Organic Rankine Cycle (ORC) Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2034
Description
The Global Organic Rankine Cycle (ORC) Market was valued at USD 22.05 billion in 2024 and is estimated to grow at a CAGR of 11.6% to reach USD 67.2 billion by 2034.
Market growth is driven by the rising demand for waste heat recovery systems, renewable power generation, and the global shift toward cleaner energy solutions. The ORC technology enables the conversion of low- to medium-temperature heat sources into electricity, making it a vital component in enhancing industrial energy efficiency and reducing carbon emissions. Increasing adoption of decarbonization initiatives, favorable government incentives, and technological advancements in heat recovery and working fluids are accelerating ORC system deployment across manufacturing, geothermal, and biomass power sectors. Additionally, the expanding utilization of ORC systems in distributed energy generation and remote industrial operations continues to strengthen their role in the transition toward sustainable energy systems.
The market is primarily segmented by application, with the waste heat recovery segment leading in 2024, generating USD 4.1 billion. This dominance stems from the growing emphasis on industrial energy optimization and emissions reduction in energy-intensive industries such as cement, oil and gas, steel, and chemical manufacturing. ORC systems capture waste heat from production processes and convert it into electricity, enabling facilities to lower energy costs and reduce greenhouse gas emissions without disrupting operations. The rising global focus on net-zero targets and the integration of modular ORC systems tailored for smaller industrial setups are further enhancing adoption rates.
The >1–5 MWe segment generated USD 13.7 billion in 2024, driven by its optimal balance between power generation capacity and operational flexibility. Systems within this range are widely adopted in industrial waste heat recovery, biomass power plants, and geothermal installations, where medium-scale energy conversion is both technically and economically viable. Their ability to harness low- to medium-temperature heat sources efficiently makes them a preferred choice for distributed energy generation and off-grid industrial sites.
Europe Organic Rankine Cycle (ORC) Market generated USD 3.6 billion in 2024, owing to its strong regulatory framework supporting renewable energy deployment and industrial decarbonization. The European Union’s focus on achieving carbon neutrality by 2050, combined with growing investments in geothermal and biomass energy projects, continues to drive ORC system installations across the region. Countries such as Germany, Italy, and France are leading adopters, leveraging ORC technologies to enhance energy efficiency and reduce reliance on conventional thermal power generation. Meanwhile, North America is witnessing steady growth due to increased adoption of waste heat recovery systems and industrial sustainability initiatives.
Leading players in the Global Organic Rankine Cycle (ORC) Market, including Turboden S.p.A., Exergy International, Ormat Technologies Inc., and Enogia S.A., are strengthening their market presence through technological innovation, strategic collaborations, and project diversification. Companies are investing in modular ORC systems, high-efficiency turbines, and eco-friendly working fluids to expand system applicability across low-temperature and decentralized power generation projects. Strategic partnerships with industrial operators, EPC firms, and renewable project developers are facilitating large-scale deployments in waste heat and geothermal applications.
Market growth is driven by the rising demand for waste heat recovery systems, renewable power generation, and the global shift toward cleaner energy solutions. The ORC technology enables the conversion of low- to medium-temperature heat sources into electricity, making it a vital component in enhancing industrial energy efficiency and reducing carbon emissions. Increasing adoption of decarbonization initiatives, favorable government incentives, and technological advancements in heat recovery and working fluids are accelerating ORC system deployment across manufacturing, geothermal, and biomass power sectors. Additionally, the expanding utilization of ORC systems in distributed energy generation and remote industrial operations continues to strengthen their role in the transition toward sustainable energy systems.
The market is primarily segmented by application, with the waste heat recovery segment leading in 2024, generating USD 4.1 billion. This dominance stems from the growing emphasis on industrial energy optimization and emissions reduction in energy-intensive industries such as cement, oil and gas, steel, and chemical manufacturing. ORC systems capture waste heat from production processes and convert it into electricity, enabling facilities to lower energy costs and reduce greenhouse gas emissions without disrupting operations. The rising global focus on net-zero targets and the integration of modular ORC systems tailored for smaller industrial setups are further enhancing adoption rates.
The >1–5 MWe segment generated USD 13.7 billion in 2024, driven by its optimal balance between power generation capacity and operational flexibility. Systems within this range are widely adopted in industrial waste heat recovery, biomass power plants, and geothermal installations, where medium-scale energy conversion is both technically and economically viable. Their ability to harness low- to medium-temperature heat sources efficiently makes them a preferred choice for distributed energy generation and off-grid industrial sites.
Europe Organic Rankine Cycle (ORC) Market generated USD 3.6 billion in 2024, owing to its strong regulatory framework supporting renewable energy deployment and industrial decarbonization. The European Union’s focus on achieving carbon neutrality by 2050, combined with growing investments in geothermal and biomass energy projects, continues to drive ORC system installations across the region. Countries such as Germany, Italy, and France are leading adopters, leveraging ORC technologies to enhance energy efficiency and reduce reliance on conventional thermal power generation. Meanwhile, North America is witnessing steady growth due to increased adoption of waste heat recovery systems and industrial sustainability initiatives.
Leading players in the Global Organic Rankine Cycle (ORC) Market, including Turboden S.p.A., Exergy International, Ormat Technologies Inc., and Enogia S.A., are strengthening their market presence through technological innovation, strategic collaborations, and project diversification. Companies are investing in modular ORC systems, high-efficiency turbines, and eco-friendly working fluids to expand system applicability across low-temperature and decentralized power generation projects. Strategic partnerships with industrial operators, EPC firms, and renewable project developers are facilitating large-scale deployments in waste heat and geothermal applications.
Table of Contents
173 Pages
- Chapter 1 Methodology
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.1.3 Base estimates and calculations
- 1.1.4 Base year calculation
- 1.1.5 Key trends for market estimates
- 1.2 Market definitions
- 1.3 Forecast model
- 1.4 Primary research and validation
- 1.4.1 Some of the primary sources (but not limited to)
- 1.5 Data mining sources
- 1.5.1 Secondary
- 1.5.1.1 Paid sources
- 1.5.1.2 Sources
- Chapter 2 Executive Summary
- 2.1 Industry snapshot
- 2.2 Power output trends
- 2.3 Application trends
- 2.4 Regional trends
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Raw material availability & sourcing analysis
- 3.1.2 Manufacturing capacity assessment
- 3.1.3 Supply chain resilience & risk factors
- 3.1.4 Distribution network analysis
- 3.2 Regulatory landscape
- 3.2.1 IMO Ref. T5/
- 1.01 EPC.1/Circ.680
- 3.2.2 EPA OOOOa Compliance Guide
- 3.2.3 North America
- 3.2.3.1 U.S.
- 3.2.3.1.1 Methane Emissions Reductions
- 3.2.3.1.2 Zero-Emission Heating Equipment Standards (ZEHES)
- 3.2.3.1.3 Fannie Mae Green Initiative
- 3.2.3.1.4 The U.S. Environmental Protection Agency
- 3.2.3.1.5 Carbon Reduction Program
- 3.2.3.1.6 The U.S.'s net zero plans
- 3.2.3.1.7 Clean Air Act
- 3.2.3.2 National Emission Standards for Hazardous Air Pollutants (NESHAP)
- 3.2.3.3 Clean Air Act, 1970
- 3.2.3.3.1 MACT NESHAP Standards
- 3.2.3.3.2 45CSR34 (Incorporates Federal rules 40CFR61 and 40CFR63)
- 3.2.3.4 New Source Performance Standards (NSPS)
- 3.2.3.5 National Ambient Air Quality Standards (NAAQS)
- 3.2.3.6 Canada
- 3.2.3.6.1 Combustion Regulations
- 3.2.4 Europe
- 3.2.4.1 Regional Heating Policies
- 3.2.4.2 Ambient Air Quality Legislation
- 3.2.4.3 Germany and UK
- 3.2.4.4 Spain
- 3.2.5 Asia Pacific
- 3.2.5.1 China
- 3.2.5.1.1 The 13th Five-Year Plan (2016-2020)
- 3.2.5.2 The 14 th Five-Year Plan (2020-2025)
- 3.2.5.3 India
- 3.2.5.3.1 Ministry of New and Renewable Energy
- 3.3 Industry impact forces
- 3.3.1 Market growth drivers
- 3.3.1.1 Increasing adoption of renewable energy
- 3.3.1.2 Stringent emission norms
- 3.3.1.3 Increasing clean energy demand
- 3.3.2 Industry pitfalls & challenges
- 3.3.2.1 Availability of other alternative technologies
- 3.4 Growth potential analysis
- 3.5 Porter's analysis P a g e | 6 Global Organic Rankine Cycle (ORC) Market Report, 2025_2034 Copyright © Global Market Insights Inc. 2025. All Rights Reserved
- 3.6 PESTEL analysis
- 3.7 Cost structure analysis
- 3.8 Price trend analysis
- 3.8.1 By region
- 3.8.2 By power output
- 3.9 Emerging opportunities & trends
- 3.9.1 Digitalization and IoT integration
- 3.9.2 Emerging market penetration
- 3.10 Investment analysis & future outlook
- Chapter 4 Competitive Landscape, 2025
- 4.1 Introduction
- 4.2 Company market share analysis, by region, 2024
- 4.2.1 North America
- 4.2.2 Europe
- 4.2.3 Asia Pacific
- 4.2.4 Middle East & Africa
- 4.2.5 Latin America
- 4.3 Strategic initiatives
- 4.4 Strategic dashboard
- 4.4.1 Climeon
- 4.4.1.1 Business Development
- 4.4.2 Exergy International Srl
- 4.4.2.1 Memorandum of Understanding
- 4.4.2.2 Agreement
- 4.4.2.3 Partnership
- 4.4.3 Turboden S.p.A
- 4.4.3.1 Partnership
- 4.4.3.2 Installation/Supply
- 4.4.3.3 Project
- 4.4.3.4 Development
- 4.4.4 Enogia
- 4.4.4.1 Installation/ Supply
- 4.4.4.2 Partnerships
- 4.4.4.3 Contract
- 4.4.4.4 Agreement
- 4.4.5 Orcan Energy
- 4.4.5.1 Partnerships
- 4.4.5.2 Installation/Supply
- 4.4.5.3 Expansion
- 4.4.5.4 Agreement
- 4.4.6 Intec GMK
- 4.4.6.1 Installation/Supply
- 4.4.7 Other strategies
- 4.5 Company benchmarking
- 4.6 Innovation & technology landscape
- 4.6.1 Mitsubishi Heavy Industries
- 4.6.2 Turboden
- 4.6.3 Orcan Energy
- 4.6.4 ABB
- 4.6.5 Alfa Laval
- 4.6.6 Other innovations
- Chapter 5 Market Size and Forecast, By Power Output, 2021 - 2034 (MW & USD Million)
- 5.1 Key trends
- 5.2 ⤠1 MWe
- 5.3 > 1 - 5 MWe
- 5.4 > 5 - 10 MWe
- 5.5 > 10 MWe
- Chapter 6 Market Size and Forecast, By Application, 2021 - 2034 (MW & USD Million)
- 6.1 Key trends
- 6.2 Waste Heat Recovery
- 6.3 Biomass
- 6.4 Geothermal
- 6.5 Solar Thermal
- 6.6 Oil & Gas
- 6.7 Waste to Energy
- Chapter 7 Market Size and Forecast, By Region, 2021 - 2034 (MW & USD Million)
- 7.1 Key trends
- 7.2 North America
- 7.3 Europe
- 7.4 Asia Pacific
- 7.5 Middle East & Africa
- 7.6 Latin America
- Chapter 8 Company Profiles
- 8.1 ABB
- 8.1.1 Financial data
- 8.1.2 Product landscape
- 8.1.3 SWOT analysis
- 8.2 Atlas Copco AB
- 8.2.1 Financial data
- 8.2.2 Product landscape
- 8.2.3 Strategic outlook
- 8.2.4 SWOT analysis
- 8.3 Mitsubishi Heavy Industries
- 8.3.1 Financial data
- 8.3.2 Product landscape
- 8.3.3 Strategic outlook
- 8.3.4 SWOT analysis
- 8.4 GE Vernova
- 8.4.1 Financial Data
- 8.4.2 Product landscape
- 8.4.3 SWOT analysis
- 8.5 Alfa Laval
- 8.5.1 Financial data
- 8.5.2 Product landscape
- 8.5.3 SWOT analysis
- 8.6 Exergy International
- 8.6.1 Financial data
- 8.6.2 Product landscape
- 8.6.3 Strategic outlook
- 8.6.4 SWOT analysis
- 8.7 Climeon
- 8.7.1 Financial Data
- 8.7.2 Product Landscape
- 8.7.3 Strategic outlook
- 8.7.4 SWOT analysis
- 8.8 Calnetix Technologies
- 8.8.1 Financial data
- 8.8.2 Product landscape
- 8.8.3 SWOT analysis
- 8.9 Dürr Group
- 8.9.1 Financial data
- 8.9.2 Product landscape
- 8.9.3 SWOT Analysis
- 8.10 Electra Therm
- 8.10.1 Financial data
- 8.10.2 Product landscape
- 8.10.3 SWOT analysis
- 8.11 Elvosolar
- 8.11.1 Financial data
- 8.11.2 Product landscape
- 8.11.3 SWOT Analysis
- 8.12 SWEP International AB
- 8.12.1 Financial data
- 8.12.2 Product landscape
- 8.12.3 SWOT analysis
- 8.13 Enogia
- 8.13.1 Financial data
- 8.13.2 Product landscape
- 8.13.3 Strategic outlook
- 8.13.4 SWOT analysis
- 8.14 Intec GMK
- 8.14.1 Financial data
- 8.14.2 Product landscape
- 8.14.3 Strategic outlook
- 8.14.4 SWOT analysis
- 8.15 Kaishan USA
- 8.15.1 Financial data
- 8.15.2 Product landscape
- 8.15.3 SWOT analysis
- 8.16 Orcan Energy
- 8.16.1 Financial Data
- 8.16.2 Strategic outlook
- 8.16.3 Product landscape
- 8.16.4 SWOT Analysis
- 8.17 Triogen
- 8.17.1 Financial data
- 8.17.2 Product landscape
- 8.17.3 SWOT analysis
- 8.18 Zuccato Energia
- 8.18.1 Financial data
- 8.18.2 Product landscape
- 8.18.3 SWOT analysis
- 8.19 Turboden
- 8.19.1 Financial data
- 8.19.2 Product landscape
- 8.19.3 Strategic outlook
- 8.19.4 SWOT analysis
- 8.20 Ormat
- 8.20.1 Financial data
- 8.20.2 Product landscape
- 8.20.3 SWOT analysis
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