According to the research report titled, ‘Global Organic Rankine Cycle Market Size study, by By Product Type (Geothermal, Biomass Boilers/Gasifiers, Waste Heat Sources, Solar pools), By Application (Combined Cycle Power Plant (CCPP), Waste Heat Recycling), By Region, And Segment Forecasts, 2021 – 2027,’ available with MarketStudyReport, global organic rankine cycle market was worth USD 211.5 million in 2020 and is expected to register an annual growth rate of 20.3% during 2021-2027, thereby accumulating USD 807.67 million by the end of the analysis timeline.
 

Ability of organic rankine cycles to produce essential power at low temperature in tandem with favorable financial incentives to encourage the adoption of energy efficient methods are aiding the expansion of global organic rankine cycle market.
 

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For the unversed, organic rankine cycle is a technology that lets low-grade heat be used in power production. This in turn produces more power as compared to water since it predominately uses organic fluid containing a lower boiling  point.
 

In addition, focus towards reusing waste heat in the industrial sector in order to enhance energy efficiency is also augmenting the overall industry outlook. On the contrary, the availability of low-cost substitute technologies like  steam rankine cycle (SRC) is likely to hamper the remuneration scope of this industry vertical in the ensuing years.
 

Regionally speaking, North America, Europe, Latin America, and Asia Pacific are the major benefactors to global organic rankine cycle market progression. Among these,  Asia Pacific presently holds a major share in the overall market due to the construction of two large-scale ORC based geothermal plants in New Zealand and Indonesia.
 

Meanwhile, Europe market is projected to showcase lucrative growth trends during 2021-2027 accreditable to favorable initiatives and policies  that promote the use of renewable energy sources across the region.
 

Orcan  Energy AG, Exergy LLC, ABB Ltd., Enogia S.A., Baker Hughes Company, Durr AG, Enertime S.A., Devetec GmbH, Againity AB, and Turboden S.p.A (Mitsubishi Heavy Industries Ltd.) are the leading players defining the competitive hierarchy of global organic rankine cycle market.