Global HVAC Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global HVAC Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

With the continuous development of the economy, the energy demand continues to increase, and the energy consumption of countries around the world has increased sharply. The source of energy consumption mainly depends on non-renewable resources such as oil and coal. At the same time, the consumption of these energy sources has also caused serious ecological damage and accelerated the global greenhouse effect. In order to solve global energy and environmental issues and achieve sustainable economic development, only by relying on technological innovation and vigorous development of clean energy can we reduce environmental pollution and damage. In the past few decades, the use of industrial waste heat recovery for power generation has received great attention. Until now, Organic Rankine Cycle (ORC) power generation has been considered as a technology for effective utilization of low-temperature heat sources, especially for geothermal energy, solar energy, biomass energy, industrial waste heat, engine waste heat, and so on.

The Organic Rankine Cycle (ORC) is based on the principle of heating a liquid, causing it to evaporate, and then using the generated gas to drive an engine, which is then connected to a generator to generate power. Compared with miniaturized thermal power generation systems such as internal combustion engines, biomass energy, and Stirling engines, organic Rankine cycle power generation is more attractive because it does not require fuel and can reduce petrochemical fuel consumption and CO2 emissions. It is good for ecological environment protection.

Market Overview:

The latest research study on the global Organic Rankine Cycle (ORC) System market finds that the global Organic Rankine Cycle (ORC) System market reached a value of USD 724.67 million in 2022. It’s expected that the market will achieve USD 1279.14 million by 2028, exhibiting a CAGR of 9.93% during the forecast period.

Rising downstream demand

Organic Rankine cycle technology has many possible applications and has more than 2.7 GW of installed capacity and 698 identified power plants worldwide. Waste heat recovery is one of the most important development areas of the Organic Rankine Cycle (ORC). It can be used in thermal and power plants (such as small combined heat and power plants on domestic water heaters), but also in industrial and agricultural processes such as fermentation of organic products, hot exhaust gases from ovens or furnaces (such as lime and cement kilns), smoke Air condensation, vehicle exhaust, intercooling of compressors, condensers for power cycling, etc.
Due to the low operating pressure of the ORC power plant, the problem of high specific investment costs for machinery such as steam boilers is overcome. Therefore, it has been widely used in biomass power plants and geothermal power plants. As the downstream demand continues to increase, it will promote the development of the ORC system.

Technical barriers

The output power of an ORC system can be mechanical or electrical. The designed evaporation and condensation temperatures determine the overall efficiency of the ORC system. Higher temperature differences between evaporation and condensation can lead to higher overall ORC efficiency. Therefore, the front radiator of the engine needs to discharge high heat to keep the condensation temperature low.
Another major technical limitation is the dynamic / transient heat source. In order to maintain the ORC system in the optimal working area, the pump speed and expander speed need to be controlled. Therefore, complex control strategies are essential for advanced ORC systems that are being developed or should be studied.

Region Overview:

Geographically, Americas held the largest market share – 47.42% in 2022.

Company Overview:

Ormat Technologies Inc. is one of the major players operating in the Organic Rankine Cycle (ORC) System market, holding a share of 42.39% in 2023.

Ormat Technologies Inc.

Ormat Technologies Inc. is a provider of alternative and renewable energy technology based in Reno, Nevada. The company built over 150 power plants and installed over 2,000 MW. As of February 2016 Ormat, owns and operates 697 MW of geothermal and recovered energy-based power plants.

Turboden (Mitsubishi Heavy Industries)

Turboden, a Mitsubishi Heavy Industries group company, is an Italian firm and a global leader in the design, manufacture and maintenance of Organic Rankine Cycle (ORC) systems, highly suitable for distributed generation. ORC systems can generate electric and thermal power exploiting multiple sources, such as renewables (biomass, geothermal energy, solar energy), traditional fuels and waste heat from industrial processes, waste incinerators, engines or gas turbines.

Segmentation Overview:

Among different product types, Driven by Geothermal Energy segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Combined Cycle Power Plant (CCPP) segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Organic Rankine Cycle (ORC) System market covered in Chapter 3:

Ormat Technologies Inc.
Exergy SpA
TAS
Egesim
Againity
GMK
Siemens
Access Energy
Kaishan Compressor
ENOGIA
ClearPower Systems, Inc
Enertime
Triogen
Electratherm
ABB
Turboden (Mitsubishi Heavy Industries)
AQYLON
Baker Hughes (GE)

In Chapter 4 and Chapter 14.2, on the basis of types, the Organic Rankine Cycle (ORC) System market from 2018 to 2029 is primarily split into:

Driven by Geothermal Energy
Driven by Waste Heat Sources
Driven by Biomass Boilers/Gasifiers

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Organic Rankine Cycle (ORC) System market from 2018 to 2029 covers:

Combined Cycle Power Plant (CCPP)
Waste Heat Recycling
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)