Organic Rankine Cycle (ORC) Market Size By Power Output (≤ 1 MWe, > 1 - 5 MWe, > 5 - 10 MWe, > 10 MWe), By Application (Waste Heat Recovery, Biomass, Geothermal, Solar Thermal, Oil & Gas, Waste to Energy), COVID-19 Impact Analysis, Regional Outlook,

Organic Rankine Cycle (ORC) Market Size By Power Output (≤ 1 MWe, > 1 - 5 MWe, > 5 - 10 MWe, > 10 MWe), By Application (Waste Heat Recovery, Biomass, Geothermal, Solar Thermal, Oil & Gas, Waste to Energy), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Organic Rankine Cycle (ORC) Market is anticipated to grow over 2023- 2032 owing to the introduction of stringent government regulations and guidelines, along with the ability of ORC systems to reduce GHG emissions. In 2020, Turboden S.p.A announced offering 8,000 kW ORC power generation systems to Meadow Lake Tribal Council. The project is anticipated to decrease greenhouse gas emissions by more than 1 million tons over 25 years, while improving the local air quality conditions.

Moreover, the ORC enables electricity generation at lower collector temperatures and capacities and provides potential for inexpensive, small-scale decentralized CSP systems. ORC is an inherent solution that helps to convert low-temperature heat into power and has been commercialized in the industry. Besides, ORCs are gaining increased momentum to exploit waste heat as they can enable power generation from resources of low thermal content.

Key players operating in the organic rankine cycle industry are incorporating strategic initiatives such as partnerships, mergers, acquisitions and new product launches to strengthen their presence in the marketplace.

To cite an instance, Mitsubishi Heavy Industries (MHI) and its wholly owned subsidiary, Mitsubishi Heavy Industries Marine Machinery and Equipment Co. announced successful conduction of the demo testing of a 100kW class cryogenic organic Rankine cycle using the first innovative oilless cryogenic turbine generator in the world. The advanced generator converts a turbine generator with an oil-free, hermetically sealed construction similar to those used in ORC production to produce cryogenic electricity.

Overall, the organic Rankine cycle (ORC) industry is segmented in terms of power output, application, and region.

Based on power output, the > 10 MWe segment is slated to depict 16% growth rate by 2032. The segmental growth will be accounted to the benefits offered by these systems such as high efficiency, reliability, and flexibility.

By application, the biomass segment is slated to depict over 17% market share through 2032. The increasing demand for ORC systems in biomass plants across several developing nations can be backed by the growing demand for energy effective technologies for power generation.

In terms of the regional context, the Europe ORC industry is anticipated to exhibit over 17% growth rate through 2032. The region is witnessing strong demand for ORC power plants as they are capable of being tailor-made without any excessive additional cost in the case of stationary applications.