The Organic Rankine Cycle (ORC) system is an efficient thermal cycle system. It mainly consists of core components such as waste heat boilers (or heat exchangers), turbines, condensers, and working fluid pumps, using low-boiling organic matter as the working medium to achieve the conversion of thermal energy to mechanical or electrical energy.
The ORC system has a compact structure and a small footprint, making it suitable for scenarios with limited space. Due to the special properties of organic working fluids, ORC systems can maintain stable operation under partial load operation and large power fluctuations without the need for complex control strategies. In addition, the high utilization efficiency of lower-temperature heat sources gives ORC systems significant advantages in recovering and utilizing low-grade thermal energy.
Overview of Market Development
With the increasing global demand for renewable energy and energy-saving technologies, ORC systems, as an efficient and environmentally friendly energy conversion system, have been favored by more and more enterprises and users. The global ORC system market has shown a steady growth trend in recent years. According to our research data, the global ORC system market size is estimated to reach $852 million in 2024, an increase of 8.36% compared to 2023.
In the future, as users demand higher energy efficiency and environmental performance, the demand for efficient, low-energy consumption, and low-emission ORC systems in the market will also increase. This will drive the global ORC system market to constantly change and upgrade, thereby driving further market expansion. It is expected that the global ORC system market size will increase to $1258 million by 2029.
Segmented Market Analysis
From the perspective of subdivision types, according to different driving methods, ORC systems can usually be divided into three categories: geothermal-driven ORC systems, waste heat-driven ORC systems, and biomass boiler/gasifier-driven ORC systems. Among them, geothermal energy-driven ORC systems dominate the market. Data shows that in 2024, the global sub-market size of geothermal energy-driven ORC systems is estimated to be $680 million, and the market share is expected to reach 79.79%.
From the perspective of downstream application patterns, combined cycle power plants are the largest downstream application market for ORC systems, with an expected application share of 81.65% in 2024.
Global Organic Rankine Cycle (ORC) System Market Size and Segment Market Share Forecast
Source: www.globalmarketmonitor.com
Market Analysis of Major Regions
From a regional perspective, the Americas is the largest revenue market for the global ORC system. The data shows that the estimated size of the ORC system market in the Americas in 2024 is $399 million, and the market share is expected to reach 46.84%.
Global ORC System Market Size and Market Share by
Region Forecast in 2024
|
Regions
|
Market Size (Million USD)
|
Market Share
|
|
Americas
|
399
|
46.84%
|
|
Europe
|
129
|
15.18%
|
|
Asia Pacific
|
139
|
16.26%
|
|
Middle East & Africa
|
185
|
21.73%
|
Source: www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global Organic Rankine Cycle (ORC) System Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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