Organic Rankine Cycle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Organic Rankine Cycle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : January, 2023 | Energy & Mining

Report Digest


Organic Rankine Cycle Market: Overview

The organic rankine cycle market has been projected to grow at a rapid pace in the foreseeable years. These growth prospects in the global market are attributed to the increasing adoption of renewable energy in recent years. In addition to this, low O & M cost and the longer cycle of life of ORC are also serving as the key factors to bolster growth avenues in the global market in the upcoming years.

In recent years, there has been a noticeable increase in the demand for the installation of ORC across the world. This demand is on the back of increasing concentration on the development of the power with the use of clean energy sources as well as the availability of supporting policies. Along with this, financial support for clean energy projects is also driving growth opportunities in the global market during the forecast period from 2021 to 2031.

Various large-scale geothermal power projects that are ORC-based are under pipeline across different regions around the world are likely to propel the expansion avenues in the organic rankine cycle market in the forthcoming years.

Organic Rankine Cycle Market: Key Trends

Various countries around the world such as Canada, Germany, China, and the U.S. are adopting renewable energy. This factor is likely to lead to the emergence of supportive regulations as well as the provision of financial incentives in order to deploy renewable energy. In addition to this, the financial incentives, for example, tax benefits, subsidies, and feed-in-tariff are some key tools that are utilized by countries across the world in order to attract investment in the renewable energy sector. Thus, on the basis of these factors, the organic rankine cycle market is likely to drive growth prospects in the coming years. 

Organic Rankine Cycle Market: Competitive Dynamics and Key Developments

The key players in the organic rankine cycle market are taking initiatives to develop novel growth opportunities in the following years. Technological advancements due to increased R & D activities with rising investments are serving as one of the key strategies to boost the market growth. Along with this, these players are also incorporating some other growth strategies such as geographical expansions, development and launching of products, collaboration with various other players in the industry, expansion of distribution network, mergers & acquisitions, and portfolio diversion to gain a competitive edge in the global market. 

For instance, Turboden has signed a contract in February 2020 with the Meadow Lake Tribal Council (MLTC), Canada. The former will serve with an 8000kW ORC power generation system and sawmill residual woody biomass will be used as the fuel.

The key players in the organic rankine cycle market are:

  • Exergy S.p.A.
  • Turboden S.p.A.
  • TAS
  • Ormat
  • General Electric
  • Elvosolar, a.s.
  • Enogia SAS
  • INTEC GMK

Organic Rankine Cycle Market: Regional Assessment

The organic rankine cycle market has been divided into Europe, Asia Pacific, North America, the Middle East & Africa, and Central & South America on the basis of geographical regions. The European region has been predicted to dominate in the global market on the basis of revenue. Turkey, among other regional countries, holds a dominating position in the regional revenue portion. The availability of the large geothermal potential in this country is predicted to serve as the primary factor to boost growth prospects. Further, the implementation of favorable policies as well as support mechanisms is also helpful to bring growth avenues in energy efficiency and renewable energy projects across the world. Owing to these factors, the European region has been predicted to hold a dominating position in the global market.

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  • Regional Assessment
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  • COVID-19 Impact

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  • How has COVID-19 affected the market?
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  • What are the major threats that will dent the growth prospects of the market?