Organic Rankine Cycle Market Size, Segments, Analysis and Forecasts 2030
Organic Rankine Cycle Industry Overview The global organic rankine cycle market size was valued at USD 415.12 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.3% from 2022 to 2030. The rise in the adoption of renewable energy and the longer life cycle of ORC coupled with low O&M costs are some of the major factors driving the growth of the organic rankine cycle (ORC) market. ORC technology faces stiff competition from the availability of substitute technology such as Steam Rankine Cycle (SRC) which is also utilized in similar application segments including geothermal, biomass, waste heat recovery, and solar thermal which is expected to restrain the growth of the market over the forecast period. Europe emerged as one of the major regions for the organic rankine cycle market in 2020. Geothermal has the largest market share in the application segment in the global ORC market in 2020. Geothermal projects are of usually higher capacity as compare...