Turkey Organic Rankine Cycle Market Size & Outlook
Turkey organic rankine cycle market, 2018-2030 (US$M)
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Turkey organic rankine cycle market highlights
- The Turkey organic rankine cycle market generated a revenue of USD 156.7 million in 2023 and is expected to reach USD 199.4 million by 2030.
- The Turkey market is expected to grow at a CAGR of 3.5% from 2024 to 2030.
- In terms of segment, geothermal was the largest revenue generating application in 2023.
- Oil & Gas (Gas pipeline pressure stations) is the most lucrative application segment registering the fastest growth during the forecast period.
Organic rankine cycle market data book summary
| Market revenue in 2023 | USD 156.7 million |
| Market revenue in 2030 | USD 199.4 million |
| Growth rate | 3.5% (CAGR from 2023 to 2030) |
| Largest segment | Geothermal |
| Fastest growing segment | Oil & Gas (Gas pipeline pressure stations) |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Waste Heat Recovery, Biomass, Geothermal, Oil & Gas (Gas pipeline pressure stations), Waste to Energy |
| Key market players worldwide | Mitsubishi Heavy Industries Ltd, Energous Corp, Trigano SA, ABB Ltd, Atlas Copco AB ADR, Tasman Resources Ltd, Thor Industries Inc |
Other key industry trends
- In terms of revenue, Turkey accounted for 19.1% of the global organic rankine cycle market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Europe, Turkey organic rankine cycle market is projected to lead the regional market in terms of revenue in 2030.
- Turkey is the fastest growing regional market in Europe and is projected to reach USD 199.4 million by 2030.
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Organic Rankine Cycle Market Scope
Organic Rankine Cycle Market Companies
| Name | Profile | # Employees | HQ | Website |
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Turkey organic rankine cycle market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to organic rankine cycle market will help companies and investors design strategic landscapes.
Geothermal was the largest segment with a revenue share of 79.77% in 2023. Horizon Databook has segmented the Turkey organic rankine cycle market based on waste heat recovery, biomass, geothermal, oil & gas (gas pipeline pressure stations), waste to energy covering the revenue growth of each sub-segment from 2018 to 2030.
Turkey was the leading country in the ORC market in the European region in the past and is expected to continue its dominance further in the future. The abundant geothermal potential within the nation stands as the driving factor for the growth of the ORC market in the country.
For instance, the Turkey Waste Heat Potential Evaluation Project, which was carried out in the country in collaboration with the World Bank as a part of the Turkish National Energy Efficiency Action Plan under the Ministry of Energy and Natural Resources, concluded in July 2022. According to the report of this project, the total theoretical waste heat potential of Turkey was estimated at 160 thousand terajoules per year.
Recovering this waste heat is expected to result in annual savings of USD 650 million and a carbon emission reduction equivalent to 10 metric tons per year that is comparable to the emissions from about 4 million vehicles annually. The government has taken aggressive steps to enhance renewable power in the country by making favorable policies and utilizing financial support mechanisms. These support programs have led to the growth of the geothermal segment of the market in Turkey.
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Horizon Databook provides a detailed overview of country-level data and insights on the Turkey organic rankine cycle market , including forecasts for subscribers. This country databook contains high-level insights into Turkey organic rankine cycle market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Turkey organic rankine cycle market size, by application, 2018-2030 (US$M)
Turkey Organic Rankine Cycle Market Outlook Share, 2023 & 2030 (US$M)
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