Organic Rankine Cycle Market– Statistics And Analysis & Forecast To 2030Posted by Mrudula Karmarkar on August 12th, 2022 The global organic rankine cycle marketsize is expected to reach USD 1.07 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.3% from 2022 to 2030. A rise in the adoption of renewable energy in countries such as the U.S., China, Germany, and Canada is making supporting regulations and providing financial incentives for the deployment of renewable energy. Financial incentives such as feed-in-tariff, subsidies, and tax benefits are some of the major tools utilized by countries around the world to attract investment in the renewable energy sector. These factors propel the growth of the organic rankine cycle (ORC) market in the near future. The supply chains of spare parts for ORC systems are majorly affected due to the shutdown of production facilities of the manufacturers. The manufacturing of most components in the energy & power sector is slowing down considerably. In addition, local and international travel restrictions, quarantine requirements, and lockdowns have caused delays in shipments of already manufactured parts to be supplied to the distributors and end-users. ORC manufacturers usually have access to an adequate supply of critical parts, devices, components, and materials for emergencies. But, these companies are facing bottlenecks due to the limited production of supplies in countries severely affected by COVID-19. The geothermal segment led the market and accounted for the largest revenue share in 2021. The major reason for the dominance of the geothermal segment is due to the large-scale megawatt capacity of these geothermal projects as compared to other application segments such as biomass, waste heat recovery, and solar thermal. Since every geothermal project is usually of more than 10 MW capacity whereas ORC-based projects in other application segments are not always of capacities equivalent to 10 MW and are generally less than 1 to 2 MW. The market for ORC is concentrated where major companies such as Ormat, Turboden, and Exergy account for more than 75% market share in 2020. These companies apart from equipment supply are also focusing on providing EPC and long-term maintenance services to enhance their market share further. This factor is expected to make these companies hold their dominance in the ORC market during the forecast period. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/organic-rankine-cycle-market/request/rs1 The rise in the adoption of renewable energy and the longer life cycle of ORC coupled with low O&M costs are some of the major factors driving the growth of the organic rankine cycle (ORC) market. ORC technology faces stiff competition from the availability of substitute technology such as Steam Rankine Cycle (SRC) which is also utilized in similar application segments including geothermal, biomass, waste heat recovery, and solar thermal which is expected to restrain the growth of the market over the forecast period. Organic Rankine Cycle Market Report Highlights
Europe emerged as one of the major regions for the organic rankine cycle market in 2020. Geothermal has the largest market share in the application segment in the global ORC market in 2020. Geothermal projects are of usually higher capacity as compared to biomass and waste heat recovery projects owing to which the ORC market is higher for geothermal application in 2020 due to the deployment of large-scale geothermal projects in recent years. The North America region is expected to witness higher demand for ORC installation over the coming years owing to the rising focus on the development of power through clean energy sources with the availability of supporting policies and financial support for clean energy projects. Further, various large-scale ORC-based geothermal power projects are also under pipeline in the U.S. which is expected to drive the market for ORC in North America during the forecast period. The key players operating in the market are Ormat, Turboden, and Exergy, along with a few medium and small regional players. Leading market players compete based on their product development capabilities and new technologies used in product formulations. Established players such as Turboden are investing in the development of innovative ORC systems that give them an edge over their competitors. For instance, in February 2020, Turboden signed a contract to provide an 8,000 kW ORC system for power generation which uses sawmill residual woody biomass as fuel to Meadow Lake Tribal Council (MLTC), Canada. Some prominent players in the global organic rankine cycle market include:
Like it? Share it! More by this author |