Author: Chandra Mohan - Sr. Industry Consultant, Report ID - DS2410006, Published - January 2025
Segmented in Technology Type (Binary, Trilateral), Application (Geothermal Power Generation, Waste Heat Recovery, Solar Power Generation), Power Rating, Output Temperature and Regions - Global Industry Analysis, Size, Share, Trends, and Forecast 2024 – 2034
The Organic Rankine Cycle (ORC) has transformed the energy industry by offering solutions for sustainable energy production across different sectors worldwide. The market, for Organic rankine cycle was estimated at $936.9 million in 2024. It is anticipated to increase to $1.5 billion by 2030 with projections indicating a growth to around $2.3 billion by 2035. This expansion represents a compound annual growth rate (CAGR) of 8.5% over the forecast period. With a focus on sustainability and energy efficiency, ORC plays a crucial role in the shift towards renewable energy sources by effectively converting waste heat into usable electricity. This groundbreaking technology not enhances energy efficiency but also helps in lowering carbon emissions marking a significant departure, from traditional methods of power generation and showcasing its versatility.
The Organic Rankine Cycle stands out as an efficient heat recovery method that transforms excess heat into electrical power sustainably and effectively by utilizing various heat sources at low temperatures while keeping operating costs to a minimum.
Absolute Growth Opportunity = $1.2B
•The Organic Rankine Cycle market is projected to grow from $936.9 million in 2024 to $2.12 billion in 2034. This represents a CAGR of 8.5%, reflecting rising demand across Waste Heat Recovery, Decentralized Power Generation and Geothermal Energy Production.
•The Organic Rankine Cycle market is set to add $1.2 billion between 2024 and 2034, with manufacturer targeting Waste Heat Recovery & Solar Power Generation Application projected to gain a larger market share.
•With Increasing environmental awareness, and Technological advancements in heat recovery systems, Organic Rankine Cycle market to expand 126% between 2024 and 2034.
Recovering industrial waste heat is a often overlooked practice that can benefit from utilizing Organic Rankine Cycle . Considering many industries produce heat or require additional heat sources integrating ORC technology in these sectors could unlock considerable business opportunities.
In the Organic Rankine Cycle market in North America where leading industry playersre present and sustainable energy demand is rising due to strict energy efficiency regulations driving product needs regionally; however high competition and market saturation present notable obstacles to overcome potential opportunities in creating advanced yet cost effective cycles while continuing growth, in geothermal and waste heat recovery operations.
In Europe's ORC market is influenced by energy and environmental regulations in place there. The growth of the market in this region is mainly boosted by industries such as manufacturing and power generation that need heat recovery systems. While competition is not as high as, in North America the market encounters difficulties shifting towards energy sources. There are chances to be found in the European Unions dedication to achieving energy targets.
The market for Organic Rankine Cycle is largely influenced by the rising focus on saving energy and the demand for eco friendly energy options. The cycles have the ability to transform wasted heat from sources into usable electricity which helps in using energy effectively and lowering carbon emissions. The expanding industrial sector in developing countries and the increase, in power generation systems are driving forces behind the growth of the ORCs market.
December 2024
Ormat Technologies Inc introduced a cutting edge low temp Organic Rankine Cycle setup to boost their output of energy sources.
September 2024
Turboden S. p. A has made progress, with their advanced turbine utilizing the Organic Rankine Cycle technology and achieving improved thermal efficiency.
July 2024
General Electric has launched a package based on the Organic Rankine Cycle, for power plants to enhance efficiency and reduce operational expenses.
Lately in the Organic Rankine Cycle there has been growth due to market changes pushing for more renewable energy and energy efficiency with a shift towards ORC technology becoming more prominent lately Additionally its important to note the growing use of ORC in waste heat recovery systems as a significant trend, in the industry.
As a core segment of the Energy Transition industry, the Organic Rankine Cycle market develops in line with broader industry shifts. Over recent years, transitions such as Transition Towards Green Energy and Digitalization and Advanced Controls Impact have redefined priorities across the Energy Transition sector, influencing how the Organic Rankine Cycle market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.
The market for Organic Rankine Cycle is undergoing a transformation towards sustainable and eco friendly energy sources. Growing concerns and a greater understanding of climate change are prompting businesses to explore ORCs for generating renewable energy. This shift is reshaping the market dynamics significantly as there is an increasing need for ORC, in power generation, bioenergy and harnessinng waste heat resources.
One significant shift shaping the ORS market is the increasing influence of digitalization and high level control systems integration technology advancements are enabling ORC systems to merge with platforms and intricate control mechanisms to enhance operational efficiency These enhancements not only enhance performance but also extend the lifespan and reliability of these systems
The chart below highlights how external events including emerging market developments, regulatory changes, and technological disruptions, have added another layer of complexity to the Energy Transition industry. These events have disrupted supply networks, changed consumption behavior, and reshaped growth patterns. Together with structural industry transitions, they demonstrate how changes within the Energy Transition industry cascade into the Organic Rankine Cycle market, setting the stage for its future growth trajectory.
General Electric
Siemens
Turboden
Ormat
Exergy
ElectraTherm
Power Generation
Industrial Production
| Application Area | Industry | Leading Providers | Provider Strategies |
|---|---|---|---|
Waste Heat Recovery | Manufacturing | GE Power, Siemens AG | Focus on sustainability, Energy-efficient technologies |
Geothermal Energy Production | Energy and Utilities | Ormat Technologies Inc., Turboden | Investment in Renewable energy sources, developing closed-loop systems |
Biomass Power Generation | Agriculture & Energy | Enertime, Aalborg CSP | Investment in clean and renewable energy, Advanced thermal storage solutions |
Elevate your strategic vision with in-depth analysis of key applications, leading market players, and their strategies. The report analyzes industry leaders' views and statements on the Organic Rankine Cycle market's present and future growth.
Geothermal power plants heavily rely on ORCs to generate electricity by harnessin the earths natural heat energy and converting to moderate temperature geothermal fluids into power supply seamlessly and sustainably. This method provides an consistent energy source that is self sufficient in nature. Prominent companies such as Toshiba and Exergy lead the way, in the ORCs industry.
The Organic Rankine Cycle is widely utilized in waste heat to generate electricity from industrial operations. Its key benefit is its effectiveness at temperatures that are typically disregarded as unusable offering an environmentally friendly alternative and potential cost reductions. Key players in this field include Turboden and ORC Systems who are leading the way, in utilizing this technology.
ORC technology is used for power generation in remote locations without access to the grid as well as in various heat sources for a flexible and sustainable power solution within the local region. It finds particular usefulness in remote industrial region's and farms or off grid communities with OPRA Turbines and ElectraTherm being significant contributors, within this field.
The Organic Rankine Cycle is an effective and eco friendly technology used for generating power that surpasses other options because it can harness low quality heat sources effectively. Its distinct market advantage is its potential for expansion, within the renewable energy industry.
Organic Rankine Cycle
Kalina cycle / Trilateral Flash cycle / Supercritical Rankine cycle
The Organic Rankine Cycle is an effective and eco friendly technology used for generating power that surpasses other options because it can harness low quality heat sources effectively. Its distinct market advantage is its potential for expansion, within the renewable energy industry.
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This market research methodology defines the Organic Rankine Cycle market scope, gathers reliable data, and validates findings using integrated primary and secondary research. Our systematic framework ensures precise market sizing, growth trend analysis, and competitive benchmarking.
We begin secondary research by defining the targeted market at macro and micro levels. As part of the Energy Transition ecosystem, we analyze Organic Rankine Cycle across Geothermal Power Generation, Waste Heat Recovery, and Solar Power Generation Applications. Our team gathers data systematically from country level ministerial sources, industry associations & federations, trade databases, company annual & quarterly reports and other credential sources, enabling us to map global and regional market size, pricing trends, regulatory standards, and technology advancements.
We benchmark competitors such as Turboden S.p.A, Enogia SAS, and General Electric by reviewing company financial statements, and regulatory filings. Our secondary insights identify key market drivers and constraints, forming the analytical foundation for primary research.
We conduct structured interviews and surveys with industry stakeholders, including Raw Material Suppliers, Component Manufacturing, and Assembly & Production. Our geographic coverage spans Americas (40%), Europe (30%), Asia-Pacific (25%) and Middle East & Africa (5%). Our online surveys generally achieve a response rate of above 65%, and telephone interviews yield 60%, resulting in above 92% confidence level with a ±7% margin of error.
Through targeted questionnaires and in-depth interviews, we capture purchase intent, adoption barriers, brand perception across Segment Type. We use interview guides to ensure consistency and anonymous survey options to mitigate response bias. These primary insights validate secondary findings and align market sizing with real-world conditions.
Our data analysis framework integrates Top-Down, Bottom-Up, and Company Market Share approaches to estimate and project market size with precision.
In Top-down approach, we disaggregate global Energy Transition revenues to estimate the Organic Rankine Cycle segment, using historical growth patterns to set baseline trends. Simultaneously, in Bottom-up approach, we aggregate Country-Level Demand Data to derive regional and global forecasts, which provide granular consumption insights. By reconciling both approaches, we ensure statistical precision and cross-validation accuracy.
We evaluate the supply chain, spanning Raw Material Suppliers (General Electric, Siemens), Component Manufacturing (Turboden, Ormat), and Assembly & Production. Our parallel substitute analysis examines Kalina cycle, Trilateral Flash cycle, and Supercritical Rankine cycle, highlighting diversification opportunities and competitive risks.
We benchmark leading companies such as Turboden S.p.A, Enogia SAS, and General Electric, analyzing their capabilities in pricing, product features, technology adoption, and distribution reach. By assessing company-level revenues and product portfolios, we derive market share comparisons, clarifying competitive positioning and growth trajectories across the ecosystem.
Our integration of data triangulation, supply chain evaluation, and company benchmarking, supported by our proprietary Directional Superposition methodology enables us to deliver precise forecasts and actionable strategic insights into the Organic Rankine Cycle market.
We cross-reference secondary data with primary inputs and external expert reviews to confirm consistency. Further, we use stratified sampling, anonymous surveys, third-party interviews, and time-based sampling to reduce bias and strengthen our results.
Our methodology is developed in alignment with ISO 20252 standards and ICC/ESOMAR guidelines for research ethics. The study methodology follows globally recognized frameworks such as ISO 20252 and ICC codes of practice.
| Report Attribute | Details |
|---|---|
| Market Value in 2025 | USD 1.02 billion |
| Revenue Forecast in 2034 | USD 2.12 billion |
| Growth Rate | CAGR of 8.5% from 2025 to 2034 |
| Base Year for Estimation | 2024 |
| Industry Revenue 2024 | 936 million |
| Growth Opportunity | USD 1.2 billion |
| Historical Data | 2019 - 2023 |
| Growth Projection / Forecast Period | 2025 - 2034 |
| Market Size Units | Market Revenue in USD million and Industry Statistics |
| Market Size 2024 | 936 million USD |
| Market Size 2027 | 1.20 billion USD |
| Market Size 2029 | 1.41 billion USD |
| Market Size 2030 | 1.53 billion USD |
| Market Size 2034 | 2.12 billion USD |
| Market Size 2035 | 2.30 billion USD |
| Report Coverage | Market revenue for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends |
| Segments Covered | Technology Type, Application, Power Rating, Output Temperature |
| Regional scope | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
| Country scope | U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa |
| Companies Profiled | Turboden S.p.A, Enogia SAS, General Electric, Ormat Technologies Inc, ABB Ltd, Triogen B.V, Mitsubishi Heavy Industries Ltd, Siemens AG, Carrier Corporation, ElectraTherm Inc, MAXXTEC GmbH and Exergy SPA |
| Customization | Free customization at segment, region or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement which is almost equivalent to 10% of report value |
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