Size
According to a report by MarketsandMarkets, the global ORC market size was valued at USD 551.5 million in 2020 and is projected to reach USD 892.0 million by 2025, at a CAGR of 10.1% during the forecast period. The increasing demand for renewable energy sources and the government’s support for the adoption of ORC systems are some of the major factors driving the growth of the ORC market.
The report also states that the ORC market is dominated by the geothermal energy segment, followed by biomass and waste heat recovery. Europe is the largest market for ORC, followed by North America and Asia Pacific.
It’s important to note that market size estimates can vary depending on the source and methodology used, and the ORC market size may have changed since my knowledge cutoff in 2021.
Share
According to the same report by MarketsandMarkets mentioned in my previous answer, the major players operating in the ORC market include Enogia SAS (France), Turboden S.p.A. (Italy), Mitsubishi Heavy Industries, Ltd. (Japan), GE Oil & Gas Inc. (U.S.), Siemens AG (Germany), Ormat Technologies Inc. (U.S.), Exergy S.p.A. (Italy), ElectraTherm, Inc. (U.S.), and others.
The report also suggests that the ORC market is highly fragmented, with a large number of regional players operating in the market. The top players in the market account for a significant share of the market, while the remaining share is held by the other players.
It’s important to note that market share estimates can vary depending on the source and methodology used, and the ORC market share may have changed since my knowledge cutoff in 2021.
Growth
The ORC market is expected to grow at a significant pace during the forecast period (2021-2025), as more and more industries are shifting towards renewable energy sources to reduce their carbon footprint. The ORC market is expected to witness a CAGR of 10.1% during this period, according to the MarketsandMarkets report.
The report suggests that the geothermal energy segment is expected to dominate the ORC market during the forecast period, followed by biomass and waste heat recovery. The increasing demand for electricity and the growing concerns over greenhouse gas emissions are expected to drive the growth of the ORC market.
Moreover, the government’s support for the adoption of ORC systems and the availability of incentives and subsidies for the development of renewable energy sources are also expected to boost the growth of the ORC market.
It’s important to note that market growth estimates can vary depending on the source and methodology used, and the ORC market growth may have changed since my knowledge cutoff in 2021.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Knox Market Research journalist was involved in the writing and production of this article.
