Heat Recovery Steam Generators (HRSGs) are instrumental in maximizing energy efficiency and reducing environmental impact in various industrial processes.
The global heat recovery steam generator (HRSG) market is poised to reach a valuation of US$ 1.25 billion by 2022, with continued strong demand projected throughout the forecast period. This sustained demand is driven by the growing emphasis on energy efficiency across diverse end-use industries. By 2033, the market is expected to expand significantly, reaching a value of US$ 2.03 billion, representing a steady compound annual growth rate (CAGR) of 4.5% from 2023 to 2033. Initial estimates suggest the market will achieve US$ 1.31 billion in 2023, indicating a promising trajectory of growth and opportunity in the HRSG sector.
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Growth Factors
Rising energy needs in various sectors drive growth in heat recovery steam generator market. Industrial sector expansion boosts market demand for heat recovery steam generators.
Growing deployment of combined cycle power plants propels market expansion.
Drivers
The surge in energy demand and growing concerns over environmental degradation have spurred the development of advanced energy solutions aimed at improving efficiency and sustainability.
Renewable energy adoption, waste heat recuperation, and the adoption of combined cycle power generation have emerged as focal points in recent times. Waste heat, stemming from various industrial processes, presents an opportunity for power generation through the implementation of heat recovery steam generator (HRSG) systems.
HRSGs find diverse applications, with combined cycles garnering considerable attention. In combined cycles, waste heat from gas turbine exhaust is harnessed to heat water, generating steam for electricity production via the Rankine cycle. This integrated approach underscores the drive towards optimizing energy utilization while mitigating environmental impact.
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Key Players
- Cleaver-Brooks
- Siemens AG
- General Electric
- CMI Group
- John Wood Group PLC
- Cannon S.p.A.
- Mitsubishi Hitachi Power Systems, Ltd.
- Rentech Boilers Systems Inc.
- Hamon Deltak, Inc.
- AC BOILERS SpA
- SES Tlmace, a.s.
- Xizi United Holdings Limited
Market by Category
By Design Type:
- Modular Construction
- C-Section Construction
- Bundle Construction
- Fully Assembled
By Configuration Type:
- Horizontal Drum Units
- Vertical Drum Units
- Horizontal-Once Through Units
By Output Power Type:
- 0-60 MW
- 60-100 MW
- 100 MW & Above
By Application Type:
- Co-generation (Process Heating)
- Combined Cycle
- Combined Heat & Power (CHP)
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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