Organic Rankine Cycle Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2020 - 2028

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Organic Rankine Cycle Market Size, Share & Trends Analysis Report By Application (Geothermal, Biomass, Waste Heat Recovery, Solar Thermal), By Region, And Segment Forecasts, 2020 - 2028

New York, Oct. 19, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Organic Rankine Cycle Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2020 - 2028" -

Organic Rankine Cycle Market Growth & Trends

The global organic rankine cycle market size is expected to reach USD 926.3 million by 2028. The market is expected to expand at a CAGR of 20.3% from 2020 to 2028. The rise in the adoption of renewable energy in countries, such as the U.S., China, Germany, and Canada, is leading to the emergence of supportive regulations and provision of 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 are expected to 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 and power sector is slowing down considerably.

In addition, local and international travel restrictions, quarantine requirements, and lockdowns have caused delays in the shipment 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 application segment led the market in 2020.This can be attributed 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.

Each of the geothermal projects is usually of the capacity of more than 10 MW, 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 ORC market is a concentrated market where major companies such as Ormat, Turboden, and Exergy accounted for more than 75.0% share in the market 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 help these companies maintain their lead in the market in the forecast period.

Organic Rankine Cycle Market Report Highlights
• By application, the geothermal segment held the largest revenue share in 2020. Geothermal projects are usually of higher capacity as compared to biomass and waste heat recovery projects. The growth of the segment is also attributed to the deployment of large-scale geothermal projects in recent years
• In 2020, Europe accounted for the largest revenue share of over 45.0%. The European region has been one of the front runners in implementing favorable policies and support mechanisms for the growth of renewable energy and energy efficiency projects across the globe. This has resulted in making Europe a dominant regional market
• Various strategic initiatives were recorded over the past few years to boost the growth of the market. For instance, in February 2020, Turboden signed a contract to provide the Meadow Lake Tribal Council (MLTC), Canada with an 8000 kW ORC power generation system, which uses sawmill residual woody biomass as a fuel
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