Organic Rankine Cycle Market on Track for Strong Growth, Estimated to Grow at 6.7% CAGR Through 2029

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What Is the Expected CAGR for the Organic Rankine Cycle Market Through 2025?
In recent times, there has been a marked increase in the size of the organic rankine cycle market. The market, which was at $0.7 billion in 2024, is projected to expand to $0.74 billion in 2025, registering a compound annual growth rate (CAGR) of 6.2%. The increase during the historical period is a result of factors such as the burgeoning demand for renewable energy sources, industrial growth, an upsurge in global energy requirements, a surge in the use of orc systems, and government grants aimed at promoting sustainable energy technologies.

What's the Projected Size of the Global Organic Rankine Cycle Market by 2029?
The market size of organic rankine cycle is set to witness considerable expansion in the coming years, with predictions suggesting it will reach $0.96 billion by 2029 at a compound annual growth rate (CAGR) of 6.7%. The projected surge during this period is linked to a rise in cross-sector collaborations, a heightened emphasis on enhancing energy efficiency, an uptick in electric vehicle (EV) applications, a growing effort to cut down greenhouse gas emissions and an escalating consciousness about the environment. Key trends during the forecast period are expected to include technological progress, incorporation of renewable energy, integration of energy storage, attention to low-temperature sources, and governmental incentives.

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Top Growth Drivers in the Organic Rankine Cycle Industry: What's Accelerating the Market?
The rise in the need for renewable energy sources is anticipated to boost the expansion of the organic rankine cycle market. Renewable energy, originating from natural elements such as sunlight, wind, rain, tides, and geothermal heat, is constantly replenished and sustained over time. The drive for these renewable sources stems from the necessity to curb greenhouse gas emissions, combat climatic alterations, and guarantee a long-lasting energy supply for future generations. Organic Rankine Cycle (ORC) technology is employed in renewable energy applications, transforming low-temperature heat from geothermal, biomass, and solar thermal sources into electricity. This process improves the efficiency and feasibility of these renewable energy operations. For example, the Energy Information Administration (EIA), an organization based in the U.S, foresees solar power generation in the U.S to surge by 75% from 163 billion kWh in 2023 to 286 billion kWh by 2025. Similarly, growth of 11% is expected in wind power generation, increasing from 430 billion kWh in 2023 to 476 billion kWh in 2025. Hence, the escalating demand for renewable energy sources will stimulate the growth of the organic rankine cycle market.

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What Trends Will Shape the Organic Rankine Cycle Market Through 2029 and Beyond?
Major firms participating in the organic rankine cycle market are concentrating their efforts on technological innovations like waste heat recovery systems to boost energy efficiency, lower carbon emissions and convert waste heat from industrial operations into sustainable energy production. The waste heat recovery system is a sophisticated technology that collects and transmutes waste heat from industrial operations into electrical energy, enhancing energy efficiency and reducing overall greenhouse gas emissions. For example, in March 2022, Swedish industrial machinery manufacturer Alfa Laval AB debuted the E-PowerPack, a waste heat recovery system based on the organic Rankine cycle (ORC) for ships, which directly transforms waste heat into electrical energy. This comprehensive system assists ships in enhancing their existing ship index (EEXI) and carbon intensity indicator (CII) scores, attracting shipowners who prioritize sustainability and adherence to regulations. The E-powerpack minimizes fuel use and CO2 emissions by generating energy from waste heat, allowing for significant fuel cost savings and a superior CII score. Its modular configuration provides 100 kW or 200 kW of net electricity, which can be incorporated into larger systems. It is compatible with all types of ships and marine fuels, including future fuels like green methanol and ammonia.

What Are the Main Segments in the Organic Rankine Cycle Market?
The organic rankine cyclemarket 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 Top Companies are Driving Growth in 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.

Which Regions Will Dominate the Organic Rankine Cycle Market Through 2029?
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.

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