San Francisco, 13 Jan 2023: The Report Organic Rankine Cycle Market Size, Share & Trends Analysis Report By Application (Waste Heat Recovery, Biomass, Geothermal, Solar Thermal, Oil & Gas, Waste To Energy), By Region, And Segment Forecasts, 2022 – 2030
The global organic rankine cycle market size is expected to reach USD 1.07 billion by 2030, growing at 3.3% CAGR from 2022 to 2030, according to a new report by Grand View Research, Inc. Rise in adoption of renewable energy in countries such as the U.S., China, Germany, and Canada continue to make way for progressive legislations and provide financial incentives for the deployment of renewable energy. Financial incentives such as feed-in-tariffs, subsidies, and tax benefits are some of the major tools utilized by countries around the world to attract investment in the renewable energy sector. These factors are likely to propel the market’s growth in the near future.
The supply chains of spare parts for organic rankine cycle (ORC) systems are significantly affected due to the shutdown of production facilities. The manufacturing of most components in the energy & power sector has slowed down considerably. In addition, local and international travel restrictions, quarantine requirements, and lockdowns have caused delays in shipments of already manufactured parts to be supplied to the distributors and end-users. ORC manufacturers usually have access to an adequate supply of critical parts, devices, components, and materials for emergencies. But these firms are faced with increasing bottlenecks due to the limited production of supplies in countries, severely affected by COVID-19.
The geothermal segment led the market and accounted for the largest revenue share in 2021. The major reason for the dominance of the geothermal segment is due to the large megawatt capacity of these geothermal projects as compared to other application segments. The other segment includes biomass, waste heat recovery, and solar thermal. Each geothermal project holds a capacity of more than 10 MW. On the other hand, ORC-based projects in other application segment hold a capacity of 1 to 2 MW on average.
The global ORC market is a concentrated market wherein major companies such as Ormat, Turboden, and Exergy accounted for more than 75% market share in 2020. These companies apart from equipment supply are also focused on providing EPC and long-term maintenance services to increase their market share. This factor is expected to make these companies hold their dominance in the ORC market during the forecast period.
Access Research Report of Organic Rankine Cycle Market @ https://www.grandviewresearch.com/industry-analysis/organic-rankine-cycle-market
Organic Rankine Cycle Market Report Highlights
- Geothermal held the largest market share of 61.71% in the application segment in in 2021. Geothermal projects are usually of higher capacity. Due to this, the ORC market exhibited higher growth potential for geothermal application in 2021
- As of 2021, Europe accounted for 30.40% of revenue share. The region has been one of the front runners in implementing favorable policies and support mechanisms for the growth of renewable energy and energy efficiency projects across the globe
- Various strategic initiatives were implemented over the past few years to boost the growth of the market. For instance, in February 2020, Turboden signed a contract to provide an 8000 kW ORC system for power generation which uses sawmill residual woody biomass as fuel to Meadow Lake Tribal Council (MLTC), Canada
List of Key Players of Organic Rankine Cycle Market
- Turboden S.p.A.
- Exergy International Srl
- Zhejiang Kaishan Compressor Co., Ltd.
- Enogia SAS
- Triogen
- Calnetix Technologies, LLC
- ABB
- Atlas Copco AB
- TAS Energy Inc. (TAS)
- Elvosolar, a.s.
Access Press Release of Organic Rankine Cycle Market @ https://www.grandviewresearch.com/press-release/global-orc-market
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