Organic Rankine Cycle Market Size & Trends Analysis By Application (Waste Heat Recovery, Biomass, Geothermal, Solar Thermal, Oil & Gas, Waste To Energy), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The Organic Rankine Cycle Market was valued at 760.46 million in 2022 and expected to grow at CAGR of 3.9% over forecast period.

The global transition to cleaner and more sustainable energy sources, with a strong emphasis on renewable energy technologies, is driving the Organic Rankine Cycle (ORC) market. Government incentives and policies encouraging the use of ORC systems, as well as mounting environmental concerns and the need to reduce greenhouse gas emissions, have accelerated market growth.

The ability of ORC technology to efficiently harness low-temperature heat sources such as geothermal, waste heat, and solar thermal energy adds to its appeal. Furthermore, ongoing technological advancements and the integration of ORC systems into various industrial applications, particularly waste heat recovery and off-grid power generation, are contributing to its growing market presence, ensuring a continued upward trajectory in the near future.

Application Outlook

Based on Application, the Organic Rankine Cycle Market is segmented Waste Heat Recovery, Biomass, Geothermal, Solar Thermal, Oil & Gas, Waste To Energy .The growing global emphasis on renewable energy sources, as well as increased awareness of climate change mitigation, has sparked an increased interest in harnessing geothermal resources for electricity generation. By utilizing the Earth's natural heat, reducing greenhouse gas emissions, and contributing to energy diversification, geothermal ORC systems provide an environmentally friendly and sustainable solution.

Several key factors drive the biomass Organic Rankine Cycle (ORC) market. To begin with, the growing global emphasis on reducing greenhouse gas emissions and shifting to renewable energy sources has increased interest in biomass as a sustainable energy feedstock. Organic materials such as agricultural residues, forestry waste, and dedicated energy crops can be converted into electricity and heat using biomass ORC systems, reducing the environmental impact of traditional fossil fuels. Government incentives, subsidies, and renewable energy targets have encouraged the development of biomass energy, attracting investments and promoting technological advancements in ORC systems.

Regional Outlook

North America is emerged as leading market for Organic Rankine Cycle Market in 2022. Several key drivers influence the Organic Rankine Cycle (ORC) market in North America. For starters, growing awareness of environmental concerns and the need for sustainable energy solutions has fueled interest in ORC technology, which allows for the efficient conversion of waste heat and low-temperature heat sources into electricity. Government policies and regulations, both federal and state, have encouraged the adoption of ORC systems by providing incentives, tax credits, and renewable energy mandates, resulting in increased investment and market growth.

The growing emphasis on environmental sustainability and the shift to cleaner energy sources has increased demand for ORC systems, which convert low-grade heat into electricity while reducing greenhouse gas emissions. Furthermore, stringent renewable energy regulations and incentives in Europe have boosted investment in ORC technology. Furthermore, the expansion of the industrial and manufacturing sectors, as well as the need to recover waste heat for energy generation, has led to the use of ORC systems in a variety of applications, including manufacturing, geothermal power generation, and biomass plants. These factors, along with ongoing advancements in ORC technology, are expected to drive market growth in Europe.

Organic Rankine Cycle Market Report Scope

Global Organic Rankine Cycle Market, Report Segmentation

Organic Rankine Cycle Market, By Application

• Waste Heat Recovery
• Biomass
• Geothermal
• Solar Thermal
• Oil & Gas
• Waste To Energy

Organic Rankine Cycle Market, Regional Outlook

North America

• U.S.
• Canada
• Mexico

Europe

• Germany
• UK
• Spain
• Russia
• France
• Italy

Asia Pacific

• China
• Japan
• India
• South Korea
• Australia

CSA

• Brazil
• Argentina

MEA

• UAE
• Saudi Arabia
• South Africa