Organic Rankine Cycle Market (2026 - 2033) Size, Share & Trends Analysis Report By Application (Waste Heat Recovery, Biomass, Geothermal, Solar Thermal, Oil & Gas, Waste To Energy), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts

Organic Rankine Cycle Market Summary

The global organic rankine cycle market size was valued at USD 954.1 million in 2025 and is projected to reach USD 1,290.9 million by 2033, growing at a CAGR of 4.7% from 2026 to 2033. An ORC system operates by converting low- to medium-temperature heat sources into electricity using organic working fluids, enabling efficient power generation from waste heat, biomass, geothermal, and industrial processes. 

Continuous technological advancements in turbine design, heat exchangers, and working fluids, along with the rising adoption of waste heat recovery solutions, are key factors fostering market expansion. Increasing government support for energy efficiency, decarbonization initiatives, and industrial sustainability programs is also strengthening demand across the global Organic Rankine Cycle market. The global Organic Rankine Cycle market is advancing on the back of rising demand for efficient, flexible, and low-emission power generation technologies, particularly in industries seeking to recover unused thermal energy. Industrial operators and utilities are increasingly investing in ORC systems to improve energy efficiency, reduce operating costs, and meet environmental regulations. The growing adoption of modular and scalable ORC technologies, capable of operating across diverse heat sources and temperature ranges, plays a critical role in supporting sustainable power generation. Ongoing improvements in system efficiency, digital monitoring, and integration with renewable and industrial energy systems further reinforce market momentum globally.

Drivers, Opportunities & Restraints

The global Organic Rankine Cycle (ORC) market continues to advance on the back of rising demand for efficient, flexible, and low-emission power generation solutions, particularly in industries and regions seeking to utilize low- to medium-temperature heat sources that would otherwise be wasted. Industrial operators and utilities are increasingly adopting ORC systems to improve energy efficiency, reduce fuel consumption, and lower carbon emissions across applications such as waste heat recovery, biomass, geothermal, and industrial processes. The ability of ORC systems to operate reliably across variable heat inputs, use non-water working fluids, and deliver stable power output makes them well-suited for decentralized and continuous power generation. Ongoing advancements in turbine efficiency, heat exchanger design, and working fluid optimization are further accelerating the adoption of these technologies across industrial, commercial, and renewable energy applications.

Emerging opportunities stem from the expansion of industrial decarbonization initiatives, stricter energy-efficiency regulations, and growing investments in circular energy systems that prioritize heat recovery and resource optimization. The increasing deployment of modular and scalable ORC units enables cost-effective integration into small- and medium-scale facilities, remote locations, and distributed energy systems. Technological advancements in digital monitoring, predictive maintenance, and system automation are also enhancing operational reliability while reducing lifecycle costs. However, the market continues to face restraints, such as high initial capital investment, long payback periods in regions with low energy prices, and limited awareness among industrial users of the benefits of ORC performance. Additional challenges include site-specific feasibility constraints, variability in heat source availability, and technical complexities associated with integrating the system into existing industrial infrastructure.

Application Insights

The geothermal segment accounted for approximately 64.3% of total revenue in 2025, maintaining its position as the dominant application within the global Organic Rankine Cycle (ORC) market. The strong share is primarily attributed to the widespread use of ORC systems in low- and medium-temperature geothermal power plants, where conventional steam cycles are technically or economically unviable. ORC technology enables efficient and reliable power generation from geothermal reservoirs with lower enthalpy, supporting continuous baseload electricity production with minimal emissions. Increasing investments in geothermal energy development, particularly in regions such as Europe, North America, and parts of the Asia Pacific, along with supportive government policies for renewable baseload power, continue to drive demand. The proven operational reliability, long plant lifetimes, and stable returns associated with geothermal ORC installations further reinforce their widespread adoption.

The waste-to-energy (WtE) segment is projected to register the fastest CAGR of 8.2% over the forecast period. Growing volumes of municipal solid waste, stricter landfill regulations, and rising emphasis on circular economy models are accelerating the deployment of ORC systems in waste-to-energy facilities. ORC technology is increasingly favored in WtE plants for its ability to efficiently convert low-grade thermal energy from incineration and gasification processes into electricity while maintaining high operational flexibility. Advancements in modular ORC designs, improved heat recovery efficiency, and supportive government incentives for sustainable waste management and energy recovery are further strengthening adoption. As urbanization intensifies and environmental regulations tighten globally, waste-to-energy applications are expected to emerge as a key growth driver for the ORC market.

Regional Insights

North America accounted for approximately 40.0% of global ORC market revenue in 2025, driven by strong adoption of waste heat recovery, geothermal, and biomass-based power generation systems across the region. The presence of energy-intensive industries, well-established geothermal resources, and a strong focus on improving industrial energy efficiency continue to support ORC deployment. Supportive federal and state-level policies promoting decarbonization, coupled with incentives for clean and efficient power generation, further strengthen market growth. Technological leadership, early adoption of advanced ORC systems, and increasing investments in distributed and resilient energy infrastructure reinforce North America’s position as the leading regional market.

U.S. Organic Rankine Cycle Market Trends

The U.S. ORC market is expanding steadily due to rising demand for energy efficiency solutions across industrial, commercial, and renewable energy applications. Increasing deployment of ORC systems in geothermal plants, oil & gas facilities, cement and steel manufacturing, and data centers is supporting market growth. Federal clean energy initiatives, tax incentives for waste heat recovery, and growing corporate commitments toward sustainability are accelerating adoption. In addition, the modernization of aging industrial infrastructure and rising interest in decentralized power generation are enhancing the role of ORC technology in improving grid resilience and reducing operational energy costs.

Europe Organic Rankine Cycle Market Trends

Stringent emissions regulations, ambitious decarbonization targets, and strong policy support for renewable energy and energy efficiency drive the European ORC market. ORC systems are widely adopted in geothermal, biomass, and industrial waste heat recovery applications across countries such as Germany, Italy, and France. The European Union’s emphasis on circular economy models and carbon reduction continues to encourage investment in ORC-based power generation. Strong R&D capabilities and the presence of leading technology providers further support regional market development.

Asia Pacific Organic Rankine Cycle Market Trends

The Asia Pacific ORC market is supported by rapid industrialization, rising electricity demand, and increasing focus on energy efficiency across emerging economies. Growing investments in geothermal energy, waste-to-energy facilities, and industrial heat recovery projects in countries such as China, Japan, and India are driving the adoption of these technologies. Government-led clean energy initiatives and expanding industrial infrastructure continue to create favorable conditions for ORC system deployment across the region.

Latin America Organic Rankine Cycle Market Trends

Energy diversification efforts and the utilization of abundant geothermal and biomass resources are key factors driving the ORC market in Latin America. Countries in the region are increasingly deploying ORC systems to enhance energy efficiency, reduce dependence on fossil fuels, and support sustainable power generation in remote and industrial locations. Ongoing regulatory reforms and growing private sector participation in renewable energy projects further contribute to market growth.

Middle East & Africa Organic Rankine Cycle Market Trends

The Middle East & Africa ORC market is projected to register the fastest CAGR of 6.3% over the forecast period. Rapid industrial expansion, rising electricity demand, and a growing focus on energy efficiency and waste heat recovery are key drivers of growth. ORC systems are gaining traction in oil & gas operations, cement manufacturing, and emerging waste-to-energy projects across the region. Government-led energy diversification strategies, growing investments in sustainable infrastructure, and efforts to reduce reliance on conventional power generation are expected to accelerate ORC adoption across the Middle East and Africa.

Key Organic Rankine Cycle Company Insights

Some of the key players operating in the global Organic Rankine Cycle (ORC) market include Turboden S.p.A. and Ormat Technologies, Inc., among others.

• Turboden S.p.A. is one of the global leaders in the Organic Rankine Cycle market, widely recognized for its extensive portfolio of ORC systems across geothermal, biomass, waste heat recovery, and solar thermal applications. The company has installed hundreds of ORC units worldwide, with a strong presence in Europe, North America, and Asia Pacific. Turboden’s technology strategy focuses on high-efficiency radial turbines, optimized organic working fluids, modular system design, and advanced digital monitoring for enhanced reliability and lifecycle performance. The company plays a critical role in enabling low- and medium-temperature heat-to-power conversion, supporting industrial decarbonization and renewable baseload generation.

• Ormat Technologies, Inc. is a major global supplier of ORC-based power solutions, particularly known for its leadership in geothermal energy generation. The company integrates proprietary ORC technology into geothermal power plants, waste heat recovery systems, and recovered energy generation (REG) solutions for industrial applications. Ormat’s technology portfolio emphasizes high availability, long operational lifetimes, and vertically integrated project development capabilities, covering equipment manufacturing, EPC, and long-term operations and maintenance. With a strong footprint in the U.S. and expanding presence globally, Ormat plays a key role in advancing ORC deployment for clean, reliable, and sustainable power generation.

Recent Developments

• In October 2025, Clean Energy Technologies, Inc. successfully deployed its Clean Cycle II Organic Rankine Cycle (ORC) technology in Martin, Tennessee, in partnership with RPG Energy Group, marking one of the first industrial-scale waste heat-to-power ORC installations for a Fortune 100 company. This project demonstrates the commercial viability of ORC systems for capturing industrial waste heat and converting it into clean electricity, setting a new benchmark for efficiency and corporate decarbonization efforts in the U.S. industrial sector.

Organic Rankine Cycle Market Report Scope

Global Organic Rankine Cycle Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For the purpose of this study, Grand View Research has segmented the global organic rankine cycle market report on the basis of application and region:

• Application Outlook (Revenue, USD Million; Capacity, MW; 2021 - 2033)

  • Waste Heat Recovery

    • Petroleum refinery

    • Chemical

    • Glass

    • Cement

    • Metal Production and Casting (Iron & Steel)

  • Biomass

  • Geothermal

  • Solar Thermal

  • Oil & Gas (Gas pipeline pressure stations)

  • Waste to Energy

• Regional Outlook (Revenue, USD Million; Capacity, MW; 2021 - 2033)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • Turkey

    • Italy

  • Asia Pacific

    • China

    • Thailand

    • Japan

  • Latin America

  • Middle East & Africa