Geothermal ORC Market Size & Share, by Power Output (<1 MWe, >1-5 MWe, >5-10 MWe, >10 MWe); Applications (Waste Heat Recovery, Combined Cycle Power Plant (CCPP)) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 6006
  • Published Date: Apr 11, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Geothermal ORC Market size is anticipated to reach USD 30 Billion by the end of 2036, growing at a CAGR of 13% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of geothermal ORC was over USD 7 Billion. The swift adoption of renewable energy technologies, which include geothermal, biomass, and other unconventional power sources, offers a significant prospect for producers of Organic Rankine Cycle (ORC) systems. For instance, the amount of energy obtained from renewable sources like solar, wind, hydro, geothermal, and ocean waves increased by over 8% in 2022. This implies that their proportion in the world's overall energy supply climbed by nearly 0.4 percentage points, to reach 5.5%. Business expansion will also be fuelled by the availability of favourable government incentives and regulatory modifications meant to encourage the adoption of renewable energy sources worldwide.

The ORC system is designed to operate continuously for an extended period, typically with minimum maintenance requirements. To withstand the conditions of working fluid and specific heat sources, components used in PRC systems such as turbines, heating exchangers, or pumps are built. The durability and reliability of ORC systems will contribute to the growth of the geothermal market, thus ensuring their long life.

Geothermal ORC Market
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Geothermal ORC Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Adoption in Waste Heat Recovery - In particular in industrial applications, the adoption of ORC systems to recover heat from waste is increasing. These systems, which can help companies decrease energy costs and carbon emissions, are capable of capturing and converting waste heat from industry processes to usable electricity. The potential yearly global savings might be as high as USD 151 billion, which is equivalent to the value of all-natural gas imported by the European Union, depending on whether waste heat is used for power or heat. Therefore, the demand for geothermal ORC systems to recover heat from waste is expected to grow as industries seek more effective energy efficiency.
  • Growing Shift Towards Sustainable Solutions - The main driver of growth in the geothermal ORC system market is environmental sustainability. The ORCs provide a reliable and renewable energy source for reducing greenhouse gas emissions and mitigating climatic change. Governments and organizations around the world are increasingly focusing on environmental sustainability, which is expected to be a key driver for the adoption of ORC systems over the next few years. For instance, the US government launched the Global Methane Commitment in 2021 to reduce net greenhouse gas emissions by 50 to 52% by 2030 and has taken further concrete steps to advance climate action at home and abroad.
  • Increasing Technological Advancements in Turbines and Fluids - Innovation in the geothermal ORC market is driven by technological developments in turbines and working fluids. To increase the efficiency of ORC systems, manufacturers are developing more efficient turbines and experimenting with new working fluids. For instance, a 22 MW offshore wind turbine has been launched by Mingyang Smart Energy. With a rotor length exceeding 310 meters, the MySE 22MW offshore turbine is anticipated to be the most potent in the world. It is designed for high-wind regions where typical wind speeds range from 8.5 to 10 meters per second. Therefore, these developments are intended to enhance the efficiency and reliability of ORC systems, thereby increasing their attractiveness for a wide range of uses.


  • Accessibility of Alternative Products - Currently, Organic Rankine Cycle ORC technology is in the development phase and often involves a more complex and protracted process for obtaining environmental authorizations as opposed to Supercritical Rankine CycleSRC. The ORC tends to be overshadowed by SRC and Kalina technologies that offer better efficiency and lower costs. Unlike ORC systems, SRC is more widely adopted because of its use of economical working fluids and its reputation for safe operation. Therefore, this factor may hinder the growth of the geothermal ORC market.
  • Higher Capital Costs may Impede the Market Growth
  • Lack of Technical Staff may Hinder the Growth of the Market

Geothermal ORC Market: Key Insights

Base Year


Forecast Year



~ 13%

Base Year Market Size (2023)

 ~ USD 7 Billion

Forecast Year Market Size (2036)

 ~ USD 30 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Geothermal ORC Segmentation

Power Output (<1 MWe, >1-5 MWe, >5-10 MWe, >10 MWe)

>10 MWe segment for the geothermal ORC market is expected to hold a share of 45% during the forecast period. ORC systems demonstrate an extraordinary degree of adaptability concerning thermal energy harvesting techniques. They are extremely flexible and able to generate power in various capacities from large-scale installations to small sources that produce less than one kilowatt. The reputation of this technology as the most efficient and cost-effective way to convert thermal energy into mechanical or electrical power is a driving factor for its widespread adoption. In installations exceeding 10 megawatts of electrical energy, several advantages including superior efficiency, reliability, and adaptability have led to an increased use of ORCs.

Applications (Waste Heat Recovery, Combined Cycle Power Plant (CCPP))

Waste Heat Recovery segment for the geothermal ORC market is anticipated to hold a share of 56% during the projected period. For the ORC module to be fed through intermediate fluid, a waste heat recovery system extracts thermal energy from the exhaust gas of an industrial plant. The thermal transfer to the organic fluid in an ORC evaporator, where it vaporizes, is carried out by this liquid, typically oil, pressurized water, and steam. By providing on-site power generation capability, waste heat recovery complements decentralized energy systems, allowing industries to meet their energy needs independently and effectively. To provide reliable and sustainable energy networks capable of meeting domestic demand, microgrids are composed of waste heat recovery systems combined with renewable energy sources and energy storage technologies. Also, to minimize the environmental impact and demonstrate their commitment to sustainability, businesses are facing increasing pressure from stakeholders including investors, customers, and regulatory bodies.

Our in-depth analysis of the global market includes the following segments:

          Power Output

  • <1 MWe
  • >1-5 MWe
  • >5-10 MWe
  • >10 MWe


  • Waste Heat Recovery
  • Combined Cycle Power Plant (CCPP)

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Geothermal ORC Industry - Regional Synopsis

North American Market Forecast

North American geothermal ORC market is poised to hold a share of 35% during the foreseen period. The use of geothermal energy for power generation is becoming more and more popular.  For instance, the United States has the largest number of operating geothermal power plants in the world (3,692 MW) as of 2021, and development has been expanding at a pace of 3% annually. Due to their efficiency in exploiting low-temperature geothermal resources, ORC systems are becoming a preferred choice. More attention is being paid to renewable energy sources such as geothermal, which is driving the adoption of ORC systems, as sustainability gains momentum. The efficiency and reliability of the ORC is enhanced by continued advances in its technology. The ability of ORC systems to adapt to different geothermal conditions has been enhanced by the evolution of materials and system designs, which have improved their feasibility and applicability.

European Market Statistics

Geothermal ORC market in Europe is projected to hold a share of 28% by the end of 2036. The major growth drivers for the market in this region are measures taken by the European Union to generate electricity from waste and increasing public awareness of waste heat recovery schemes. In addition, the German waste heat recovery industry accounted for the largest share of the European region and the United Kingdom's waste heat recovery industry has been the fastest growing in Europe.

Research Nester
Geothermal ORC Market regional
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Companies Dominating the Geothermal ORC Landscape

    • COGEN Europe
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • General Electric
    • Salgenx
    • Exergy International Srl
    • Turboden S.p.A
    • Calnetix Technologies, LLC
    • ENOGIA
    • Triogen
    • ABB Ltd.
    • Atlas Copco AB

In the News

  • January 2024 - The European Association for the Promotion of Cogeneration, or COGEN Europe, is pleased to announce EXERGY as a new member (effective January 1, 2024). EXERGY was established in 2009 and specializes in the engineering, design, and production of Organic Rankine Cycle (ORC) systems. These systems are capable of producing electricity from a wide range of heat sources, such as industrial processes, geothermal energy, biomass, and solar energy.
  • September 2023 - Leading provider of renewable energy solutions, Salgenx is excited to add yet another level of innovation to its current heat pump technology for RO desalination systems. To power the pressurization pumps and further reduce the energy and financial costs of the desalination process, the company is currently utilizing the Organic Rankine Cycle (ORC). The main use of the tested Organic Rankine Cycle technology is waste heat recovery. Salgenx utilizes thermal energy that would be lost by using ORC to operate the pressurization pumps in the RO system. This significantly lowers the energy usage of the system while also increasing overall efficiency.

Author Credits:  Payel Roy, Dhruv Bhatia

  • Report ID: 6006
  • Published Date: Apr 11, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing adoption in waste heat recovery, growing shift towards sustainable solutions, and increasing technological advancements in turbines and fluids are the major factors driving the growth of the geothermal ORC market.

The market size of geothermal ORC is anticipated to attain a CAGR of 13% over the forecast period, i.e., 2024-2036.

The major players in the market are COGEN Europe, General Electric, Salgenx, Exergy International Srl, Turboden S.p.A, Calnetix Technologies, LLC, ENOGIA, Triogen, ABB Ltd., Atlas Copco AB, and others.

The waste heat recovery segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Geothermal ORC Market Report Scope

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