Organic Rankine Cycle Market: Size, Share, and Forecast 2021-2028

Introduction: The Organic Rankine Cycle (ORC) market has seen significant growth in recent years due to its ability to generate electricity from low-temperature waste heat sources. The market is projected to continue growing in the coming years, driven by increasing demand for renewable energy and waste heat recovery systems. This article provides an overview of the ORC market size, share, and forecast from 2021-2028.

Market Size: The ORC market size is expected to grow at a CAGR of over 10% from 2021-2028. The market was valued at $580 million in 2020 and is projected to reach $1.1 billion by 2028. The growth of the ORC market is driven by several factors, including increasing demand for renewable energy and waste heat recovery systems, the availability of government incentives and subsidies, and the development of new and more efficient ORC technologies.

Market Share: The ORC market is currently dominated by a few key players, including Turboden, Enogia, Mitsubishi Heavy Industries, and Ormat Technologies. These companies hold a significant share of the market due to their expertise in ORC technology and their ability to provide customized solutions to meet the specific needs of their customers.

However, the ORC market is also seeing the emergence of new players, especially in the waste heat recovery segment. These companies are developing innovative ORC technologies that are more efficient and cost-effective than traditional ORC systems. Some of the new players in the ORC market include Triogen, Exergy, and HRS.

Market Forecast: The ORC market is projected to continue growing in the coming years, driven by several factors. The increasing demand for renewable energy and waste heat recovery systems is expected to be one of the primary drivers of the ORC market. Governments around the world are setting ambitious targets to increase the share of renewable energy in their energy mix, and ORC technology is an essential part of the solution.

Another factor driving the growth of the ORC market is the development of new and more efficient ORC technologies. Advances in materials science, control systems, and working fluid technology are enabling ORC systems to operate at higher efficiencies and temperatures, making them more suitable for a broader range of applications.

The waste heat recovery segment of the ORC market is also expected to see significant growth in the coming years. The increasing demand for waste heat recovery systems in industries such as steel, cement, and chemical is driving the demand for low-temperature ORC systems that can operate at temperatures as low as 80°C.

Conclusion: The ORC market is a rapidly growing market with significant growth potential, driven by the increasing demand for renewable energy and waste heat recovery systems. The market size is projected to reach $1.1 billion by 2028, with a CAGR of over 10% from 2021-2028. The market is currently dominated by a few key players, but the emergence of new players, especially in the waste heat recovery segment, is expected to increase competition and drive innovation. The development of new and more efficient ORC technologies and the integration of ORC technology with other renewable energy systems presents significant prospects for innovation and growth in the ORC market.

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Brite View Research journalist was involved in the writing and production of this article.