The global organic rankine cycle (ORC) market size is anticipated to value USD 954.1 million until 2025. It is also expected to register a CAGR of 9.71% over the forecasted years, 2019 to 2025. The need for green technologies that can reduce the global pollution level is projected to drive the market growth for ORCs.
The geothermal application segment accounted for the largest share across the global market in 2018 due to the rising number of geothermal power plants being developed by many governing bodies. On the other hand, the application segment of biomass is expected to witness the highest CAGR of 27.9% over the forecasted years, 2019 to 2025 on account of the enhanced potential of biomass projects, low operational costs and increased demand of ORC based biomass projects across the globe.
In 2018, Asia Pacific held the largest share across the global market owing to increasing installations across many geothermal projects across this region. North America is projected to account for the fastest growth with 15.5% CAGR on account of the rising number of geothermal projects under pipeline across countries like the U.S. and Canada.
The organic rankine cycle market includes key players such as TAS, Ormat, Turboden, Triogen, Enogia SAS, Exergy, and Zhejiang Kaishan Compressor Co., Ltd. These companies are carrying out R&D activities for the development of hybrid products that can enhance the operational performance of geothermal power plants.
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Further key findings from the report suggest:
• The waste heat recovery segment accounted for second-largest share across the global market in 2018.
• The application segment of biomass is expected to witness substantial growth in the upcoming years.
• In 2018, Asia Pacific held the largest share across the global market.
• The key players in this market are TAS, Ormat, Turboden, Triogen, Enogia SAS, Exergy, and Zhejiang Kaishan Compressor Co., Ltd.
Million Insights has segmented the global organic rankine cycle market on the basis of application and region:
ORC Application Outlook (Revenue, USD Million, 2014 - 2025)
• Waste Heat Recovery
ORC Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East and Africa