PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1663479
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1663479
Organic Rankine Cycle Market size was valued at US$ 816.90 Million in 2024, expanding at a CAGR of 1.12% from 2025 to 2032.
The Organic Rankine Cycle (ORC) market involves the use of a thermodynamic process that converts low-temperature heat into usable electricity. It operates similarly to the conventional Rankine cycle, but instead of water, it uses an organic fluid with a lower boiling point. This allows the ORC system to efficiently generate power from waste heat sources, geothermal energy, or solar thermal energy. It is widely used in industrial processes, waste-to-energy plants, and remote power generation. The ORC market is driven by the growing need for renewable energy solutions and energy efficiency. Technological advancements, such as improved working fluids and system designs, are enhancing the performance and cost-effectiveness of ORC systems. The market is expected to expand as industries seek sustainable energy solutions to reduce carbon emissions.
Organic Rankine Cycle Market- Market Dynamics
Utilization of waste heat recovery in industrial processes for energy.
Utilizing waste heat recovery in industrial processes for energy is a key driver for the Organic Rankine Cycle (ORC) market. Many industrial operations, such as cement, steel, and chemical manufacturing, generate significant amounts of waste heat that often go unused. By employing ORC systems, this waste heat can be converted into electricity, improving overall energy efficiency and reducing reliance on conventional energy sources.
As industries seek to lower operational costs and minimize environmental impact, waste heat recovery has gained prominence. According to the U.S. Department of Energy, industrial sectors could potentially recover 20-30% of their energy through waste heat recovery systems. This trend is encouraging the adoption of ORC technology in energy-intensive industries.
Organic Rankine Cycle Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 1.12% over the forecast period (2025-2032)
Based on Applications segmentation, Waste Heat Recovery was predicted to show maximum market share in the year 2024
Based on Capacity segmentation, the Medium Capacity (1 MW to 5 MW) was the leading Capacity in 2024
Based on End-user segmentation, Manufacturing was the leading Segment in 2024
On the basis of region, Asia Pacific was the leading revenue generator in 2024
The Global Organic Rankine Cycle Market is segmented on the basis of Applications, Capacity, End-User, and Region.
The market is divided into five categories based on Applications: Waste Heat Recovery, Geothermal Power Generation, Solar Thermal Power Generation, Biomass Power Generation, Industrial Combined Heat and Power (CHP) Systems. In the Organic Rankine Cycle (ORC) market, Waste Heat Recovery is the most significant and prominent segment. It stands out due to the increasing emphasis on energy efficiency and sustainability across industries. Many industrial processes, such as cement, steel, and chemical manufacturing, generate significant amounts of waste heat, which can be harnessed using ORC systems to generate electricity. This application helps industries reduce their carbon footprint and lower energy costs by converting otherwise wasted energy into usable power. As global regulations around energy conservation and emissions become stricter, waste heat recovery has become a crucial driver for ORC market growth, making it the dominant application.
The market is divided into three categories based on Capacity: Low Capacity (Up to 1 MW), Medium Capacity (1 MW to 5 MW), High Capacity (Above 5 MW). In the Organic Rankine Cycle (ORC) market, the Medium Capacity (1 MW to 5 MW) segment is the most significant and prominent. This range is highly favored due to its versatility in applications across various industries, including manufacturing, waste heat recovery, and small-scale power generation. It offers an ideal balance between energy output and cost-efficiency, making it suitable for both industrial and commercial sectors looking for sustainable energy solutions. The demand for medium-capacity ORC systems is driven by the need for affordable energy recovery in regions with moderate power requirements. As businesses and industries aim to improve energy efficiency while reducing carbon footprints, medium-capacity ORC systems are emerging as the go-to solution, solidifying their prominence in the market.
Organic Rankine Cycle Market- Geographical Insights
In the Asia Pacific region, the Organic Rankine Cycle (ORC) market is experiencing significant growth, driven by the increasing demand for renewable energy and energy-efficient technologies. Countries like China, India, and Japan are actively promoting green energy solutions, including waste heat recovery and geothermal energy, which align with ORC systems. The region's rapidly expanding industrial sectors, such as manufacturing and chemicals, create ample opportunities for ORC technology adoption to harness waste heat. Additionally, government policies and initiatives supporting clean energy and carbon reduction are further driving the market. The Asia Pacific market is also witnessing advancements in ORC system designs, making them more affordable and efficient, fostering widespread implementation across various industries.
China is a key player in the Organic Rankine Cycle (ORC) market, driven by its industrial growth and focus on sustainable energy. The country is actively investing in renewable energy solutions, with waste heat recovery being a priority in energy-intensive sectors like steel, cement, and chemical manufacturing. Government policies, such as the "13th Five-Year Plan for Ecological and Environmental Protection," emphasize energy efficiency and carbon reduction, boosting ORC adoption. Additionally, China's significant geothermal energy potential is enhancing the appeal of ORC systems for clean power generation. The market is expected to expand as the country continues to transition towards green technologies.
The competitive landscape of the Organic Rankine Cycle (ORC) market is characterized by several key players leading technological advancements and global expansion. Companies like Ormat Technologies and Turboden dominate the market with their proven ORC systems and extensive experience in energy recovery solutions. Siemens Energy and Mitsubishi Heavy Industries are expanding their presence by integrating ORC technology into renewable energy projects, while Enel Green Power focuses on leveraging ORC for geothermal applications. Smaller players like Heliex Power and Climeon are focusing on innovative solutions to improve system efficiency and affordability. Market competition is intensifying as companies strive to enhance product performance, reduce costs, and align with sustainability trends, particularly waste heat recovery and low-carbon technologies. Partnerships, mergers, and acquisitions are common strategies employed by companies to strengthen their market position.
In September 2023, Enogia, a subsidiary of the South Korean conglomerate STX, entered into a technology development agreement with STX Engine. The agreement focuses on the development and supply of a compressor for a project aimed at developing and testing an exhaust gas sequestration system for ship engines. STX Engine is renowned for its global manufacturing of marine and industrial engines.