Los Angeles, February 07, 2020 -Arising environmental problems are pushing the world towards seeking sustainable solutions resulting in development of various green technologies. QY Research has recently published a report titled “Global Organic Rankine Cycle (ORC) Power Systems Market Research Report 2020”. The global organic rankine cycle (ORC) power systems market will be valued at US$364 mn by 2020 is expected to reach US$472 mn by the end of 2026, registering a CAGR of 4.4% during 2021-2026.
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Demand for Cost-effective, Sustainable Energy Generation to Drive Market
In recent past years, the issue of climate change and other environmental problems have escalated, steadily increasing the focus on sustainability and environment conservation. The ORC power systems are majorly driven by these issues and are thus being adopted as they can provide cost-effective, sustainable energy generation, helping countries reduce their carbon footprint. Today, it has wide range of applications including electricity generation in geothermal reservoirs, biomass plants, and solar thermal power. It can also help in recovery of wasted heat from internal combustion engines, gas turbines, and different temperature processes in industries.
Henceforth, with major countries opting for green power generation technologies the demand for ORC power systems market is expected to observe an exponential growth in the forecast years.
Waste Heat Recycling Segment to Fuel Demand of Market Globally
The rising demand for cogeneration in various industries for cleaner, more economical, and sustainable energy is expected to escalate the demand of waste heat recycling. The rising shares of waste heat recycling will further fuel the demand for the market globally.
Europe to Dominate ORC Power Systems Market as Energy Efficiency Remains Paramount Business Ethic
The adoption of geothermal power plants in countries including Turkey, France, Germany, and Croatia is contributing towards the development of market. Furthermore, increasing efforts are also being taken up by the European Commission for R&D to increase awareness regarding energy efficiency if the industries intend to continue operations in the European region. All of these factors is boosting its domination in market.
Companies to Develop New ORC Geothermal Power Plant for Strategic Expansion
Turboden, recently announced that it has signed an agreement with La Geo for the supply of an ORC geothermal power plant in El Salvador, at Berlín Geothermal Field. The plant is capable of producing up to 8 MWe and will operate with the hot separated brine to recover heat at 172°C before reinjection. The new plant will further contribute to the renewable base-load generation of the country and decrease CO2 emissions.
The other major players in the market include Access Energy, Durr, Againity, EXERGY, Rank, Kaishan, Enogia SAS, Enertime, GMK, Siemens, Hanpower Energy Technology Co, Barber-Nichols, TMEIC, Baker Hughes (GE), ClearPower Systems, AQYLON, Triogen, ABB, Maxxtec, Ormat Technologies, and others .
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