Organic Rankine Cycle Market Analysis Report By Application, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The organic Rankine cycle market size across the globe was valued at USD 498.7 million in 2018. It is projected to witness a 9.7% CAGR over the forecasted years, 2019 to 2025. The surging need for power generation from heat sources having a temperature range of 75°C to 350°C is expected to contribute towards market growth for ORC across the globe. Also, its ability to generate power from the heat of lower grade that would have been wasted if not used is expected to further fuel up its demand.

Increasing environmental concerns and issues are forcing many countries to make collective efforts for lowering their carbon footprints. Thus, they have started adopting green and cleaner technologies for power generation. Such factors are driving the need for cleaner energy forms like ORC across the globe.

The U.S. accounted for a substantial share across the global market owing to rapid technological developments and deployment of these solutions across many power generation capacities. Moreover, the surging presence of several geothermal reserves across the globe is expected to boost market growth.

The organic fluids used in ORC have low boiling points that can provide extra vapor pressure as compared to water. This can help in enhancing the efficiency of the expanders and cycles. Also, operating these ORCs at lower temperatures can boost the equipment's lifespan and reduce downtime. These factors are expected to trigger the demand for ORCs in the upcoming years.

Application Insights

In 2018, the geothermal segment accounted for the largest share across the global market. This can be associated with their larger capacities and surging number of geothermal power plants being set up by governing authorities for catering to the power demand of consumers. Several countries like the U.S., New Zealand, Turkey, Indonesia, and Kenya have started utilizing the power generation potential from large power plants, thereby driving demand for ORCs across the globe.

The biomass application segment is also anticipated to register significant growth in the upcoming years. This can be associated with the rising environmental concerns across the globe due to the emission of toxic gases during power generation. Thus, several nations across the globe are implementing supportive policies to promote the usage of biomass energy. This has resulted in a rise in the capacity of biomass plants from 66.93GW in 2010 to 115.73GW in 2018.

Regional Insights

In 2018, Asia Pacific held the largest share across the global ORC market. This can be attributed to its rising installations across many geothermal projects from 2014 until 2018. For example, Ormat had set up two huge geothermal projects across Indonesia having capacities of 110 and 220 MW in 2018 and 2017 respectively. Moreover, the launching of many geothermal projects across New Zealand, Japan, and China is expected to propel the need for ORCs in the upcoming years.

North America is anticipated to witness the fastest growth with a CAGR of 15.5% over the forecasted years, 2019 to 2025. This growth can be associated with the increasing number of geothermal projects under pipeline across the U.S. While, Europe also accounted for a significant share across the global market due to the shifting trend of consuming geothermal power prevailing across countries like Turkey, France, and Germany.

COVID-19 Impact Insights

The market growth has been impacted globally owing to the ongoing COVID-19 crisis. This can be attributed to the restrictions over travel movement coupled with the imposition of lockdown by several countries that have reduced the industrial power demands. But, fluctuating prices of non-renewable energy resources like petroleum, coal, and natural gas on account of hindrances in the supply chain are forcing consumers to switch towards renewable energy sources like geothermal energy. These factors are anticipated to drive the market growth for ORCs over the post-pandemic period.

Organic Rankine Cycle(ORC) Market Share Insight

The global market includes key players such as Turboden, TAS, Ormat, Exergy, General Electric, Zhejiang Kaishan Compressor Co., Ltd., Triogen, Enogia SAS, and ABB. These players have also started offering EPC services to their customers along with their equipment. For example, in 2019, Exergy had signed three contracts with its customers for providing after-sales services.

Several players operating in this market have started implementing strategies like product launching and collaborations to gain a competitive advantage. For example, Siemens and Turboden have started jointly offering the latest heat recycle solutions in 2019. It is comprised of a gas turbine-operated power plant that uses ORC technology which can help in reducing emissions when operated in remote areas.

Report Scope

Segments Covered in the Report 

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For this study, Million Insights has segmented the global organic Rankine cycle market based on application and region:

• Application Outlook (Revenue, USD Million; 2014 - 2025)
    • Geothermal
    • Biomass
    • Waste Heat Recovery

• Regional Outlook (Revenue, USD Million; 2014 - 2025)
    • North America
        • The U.S.
        • Canada
    • Europe
        • Germany
        • Turkey
        • Italy
    • The Asia Pacific
        • China
        • Japan
        • Thailand
    • Central & South America
    • Middle East and Africa