Organic Rankine Cycle Market Trends, Business Strategies and Opportunities
IMARC Group has recently released a new research study titled "Organic Rankine Cycle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the organic rankine cycle market?
The global organic rankine cycle (ORC) market size reached US$ 455.33 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 562.58 Million by 2028, exhibiting a growth rate (CAGR) of 3.50% during 2023-2028.
Industry Overview:
The organic rankine cycle (ORC) is an advanced thermodynamic process designed for converting low-grade heat into usable mechanical or electrical energy. This innovative approach offers the advantage of efficient energy conversion, even when using heat sources with relatively low temperatures, making it a staple in renewable energy systems, waste heat recovery, and various industrial applications.
Characteristically, the Organic Rankine Cycle employs a range of organic fluids with low boiling points to match different heat source profiles. From hydrocarbons and refrigerants to natural substances like ammonia, the options are diverse. Some ORC systems also feature enhancements like dual-pressure cycles or supercritical parameters for optimized performance. A defining feature of the ORC is its adaptability; its capacity for utilizing a wide range of heat sources and working fluids allows for tailored solutions in diverse contexts.
Moreover, the development of specialized types, such as compact ORC systems for small-scale applications, has expanded its accessibility to a broader range of users.
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Organic Rankine Cycle Market Trends and Growth Drivers:
The escalating focus on renewable energy and sustainability represents one of the key factors driving the market growth of the Organic Rankine Cycle. In addition to this, advancements in heat exchanger and turbine technology, coupled with increasing efforts in research and development, are propelling market growth. Beyond this, the shift in industrial strategies toward more efficient and sustainable operations is contributing positively to the market.
Apart from this, the global movement toward reducing greenhouse gas emissions aligns well with the ORC's capabilities, facilitating its market growth. Coupled with this, the increasing interest in waste heat recovery, partially influenced by energy cost-saving goals, is prompting industries to consider ORC systems as a viable option.
Other factors such as the decentralization of energy production, growing awareness about energy efficiency, and the emergence of specialized companies focusing on heat-to-power solutions are collectively driving the growth of the organic rankine cycle market globally.
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Organic Rankine Cycle Market Segmentation:
The report has segmented the market into the following categories:
Type Insights:
• 500KW
• 1MW
• 5MW
• 10MW
• 15MW
• 30MW
• Others
Application Insights:
• Waste Heat Recovery
• Petroleum Refinery
• Chemical
• Glass
• Cement
• Biomass
• Geothermal
• Solar Thermal
• Oil and Gas (Gas Pipeline Pressure Stations)
• Waste to Energy
Regional Insights:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Key Highlights of the Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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