Global Organic Rankine Cycle Market to Reach $0.98 Billion by 2029, Growing at 7% CAGR

What Is the Expected Size and Growth Rate of the Organic Rankine Cycle Market?
Over the last few years, the organic Rankine cycle market has seen substantial growth. It is predicted to expand from $0.7 billion in 2024 to $0.75 billion in 2025, with a compound annual growth rate (CAGR) of 7.3%. Factors contributing to this growth over the historic period include an increased demand for renewable energy sources, industrialization growth, rising global energy needs, broader acceptance of ORC systems, and governmental incentives aimed at promoting sustainable energy technologies.

The market size for organic rankine cycle is predicted to experience robust growth in the coming years, with projections estimating an increase to $0.98 billion by 2029 and a compound annual growth rate (CAGR) of 6.9%. This surge in the forecast period is due to an increase in sector collaborations, concentrated efforts towards better energy efficiency, a rise in electric vehicle (EV) usage, attention towards lowering greenhouse gas emissions, and heightened environmental consciousness. The forthcoming period also anticipates significant trends such as technological progression, integration of sustainable energy and energy storage, focus on low-temperature sources, and governmental incentives.

What Factors Are Fueling Growth in the Organic Rankine Cycle Market?
The surge in the need for renewable energy sources is likely to fuel the expansion of the organic rankine cycle market in the future. Renewable energy, energy that is extracted from naturally replenishing sources like sunlight, wind, rain, tides, and geothermal heat that are perennially sustainable, continues to increase in demand. The desire to lessen greenhouse gas emissions, combat climate change, and ensure a sustainable future energy supply are the driving forces behind this growing demand. The organic rankine cycle (ORC) technology plays a crucial role in renewable energy as it transforms low-temperature heat from geothermal, biomass, and solar thermal sources into electricity thus escalating the effectiveness and feasibility of these renewable energy systems. The Energy Information Administration (EIA), a government administration based in the U.S, for example, speculated in January 2024 that solar power generation in the U.S. will witness a 75% increase from 163 billion kWh in 2023 to 286 billion kWh by 2025. Likewise, an 11% growth in wind power generation is anticipated, from 430 billion kWh in 2023 to 476 billion kWh in 2025. Therefore, the escalating need for renewable energy sources will encourage the growth of the organic rankine cycle market.

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Which Leading Companies Are Shaping the Growth of the Organic Rankine Cycle Market?
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, Dürr 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.

What Are the Latest Innovations in the Organic Rankine Cycle Market?
Key players within the organic rankine cycle market are prioritizing the development of innovative technologies, like waste heat recovery systems, in a bid to increase energy efficiency, decrease emissions and repurpose waste heat generated by industrial processes for green power production. The waste heat recovery system is a cutting-edge technology that captures waste heat from industrial activities and transforms it into electric power, thereby enhancing energy efficiency and reducing total emissions. For example, in March 2022, Alfa Laval AB, an industrial machinery manufacturer based in Sweden, introduced the E-PowerPack, a waste heat recovery system built on the organic rankine cycle (ORC) concept for ships. It transforms waste heat directly into electric power. This comprehensive unit contributes to improving a ship's existing energy efficiency ship index (EEXI) and carbon intensity indicator (CII), making it attractive to ship owners interested in sustainability and meeting regulatory standards. The E-powerpack lowers fuel usage and CO2 emissions by producing power from waste heat, which translated into notable fuel savings and improved CII ratings. It's modular design can provide up to 100kW or 200kW of pure electrical output, and can be merged into larger systems. It is compatible with all types of vessels and marine fuels, including prospective fuels like green methanol and ammonia.

What Are the Key Segments of the Organic Rankine Cycle Market?
The organic rankine cycle market covered in this report is segmented -

1) By Model: Dynamic; Steady-State
2) By Fluid Type: Hydrocarbon-Based ORC Systems; Siloxane-Based ORC Systems; Other Fluid Types
3) By Power Output: = 1 MWe; > 1 - 5 MWe; > 5 - 10 MWe; > 10 MWe
4) By Capacity: Small-Scale ORC Systems; Medium-Scale ORC Systems; Large-Scale ORC Systems
5) By Application: Waste Heat Recovery; Geothermal; Biomass; Oil And Gas; Waste To Energy; Solar Thermal

Subsegments:
1) By Dynamic Model: Real-Time Performance Simulation; Transient State Analysis; Dynamic Load Tracking Systems; Control System Modeling; Start-Up And Shut-Down Dynamics; Adaptive Control Systems
2) By Steady-State Model: Thermodynamic Cycle Modeling; Energy Efficiency Analysis; Constant Load Operation Systems; Heat Exchanger Design And Optimization; Performance Optimization At Fixed Operating Conditions; System Stability And Thermal Balance Analysis

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Which Region Dominates the Organic Rankine Cycle Market?
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.

What Is Covered In The Organic Rankine Cycle Global Market Report?

- Market Size Analysis: Analyze the organic rankine cycle Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the organic rankine cycle Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the market.
- Market Contribution: Evaluate contributions of different segments to the overall organic rankine cycle market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the organic rankine cycle market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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