New York, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global organic rankine cycle (ORC) market size is slated to expand at ~4% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 800 million by the end of 2035, up from a revenue of ~USD 500 million in the year 2022.market is expected to develop significantly as a result of increased renewable energy penetration, followed by increased investment to increase renewable energy capacity.
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The organic rankine cycle is a thermodynamic process used in renewable energy for converting low-temperature heat into consumable power, such as geothermal or solar thermal energy. It is anticipated that by 2050, geothermal energy will provide around 3.9% of the global energy supply for heating.
Rising Demand for Electricity to Boost the Growth of the Organic Rankine Cycle (ORC) Market
Global power consumption climbed by 2% in 2022, returning to its 2010-2019 average growth rate. It is expected that by 2050, the demand for energy from buildings will rise by 15%. The average global household power demand will rise by 75% between 2021 and 2050, driven by the increasing economies of developing countries. ORC systems can provide electricity in remote or off-grid locations, where there may be access to heat sources like biomass or solar energy but not a stable grid connection. They are also employed in combined heat and power applications, where they generate electricity while producing usable energy at the same time. This boosts energy efficiency and reduces overall energy costs.
Organic Rankine Cycle (ORC) Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Effort to Capture the Heat Energy is to Boost the Market Growth in North America Region
The organic rankine cycle (ORC) market in the North America region is set to hold the largest share in the upcoming years. The National Institute of Standards and Technology (NIST) has developed an innovative technology that could significantly improve heat-to-electricity conversion. If completed, the technology might help reclaim some of the USD 100 billion in accessible thermal energy squandered in the United States each year. This will also increase the demand for organic rankine cycle since ORC systems are used to extract heat energy and use it to vaporize the organic fluid in the ORC system and produce electricity simultaneously.
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Growing Focus on Reducing the Greenhouse to Elevate Market Growth in Europe
The organic rankine cycle (ORC) market in Europe region is anticipated to hold the second largest share by the end of 2035. In order to control climate change, the European Union parliament has passed the European Climate Law under the European Green Deal. The law includes the aim of the European Union to reduce the net greenhouse gas emissions by 55% by 2030 from the current levels of 40% now, to achieve climate neutrality by 2050 a statutory obligation. To meet its climate goal, the European Union has proposed an ambitious legislative package known as Fit for 55 in 2030. It consists of multiple interconnected amended legislation as well as new planned climate and energy regulations.
Organic Rankine Cycle (ORC), Segmentation by Model
- Dynamic
- Steady-State
The dynamic segment is expected to be responsible for the highest market share by the end of 2035. The market growth is attributed to the rising deployment of concentrated solar power plants. With 2.3 gigatonnes of installed concentrated solar power (CSP) capacity in 2022, Spain possesses the most installed CSP capacity in the world. With 1.5 gigatonnes and 596 megawatts, respectively, the United States came in second and China came in third. Dynamic ORC system helps in handling the fluctuating solar power and maintaining the supply of electricity.
Organic Rankine Cycle (ORC), Segmentation by Application
- Waste Heat Recovery
- Geothermal
- Biomass
- Oil & Gas
- Waste to Energy
- Solar Thermal
Amongst all the application, the geothermal segment is to garner the maximum market revenue by the end of 2035. The growth of the market is attributed to growing geothermal output. Besides this, the biomass segment is expected to gather significant revenue in the same time frame. the growth of the segment is attributed to the rising production of electricity from biomass. Biomass accounts for over 10% of the world's energy supply. In a plant, biomass is used to generate both heat and power. It is an environmentally beneficial, renewable source of energy. Moreover, the newly constructed biomass facilities yield an average of 38 megawatts of electricity, although several are being developed in the 50 to 110-megawatt range.
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A few of the well-known industry leaders in the organic rankine cycle (ORC) market that are profiled by Research Nester are Air Squared, Inc., Dürr Group, ENOGIA, Enertime, EXERGY INTERNATIONAL SRL, General Electric Company, ORCAN ENERGY AG, Ormat Technologies, Inc., and Turboden S.p.A.
Recent Developments in the Organic Rankine Cycle (ORC) Market
- Turboden S.p.A., a Mitsubishi Heavy Industries (MHI) Group Company and the global leader in Organic Rankine Cycle (ORC) technology was recently contracted to provide a 29 MWe geothermal power plant for the Energy Development Corporation's (EDC) Palayan Bayan upgrade project. The plant will be developed in the Bacon-Manito geothermal site on the Philippine island of Luzon. In the Philippines, where demand for electrical power has been increasing in unison with GDP expansion, renewable energy is aggressively pushed.
- Transitional Energy, a geothermal development and technology business, has agreed to sign a Letter of Intent to collaborate with ElectraTherm, Inc., based in Georgia. Both companies will collaboratively work to convert heat waste to power in the oil and gas industry. This announcement complements the effective prototype deployment of Transitional Energy's Sedna Sled Geothermal System previously this year at an oilfield in rural Nevada.
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