Organic Rankine Cycle Market Segmentation:
Power Output Segment Analysis
The <1 Mwe segment is estimated to gain the largest market share of about 50% in the year 2035. The rising production of electrical power of 1 Mwe with the use of ORC will significantly propel the segment’s expansion. For instance, a UK-based power generation company, Padd Energy announced the opening of 1 MW woodboring CHP that employs ORC to produce the 1Mwe of electrical power. The facility was set up in North Wales in 2023. Furthermore, the rate of emission in generation 1 or less than 1 Mwe power is much lower than that of high megawatt electrical output. Therefore, from the sustainable point of view, the segment is to register significant growth.
Application Segment Analysis
The geothermal segment in the organic rankine cycle market is expected to hold around 47% of the revenue share by 2035. The development and deployment of huge geothermal facilities will primarily drive the segment’s growth. In 2023, Exergy International srl collaborated with Geothermal Development & Investment Inc. to use the ORC technology of high efficacy to deploy turnkey geothermal power plants in Japan. Moreover, the rising production of electricity from geothermal plants is also expected to boost the segment’s growth. Organic rankine cycle technology is employed in geothermal plants to generate electricity by harnessing the heat from geothermal sources. Geothermal energy output has expanded at a slow but steady 3.5% yearly rate, with an overall installed capacity of around 15.96 gigatonnes electric (GWe), worldwide in 2021.
Our in-depth analysis of the global organic rankine cycle market includes the following segments:
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