New Study from StrategyR Highlights a $637 Million Global Market for Organic Rankine Cycle by 2026

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Sep 15, 2021, 10:50 ET

SAN FRANCISCO, Sept. 15, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Organic Rankine Cycle - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 4; Released: September 2021
Executive Pool: 688
Companies: 48 - Players covered include Access Energy; Baker Hughes; Barber-Nichols,Inc.; ClearPower Systems Inc.; Enogia SAS; Exergy; Hanpower Energy Technology Co; Johnson Control; Kaishan Compressor; Ormat; TAS; Triogen; Turboden; Zhejiang Kaishan Compressor Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Application (Geothermal, Waste Heat Recovery, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Organic Rankine Cycle Market to Reach US$637 Million by the Year 2026
The organic rankine cycle (ORC) represents an improved version of rankine cycle and relies on an organic fluid featuring high molecular mass. Designed to generate thermal and electric power, ORC systems use different sources like conventional fuels along with renewable options such as solar energy, biomass and geothermal energy. These systems can also exploit waste heat from gas turbines, waste incinerators and industrial processes. 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.

Amid the COVID-19 crisis, 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. 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. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.