The global organic rankine cycle market size is expected to reach USD 954.1 million by 2025, expanding at a CAGR of 9.71% over the forecast period, according to a new report by Grand View Research, Inc. Rise in climate change issues have resulted government to switch to greener and cleaner technologies for power generation. Further, increase in awareness on energy efficiency in industrial sector is expected to drive the organic rankine cycle (ORC) further.
Supporting policies and financial measures are being implemented around the world which has resulted to enhance the pace of deployment of renewable energy in the past decade. This factor is driving the ORC market as it is being utilized for applications for renewable power generation technologies such as geothermal, biomass, and concentrated solar power.
Organic rankine cycle technology utilizes organic fluid as a heat transfer medium which has a lower boiling point and it also provides more vapor pressure in comparison to water. Due to which organic rankine cycle technology can generate a similar amount of power from the heat source at comparatively less temperature as compared to water. Moreover, operation at lower temperatures further aids to enhance the lifetime of equipment used in ORC technology.
Major governments are running awareness and support programs in the form of financial incentives to boost the adoption of energy efficient practices. This has resulted industrial sector to identify potential ways to enhance energy efficiency in the existing and future scenario. Thus, industrial sector has started to re-utilize waste heat to enhance energy efficiency which has aided to boost the utilization of ORC technology.
However, ORC technology faces stiff competition from available substitute technology such as steam rankine cycle which can be applicable for wider range of temperatures. Further capital cost for implementation of ORC technology is higher as it requires additional equipment and auxiliary power is required for its operation. These factors are expected to hinder the growth of ORC technology in the forecast period.
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Key Takeaways Of The Report :
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Asia Pacific held the largest share in 2018 owing to installation of large scale ORC based geothermal project in Asia Pacific countries including Indonesia and New Zealand
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Geothermal application segment in ORC market emerged to be the largest segment in 2018 owing to large megawatt capacity geothermal projects as compared to application in other segments such as biomass and waste heat recovery
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North America is expected to witness highest growth rate of 15.5% in the forecast period owing to presence of large-scale geothermal power projects under pipeline in the U.S.
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Biomass application segment is expected to witness the fastest growth rate of 27.9% owing to presence of large potential for biomass projects globally coupled with rise in adoption of organic rankine cycle based biomass projects in the forecast period
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Waste heat recovery application segment in ORC market accounted for the second largest segment in 2018 owing to rise in focus of energy efficiency around the world which has resulted the industrial sector to identify suitable and potential ways to utilize available energy more efficiently
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Some of the significant industry participants include Ormat, Turboden S.p.A., ExergyS.p.A., TAS, General Electric, Zhejiang Kaishan Compressor Co., Ltd., Atlas Copco and others
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Grand View Research has segmented global ORC Market on the basis of application and region:
ORC Application Outlook (Revenue, USD Million, 2014 - 2025)
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Geothermal
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Waste Heat Recovery
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Biomass
ORC Regional Outlook (Revenue, USD Million, 2014 - 2025)
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North America
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U.S.
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Canada
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Europe
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Germany
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Turkey
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Italy
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Asia Pacific
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China
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Japan
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Thailand
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Central & South America
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Middle East and Africa
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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