Heat Recovery Steam Generator Market To Reach $1817.0 Million By 2030

Heat Recovery Steam Generator Market Growth & Trends

The global heat recovery steam generator market size is expected to reach USD 1817.0 million by 2030, expanding at a CAGR of 4.5%, according to a new report by Grand View Research, Inc. Shifting preference from simple cycle power plants to combined cycle power plants, with increase in adoption of energy-efficiency measures is anticipated to drive the market for heat recovery steam generator (HRSG) during the forecast period.

In past couple of years, various countries across the globe faced power shortage issues and to counter such issues, regulatory bodies have been stressing the need for advanced infrastructure for power generation. As a result, increasing number of power plants to compensate for the energy deficit is likely to be commissioned and this is expected to propel the demand for heat recovery steam generators (HRSGs).

The increasing demand for HRSGs to product clean and green energy in the various industries has enhanced the growth of the market. Furthermore, ongoing research and technological advancements in the field of HRSG is driving the market for heat recovery steam generator in North America. Enlarged demand for HRSGs for the production of effective and clean energy is stimulating the market for heat recovery steam generator in China, India, and other developing countries in Asia.

The below 100 MW segment accounted for largest revenue share in 2019 in the market for HRSG due to wide application in small to medium industries such as chemical, refining, pharmaceuticals, paper, pulp, cement, and sugar. Furthermore, implementation of numerous climate change policies as well as regulations to restrict GHG emissions are expected to lead to an increase in the potential for these generators over the forecast period.

Even though Asia Pacific is likely to account for the largest market share over the forecast period, North America is expected to maintain its position as the largest supplier of HRSG, followed by Europe. Both North America and Europe are anticipated to become mature markets for HRSG. Major market players located in these regions are likely to expand their geographical presence by undertaking turnkey projects and by collaborating with foreign governments to commission new projects.

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Heat Recovery Steam Generator Market Report Highlights

• The up to 30 MW segment accounted for 24.5% of the market share in 2023. HRSGs with power levels up to 30 MWs cater to smaller-scale power applications and are increasingly important in niche markets.

• The utilities segment held a 48.7% market share in 2023. In the utilities industry, HRSGs are crucial for improving the efficiency of power generation facilities, particularly in combined cycle power plants.

• The combined cycle segment accounted for 44.0% of the market share in 2023. In this case, power plants use both steam and gas turbines to generate electricity more efficiently.

• In the Asia Pacific region, the HRSG market is experiencing robust growth due to rapid industrialization, urban expansion, and increasing energy consumption.

Heat Recovery Steam Generator Market Segmentation

Grand View Research has segmented the global heat recovery steam generator market on the design, mode of operation, power, end-use, and region:

Heat Recovery Steam Generator Design Outlook (Revenue, USD Million, 2018 - 2030)

• Horizontal Drum

• Vertical Drum

Heat Recovery Steam Generator Mode Of Operation Outlook (Revenue, USD Million, 2018 - 2030)

• Cogeneration

• Combined Cycle

Heat Recovery Steam Generator Power Outlook (Revenue, USD Million, 2018 - 2030)

• Up to 30 MW

• 31 to 100 MW

• 101 to 200 MW

• 201 to 300 MW

• Above 300 MW

Heat Recovery Steam Generator End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Commercial

• Chemical

• Refineries

• Utilities

• Pulp & Paper

• Other

Heat Recovery Steam Generator Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

• U.S.

• Canada

• Mexico

• Europe

• UK

• Germany

• France

• Italy

• Spain

• Asia Pacific

• China

• India

• Japan

• South Korea

• Australia

• Latin America

• Brazil

• Argentina

• Middle East & Africa

• South Africa

• Saudi Arabia

• UAE

List Of Key Players in the Heat Recovery Steam Generator Market

• MITSUBISHI HEAVY INDUSTRIES, LTD.

• Thermax Limited.

• GE Vernova and/or its affiliates.

• Bharat Heavy Electricals Limited

• LARSEN & TOUBRO LIMITED.

• Isgec Heavy Engineering Ltd.

• Kawasaki Heavy Industries, Ltd.

• Siemens Heat Transfer Technology (Siemens)

• John Cockerill.

• BHI Co., Ltd.

• Alstom SA

• Rentech Boiler Systems, Inc.

• CN CO., LTD.

• Mutares SE & Co. KGaA