The Organic Rankine Cycle (ORC) is a thermodynamic cycle that uses organic fluids instead of water to generate electricity. It is primarily used to generate electricity from waste heat and renewable energy sources such as geothermal and solar energy. The global ORC market is expected to grow significantly in the coming years due to the increasing demand for renewable energy sources and the need for energy-efficient solutions.
Industry Size: The global ORC market size was valued at USD 605.8 million in 2020 and is expected to reach USD 1,016.8 million by 2028, growing at a CAGR of 6.8% from 2021 to 2028. The market growth is driven by the increasing demand for renewable energy sources and the need for energy-efficient solutions.
Growth Factors: The growth of the ORC market is driven by several factors such as the increasing demand for renewable energy sources, the need for energy-efficient solutions, and the growing demand for waste heat recovery systems in various industries. The ORC technology is gaining popularity as it can generate electricity from low-temperature heat sources, making it a suitable option for waste heat recovery.
Revenue Forecasts: Based on the application, the ORC market is segmented into waste heat recovery, biomass, geothermal, and solar. The waste heat recovery segment is expected to dominate the market due to the increasing demand for energy-efficient solutions in industrial processes. Based on the end-use industry, the ORC market is segmented into power and energy, chemicals and petrochemicals, and others. The power and energy segment is expected to dominate the market due to the increasing demand for renewable energy sources.
Conclusion: The global ORC market is expected to grow significantly in the coming years due to the increasing demand for renewable energy sources and the need for energy-efficient solutions. The waste heat recovery segment is expected to dominate the market due to the increasing demand for energy-efficient solutions in industrial processes. The power and energy segment is expected to dominate the market due to the increasing demand for renewable energy sources. The ORC technology is gaining popularity as it can generate electricity from low-temperature heat sources, making it a suitable option for waste heat recovery.
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