Organic Rankine Cycle Market Size

Organic Rankine Cycle Market size is poised to cross USD 800 Million by the end of 2035, expanding at a CAGR of approximately 4% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of the organic rankine cycle was USD 500 Million. The growing adoption of renewable energy is the main driving factor of the market. The amount of global renewable capacity installed between 2021 and 2026 is estimated to be 50% more than between 2015 and 2020. Moreover, renewables will likely be responsible for about 95% of the increase in worldwide power capacity by 2026. The organic rankine cycle, is a thermodynamic cycle used in renewable energy systems to convert low-temperature heat, such as geothermal heat, or solar thermal energy into useful power.

Additionally, the growing demand for electricity is increasing the need for ORC systems. In the future, the globe will require much more energy supply, particularly cleanly generated electricity. Global electricity demand is expanding roughly twice as quickly as overall energy consumption and is expected to increase by over fifty percent by 2040. The ability of ORC systems to provide electricity from clean energy sources augments the overall industry growth. Furthermore, there are many patents for solar-based OCR systems, which is likely to bring more opportunities for the market. Presently there are more than 100 offices and over 120 million patents of solar-based ORC systems in the world.