Geothermal ORC Market size was valued at USD 8.05 billion in 2024 and is likely to cross USD 40.35 billion by 2037, expanding at more than 13.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of geothermal ORC is estimated at USD 8.9 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.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
13.2% |
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Base Year Market Size (2024) |
USD 8.05 billion |
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Forecast Year Market Size (2037) |
USD 40.35 billion |
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Regional Scope |
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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:
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Power Output |
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Applications |
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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 2037. 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.
Author Credits: Dhruv Bhatia
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