The global demand for Heat Recovery Steam Generator Market is presumed to reach the market size of nearly USD 3.72 BN by 2030 from USD 2.33 BN in 2022 with a CAGR of 6% under the study period 2023 - 2030.
A heat recovery steam generator (HRSG) is an energy recovery heat exchanger that recovers heat from a hot gas stream, like the one produced by a combustion turbine or another waste gas stream. It generates steam, which can be used in a process (cogeneration) or to power a steam turbine (combined cycle). HRSGs comprises four essential parts: an economizer, an evaporator, a superheater, and a water preheater. The various components are assembled to meet the unit's functional requirements. HRSGs are also employed in the industry because of their vast range of applications in component integration, manufacturing, service operations, design, and installation.
Market Dynamics
The massive increase in demand for increased energy efficiency of power plants and the power production process, and the availability of supportive government incentives and rebates for boosting energy efficiency, are the primary factors driving the global heat recovery steam generators market. In addition, a growing preference for clean power production technologies, and a burgeoning industrial sector, particularly in regions like India and China, are driving global demand for heat recovery steam generators. Nevertheless, The high cost of transportation and maintenance are expected to impede the market expansion.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of heat recovery steam generator. The growth and trends of heat recovery steam generator industry provide a holistic approach to this study.
Market Segmentation
This section of the heat recovery steam generator market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Design
- Horizontal Drum
- Vertical Drum
By Rated Power
- 0-30 Mw
- >30-50 Mw
- >50-100 Mw
- >100-200 Mw
- >200 Mw
By Mode Of Operation
- Cogeneration
- Combined Cycle
By Application
- Utilities
- Commercial
- Chemicals
- Refineries
- Pulp & Paper
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Heat Recovery Steam Generator market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Heat Recovery Steam Generator Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the Heat Recovery Steam Generator market include John Wood Group PLC, Kawasaki Heavy Industries, Babcock & Wilcox Enterprises Inc., Larsen & Toubro Limited, Bharat Heavy Flectricals Limited (BHFI), Cleaver-Brooks, Clayton Industries, John Cockerill, Mitsubishi Heavy Industries, General Electric, Siemens Energy, Sofinter S.p.a, Rentech Boilers, Thermax Limited, Kelvion Holding GmbH, S.A. HAMON. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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