  • Biomass Energy
  
  
  
  

• 
  

  Organic Rankine Cycle Market Application Outlook

  
  
  
  
  • Power Generation
  
  
  • Cogeneration
  
  
  • District Heating
  
  
  • Industrial Process Heat
  
  
  
  

• 
  

  Organic Rankine Cycle Market End-User Industry Outlook

  
  
  
  
  • Oil and Gas
  
  
  • Manufacturing
  
  
  • Mining
  
  
  • Power Utilities
  
  
  • Others
  
  
  
  

• 
  

  Organic Rankine Cycle Market Component Outlook

  
  
  
  
  • Turbine
  
  
  • Expander
  
  
  • Heat Exchanger
  
  
  • Controls and Instrumentation
  
  
  
  

• 
  

  Organic Rankine Cycle Market Regional Outlook

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