Geothermal ORC Market Size

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.