The global heat recovery steam generation market size is likely to be valued at USD 1.31 billion in 2023. The increasing technological advancements in power infrastructure to drive market growth. The market is estimated to garner USD 2.03 billion in 2033, recording a CAGR of 4.5% from 2023 to 2033
The increasing energy consumption and the need for more efficient and sustainable power generation solutions are anticipated to drive market expansion. The increasing energy efficiency and emission of greenhouse gases are likely to drive the heat recovery steam generator market during the forecast period.
The increasing demand for heat recovery steam generation in various industries such as chemical, petrochemical, and oil and gas is likely to boost the market growth during the forecast period. The heat recovery steam generator market is experiencing significant growth with the improving process efficiencies and increased concern over energy savings.
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Increasing government stringent regulations and emission reduction targets imposed by governments and international bodies are expected to drive the demand for the heat recovery steam generator market.
Increasing focus on energy efficiency and the presence of a mature power generation sector drive the heat recovery steam generator market in North America. With increasing focus on sustainable building infrastructure and rapid industrialization sector in countries like India and China, Asia Pacific is experiencing rapid growth in the heat recovery steam generator market
Key Takeaways from the Market Study
- From 2018 to 2022, the heat recovery steam generation market demand expanded at a CAGR of 4.0%
- Based on design type, the fully assembled segment accounts for a CAGR of 4.4%
- By application, the combined heat and power plant segment is expected to expand at a CAGR of 4.3% during the forecast period
- North America to emerge as a promising heat recovery steam generation market, capturing a CAGR of 4.4%
- The heat recovery steam generation industry in the United Kingdom is predicted to reach US$ 1.3 billion by 2033
- Asia Pacific to be an opportunistic heat recovery steam generation market, expected to capture a CAGR of 4.1% during the forecast period.
- South Korea’s heat recovery steam generation is predicted to achieve a market revenue of US$ 1.2 billion by 2033
Competitive Landscape
The global heat recovery steam generation market is fragmented with the presence of several large and medium-scale players. The leading players in the market are investing in strategic agreements in order to capture market share
- Siemens Energy is a prominent player in the heat recovery steam generator market. The company has been involved in multiple projects globally, including the supply of HRSGs for combined cycle power plants. Siemens Energy has been investing in research and development to enhance the performance and efficiency of its HRSGs. It has also been exploring digitalization and advanced control systems to optimize the operation of HRSG units.
- General Electric is known for its comprehensive power generation solutions, including HRSGs. The company has been active in supplying HRSGs for various applications, including combined cycle power plants. GE has been focusing on improving the flexibility, efficiency, and reliability of its HRSG units. It has also been involved in research and development projects to explore advanced materials and technologies for HRSGs.
Prominent players in the heat recovery steam generator market are:
- 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
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Know More about What the Heat Recovery Steam Generator Market Report Covers
Future Market Insights offers an unbiased analysis of the global heat recovery steam generator market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the heat recovery steam generator market, the market is segmented based on design type, configuration type, output power type, and application across five major regions.
Heat Recovery Steam Generator 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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