The Organic Rankine Cycle market is expected to grow at a CAGR of 9.2% during the forecast period 2019 to 2026 and poised to reach around US$ 980.4 Mn by 2026.
Organic rankine cycle convert low medium grade heat into electrical power. Technology uses organic fluid as a heat transfer medium which has a low boiling point and it give more vapor pressure in compared to water. Organic rankine cycle technology can generate similar amount of power from the heat source at lower temperature as comparison to water. Also, operation at lower temperature aids to improve the lifespan of equipment utilized in organic rankine cycle.
The growth of the organic rankine cycle market is primarily driven by the rise in climate change, shifting towards cleaner and greener technologies for power generation, rise in awareness towards energy efficiency in industrial sector, improve the pace of deployment of renewable energy are anticipated to enhance the market growth. Additionally, government of various countries are launching financial measures and supporting policies to encourage adoption of energy efficient technology. This has resulted in industrial sector to determine potential approaches to upgrade energy efficiency in the current and future scenario. Therefore, industrial sector has begun to reuse squander heat to upgrade energy effectiveness which has helped to accelerate the usage of organic rankine cycle during the forecast period. However, organic rankine cycle faces stiff competition from accessible substitute technology such as steam rankine cycle which can be applicable for more extensive scope of temperature and high capital cost for implementation as it require extra equipment and auxiliary power requirements for its operation are expected to hamper the growth of the global organic rankine cycle market in the forthcoming years.
By application, geothermal segment dominated the organic rankine cycle market
Based on the application, the market has been segmented into geothermal, waste heat recovery, biomass, solar thermodynamic, and others. The geothermal application segment accounts of the largest market share and are predicted to grow at a CAGR throughout the forecast period.The significant purpose behind the predominance of the geothermal portion is because of the huge limit of these geothermal tasks when contrasted with other application sections. Nations with high geothermal potential, for example, the U.S., Turkey, Kenya, New Zealand, and Indonesia have found a way to use the accessible geothermal potential accessible in the respective nations.
The market research study on “Organic Rankine Cycle Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”,offers a detailed insight into the global organic rankine cycle market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global organic rankine cycle market, its type, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global organic rankine cycle market size and volume, and segment markets by type, application and geography along with the information on companies operating in the market. The organic rankine cycle market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the organic rankine cycle market and the region is also anticipated to maintain its dominance throughout the forecast period. The rapid change in environment, consistently expending the emphasis on sustainability and environment conservation. These are significant factors driving the growth global of organic rankine cycle in the region. Additionally, rise in electricity generation, major market players are investing huge amount for research and development for energy efficiency practices, and presence of large number of industries. Europe is anticipated to account for second largest in the global market over the forecast period. Government policies are encouraging industries to adopt cost effective, increase in adoption greener and cleaner technology to generate electricity, and rise in the awareness towards energy efficiency in industries operation in the region are major factor accelerate the regional market growth in the global organic rankine cycle market throughout the forecast.
Asia Pacific is anticipated to hold the highest CAGR in the global market over the forecast period. Major manufacturing industries are investing huge amount in the emerging market, government also taking initiative to make people aware about the environment issues and encouraging industries to adopt energy effective technology to reduce their carbon footprint, growing GDP, and strong economic countries, such as China, India, Japan, and Indonesia are anticipated to boost the market growth in the global organic rankine cycle market during the forecast.
The players profiled in the report include Baker Hughes (GE), Johnson Control, Enogia SAS, ClearPower Systems Inc., Kaishan Compressor, Access Energy, Turboden (Mitsubishi Heavy Industries), Ormat Technologies, Barber-Nichols,Inc, and Hanpower Energy Technology Co. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market By Application
Market By Type
Market By Geography
Middle East & Africa
Organic rankine cycle convert low medium grade heat into electrical power.
The organic rankine cycle market growth is primarily driven by the rise in climate change, shifting towards cleaner and greener technologies for power generation and rise in awareness towards energy efficiency in industrial sector.
The organic rankine cycle market is expected to reach the market value of around US$ 980.4 Mn by 2026 - Study by According to Acumen Research and Consulting.
The global organic rankine cycle market is expected to grow at a CAGR of around 9.2% during the forecast period 2019 to 2026.
North America held maximum share in 2018 for Organic rankine cycle market.
Asia Pacific is projected to grow at a fast pace during forecast period in the Organic rankine cycle market.
Baker Hughes (GE), Johnson Control, Enogia SAS, ClearPower Systems Inc., Kaishan Compressor, Access Energy, and Turboden (Mitsubishi Heavy Industries) are the top players operating in the Organic rankine cycle market.