PUBLISHER: The Business Research Company | PRODUCT CODE: 1717266
PUBLISHER: The Business Research Company | PRODUCT CODE: 1717266
The organic rankine cycle (ORC) is a thermodynamic process that converts low-temperature heat sources such as geothermal, solar, biomass, or waste heat into electricity. It utilizes an organic fluid with a lower boiling point than water, which allows for efficient energy generation from lower temperature sources. ORC systems are widely used in various industries and renewable energy sectors to improve energy efficiency and reduce greenhouse gas emissions.
The two main model types of the organic rankine cycle are dynamic and steady-state. Dynamic ORC systems are designed to perform efficiently under fluctuating conditions, making them suitable for environments with inconsistent or variable heat sources, such as in industrial waste heat recovery or renewable energy applications. Fluid types include hydrocarbon-based ORC systems, siloxane-based ORC systems, and others. Power outputs vary from <= 1 MWe to over 10 MWe, and capacity types range from small-scale to medium-scale and large-scale ORC systems. These systems are applied in areas such as waste heat recovery, geothermal energy, biomass energy, oil and gas, waste-to-energy, and solar thermal energy.
The organic rankine cycle market research report is one of a series of new reports from the business research company that provides organic rankine cycle market statistics, including organic rankine cycle industry global market size, regional shares, competitors with an organic rankine cycle market share, detailed organic rankine cycle market segments, market trends and opportunities, and any further data you may need to thrive in the organic rankine cycle industry. This organic rankine cycle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The organic rankine cycle market size has grown strongly in recent years. It will grow from $0.7 billion in 2024 to $0.75 billion in 2025 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to growing demand for renewable energy sources, growth in industrialization, increasing global energy demand, growing adoption of orc systems, and government incentives for sustainable energy technologies.
The organic rankine cycle market size is expected to see strong growth in the next few years. It will grow to $0.98 billion in 2029 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing collaboration across sectors, increasing focus on improving energy efficiency, increasing electric vehicle (EV) applications, increasing focus on reducing greenhouse gas emissions, and increasing environmental awareness. Major trends in the forecast period include technological advancements, renewable energy integration, energy storage integration, focus on low-temperature sources, and government incentives.
The increasing demand for renewable energy sources is anticipated to drive the growth of the organic rankine cycle (ORC) market in the future. Renewable energy, which is derived from natural and replenishable sources such as sunlight, wind, rain, tides, and geothermal heat, is essential for reducing greenhouse gas emissions, combating climate change, and securing a sustainable energy supply. ORC technology enhances the efficiency and viability of renewable energy systems by converting low-temperature heat from geothermal, biomass, and solar thermal sources into electricity. For example, in January 2024, the Energy Information Administration (EIA), a U.S. government agency, projected that solar power generation in the U.S. would increase by 75%, from 163 billion kWh in 2023 to 286 billion kWh by 2025. Similarly, wind power generation is expected to grow by 11%, from 430 billion kWh in 2023 to 476 billion kWh by 2025. Consequently, the rising demand for renewable energy sources is set to propel the growth of the organic rankine cycle market.
Major companies in the organic rankine cycle market are concentrating on developing innovative solutions, such as waste heat recovery systems, to enhance energy efficiency, reduce emissions, and leverage waste heat from industrial processes for sustainable power generation. Waste heat recovery systems are advanced technologies designed to capture and convert waste heat from industrial processes into electrical power, thereby improving energy efficiency and lowering overall emissions. For example, in March 2022, Alfa Laval AB, a Sweden-based industrial machinery manufacturer, introduced the E-PowerPack, an ORC-based waste heat recovery system specifically for ships. This system converts waste heat directly into electrical power, helping vessels improve their energy efficiency and meet existing ship index (EEXI) and carbon intensity indicator (CII) requirements. The E-PowerPack reduces fuel consumption and CO2 emissions by generating power from waste heat, which results in significant fuel savings and improved CII ratings. Its modular design provides options for up to 100 kW or 200 kW of net electrical output, which can be combined into larger systems. It is compatible with all vessel types and marine fuels, including future fuels such as green methanol and ammonia.
In November 2023, Bitzer SE, a Germany-based industrial machinery manufacturer, acquired BPower A.S. for an undisclosed sum. This acquisition enhances Bitzer's offerings in organic rankine cycle (ORC) technology, enabling the company to deliver comprehensive services ranging from planning and project engineering to installation and customer support. Additionally, this move broadens Bitzer's portfolio and strengthens its commitment to providing energy-efficient solutions in response to the increasing demand for eco-friendly technologies. BPower A.S., based in the Czech Republic, specializes in ORC technology.
Major companies operating in the organic rankine cycle market are General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd., Asea Brown Boveri Ltd., Baker Hughes Company, Atlas Copco AB, Kawasaki Heavy Industries Ltd., IHI Corporation, Alfa Laval AB, Durr AG, Ormat Technologies Inc., Exergy International Srl, Turboden S.p.A., Calnetix Technologies LLC, TAS Energy Inc., ORCAN ENERGY AG, Kaishan USA, Triogen Limited, Elvosolar a.s., Enertime S.A., INTEC GMK GmbH, Climeon AB, Enogia S.A.
North America was the largest region in the organic rankine cycle market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the organic rankine cycle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the organic rankine cycle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The organic rankine cycle market consists of revenues earned by entities by providing services such as system design, installation, maintenance, and performance optimization. The market value includes the value of related goods sold by the service provider or included within the service offering. The organic rankine cycle market also includes sales of organic rankine cycle modules, heat exchangers, turbines, condensers, pumps, and associated control systems and instrumentation. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Organic Rankine Cycle Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on organic rankine cycle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for organic rankine cycle ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The organic rankine cycle market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.