DUBLIN, January 26, 2022--(BUSINESS WIRE)--The "Organic Rankine Cycle - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Organic Rankine Cycle Market to Reach US$637 Million by the Year 2026
The global market for Organic Rankine Cycle estimated at US$224.6 Million in the year 2020, is projected to reach a revised size of US$637 Million by 2026, growing at a CAGR of 19.4% over the analysis period.
Growth in the global market is set to be driven by rapid industrialization and climate change concerns that are prompting industries to shift away from traditional power towards clean energy generation. The market expansion is also favored by favorable policies promoting sustainable technologies.
The market expansion is poised to be favored by continuously increasing energy demand and enforcement of stringent emission regulations coupled with rising awareness of industrial sectors regarding energy efficiency. In the recent years, various countries have implemented financial measures and policies to accelerate the transition towards renewable energy.
These endeavors are increasing the use of ORC systems for various applications associated with renewable power generation, including concentrated solar power, geothermal and biomass.
Geothermal, one of the segments analyzed in the report, is projected to grow at a 19.8% CAGR to reach US$628.5 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Heat Recovery segment is readjusted to a revised 17.1% CAGR for the next 7-year period.
Growth in the Geothermal segment is due to implementation of large-scale and high-capacity geothermal projects. Waste heat recovery is gaining from increasing attention on energy efficiency and continuing efforts by the industrial sector to exploit energy in an efficient manner.
ORC-based waste heat recovery units are witnessing increasing use across applications like waste-to-energy projects and gas turbines in leading industries such as oil & gas, metal, glass and cement.
The U.S. Market is Estimated at $77.8 Million in 2021, While Asia-Pacific is Forecast to Reach $218.6 Million by 2026
The Organic Rankine Cycle market in the U.S. is estimated at US$77.8 Million in the year 2021. The country currently accounts for a 30.2% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$218.6 Million in the year 2026 trailing a CAGR of 19.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.7% and 16.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.3% CAGR over the analysis period. Asia-Pacific remains the front-runner, owing to massive investments by various countries in ORC-based geothermal projects.
The commencement of two large-scale ORC-based geothermal units in New Zealand and Indonesia in the recent years has established Asia-Pacific as the leading market globally. Growth in North America is attributed to ongoing work on a number of large-scale geothermal power generation projects in the US.
The ORC market is gaining notable momentum in Europe on account of enforcement of supportive policies and ongoing efforts to promote energy efficiency and renewable energy projects.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
COVID-19 Crisis Underlines the Need for Sustainable Development
Investment Scenario on Renewable Energy Remains Impacted
Inevitable Rise in Energy Demand Post COVID-19 to Throw Spotlight on Renewable Energy Driving the Organic Rankine Cycle Market
COVID-19 Brings Serious Challenges for Biomass Power Industry
COVID-19 Brings Geothermal Projects to a Standstill in Turkey
An Introduction to Organic Rankine Cycle (ORC)
ORC Technology: Primary Applications
Global Market Prospects & Outlook
Clean Energy Generation Bonanza Portends Radical Gains for Global ORC Market
ORC Waste Heat to Power Market Enjoys Real Moment with Adoption of Clean Energy Generation Technologies
Researchers Bet on Innovative ORC Technology to Exploit Industrial Waste Heat
Analysis by Application
Recent Market Activity
Select Global Brands
2. FOCUS ON SELECT PLAYERS (Total 48 Featured)
Atlas Copco North America LLC.
Calnetix Technologies, LLC.
Exergy International Srl
INTEC GMK GmbH
KAISHAN GROUP CO., LTD.
Orcan Energy AG
Ormat Technologies Inc.
SUMEC GeoPower AG
3. MARKET TRENDS & DRIVERS
Industrial Applications of ORC
Rising Demand for Single-Stage and Cascaded ORC Systems
Commercial Use of Organic ORC Systems for Small and Large Scale Thermal Conversion
Steam Rankine Cycle Systems for Nuclear Plants and Coal-fired Power Plants
Recycling Waste Heat with ORC for Self-consumption of Plant
Novel ORC Couples Subcritical and Supercritical Heat Absorption Procedures
Optimized Regenerative ORC Enhance Performance of Internal Combustion Engines
ORC Technology Helps Recover Potentially Huge Amount of Waste Heat
The Role of ORC in Decarbonization Goals
ORC System Seeks Role in Waste Heat Recovery Technologies
Novel Opportunities in Waste to Energy Sector
Uptrend in Geothermal Power Sector Augurs Well
Impact of Geothermal Stations on the Environment
Patent Activity in Geothermal Energy Sector
Expanding Biomass Sector Offers Opportunities
Issues Linked to ORC and Possible Solutions
4. GLOBAL MARKET PERSPECTIVE
World Current & Future Analysis for Organic Rankine Cycle by Geographic Region - USA, Canada, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
World Current & Future Analysis for Geothermal by Geographic Region - USA, Canada, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
World Current & Future Analysis for Waste Heat Recovery by Geographic Region - USA, Canada, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
World Current & Future Analysis for Other Applications by Geographic Region - USA, Canada, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/pq1tyj
View source version on businesswire.com: https://www.businesswire.com/news/home/20220126005683/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900