Press release
Organic Rankine Cycle Market Anticipated To Witness Robust Growth, Surpassing 0.98 Billion By 2029
Organic Rankine Cycle
What Is the Current Organic Rankine Cycle Market Size and Its Estimated Growth Rate?
Recent years have seen robust growth in the size of the organic rankine cycle market. This market is projected to expand from $0.7 billion in 2024 to $0.75 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.3%. The period of historic growth is credited to factors such as growing demand for renewable energy sources, industrialization surge, increasing global energy demand, broader adoption of orc systems, and government incentives promoting sustainable energy technologies.
The market size for the organic rankine cycle is predicted to witness significant growth in the approaching years, estimated to rise to $0.98 billion in 2029, recording a compound annual growth rate (CAGR) of 6.9%. The expected growth during the forecast period can be accredited to the rising collaboration across varied sectors, enhancing efforts towards energy efficiency improvement, the growing applications of electric vehicle (EV), conscientious efforts towards curtailing greenhouse gas emissions, and a surge in environmental consciousness. Foreseeable trends within the same period include technological progression, integration of renewable energy, assimilation of energy storage, emphasis on low-temperature sources, and governmental incentives.
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How Are Emerging Segments Shaping the Organic Rankine Cycle Market Landscape?
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 Growth Factors Are Influencing Organic Rankine Cycle Market Expansion?
The escalating need for renewable energy sources is set to drive the expansion of the organic rankine cycle market in the future. Renewable energy comes from natural sources like sunlight, wind, rain, tides, and geothermal heat, which are continuously replenished and can be sustained over time. The increasing need for these renewable energy sources is propelled by the ambition to diminish greenhouse gas emissions, fight climate change, and secure a sustainable energy future. The organic rankine cycle (ORC) technology plays an integral part in renewable energy technologies by transforming low-temperature heat from geothermal, biomass, and solar thermal sources into electrical power, thus amplifying the efficacy and feasibility of these renewable energy systems. To illustrate, as projected by the Energy Information Administration (EIA), a US-based government entity, in January 2024, solar power production in the U.S. is poised to rise by 75% from 163 billion kWh in 2023 to 286 billion kWh by 2025. Likewise, a significant increase of 11% is expected for wind power generation, from 430 billion kWh in 2023 to 476 billion kWh in 2025. As such, the rising demand for renewable energy sources will constitute significant driver for the advancement of the organic rankine cycle market.
Who Are the Dominant Players Across Different Organic Rankine Cycle Market Segments?
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 Developing Trends in the Acne Treatment Devices Market?
Leading firms in the organic rankine cycle market are zeroing in on creating pioneering developments, such as waste heat recovery mechanisms, to improve energy efficiency, lower emissions, and harness waste heat from industrial methods for green power generation. The waste heat recovery system is a cutting-edge technology intended to seize and transform waste heat from industrial operations into electrical energy, thereby enhancing energy efficiency and cutting down overall emissions. For example, in March 2022, Sweden's Alfa Laval AB, an industrial machinery producer, unveiled the E-PowerPack, an organic rankine cycle (ORC)-based waste heat recovery system for ships, turning waste heat directly into electrical energy. This comprehensive unit aids vessels in improving their energy efficiency existing ship index (EEXI) and their carbon intensity indicator (CII), making it attractive to shipowners aiming for green compliance and meeting regulatory requirements. The E-powerpack decreases fuel usage and CO2 emissions by creating power from waste heat, leading to significant fuel savings and a superior CII rating. The module-based design provides up to 100 kW or 200 kW of net electrical output, which can be integrated into larger systems. It is suitable for all kinds of vessels and marine fuels, including future fuels such as green methanol and ammonia.
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Which Geographic Regions Are Expected to Dominate the Organic Rankine Cycle Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Organic Rankine Cycle Market?
2. What is the CAGR expected in the Organic Rankine Cycle Market?
3. What Are the Key Innovations Transforming the Organic Rankine Cycle Industry?
4. Which Region Is Leading the Organic Rankine Cycle Market?
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