The global heat recovery steam generation (HRSG) market is projected to reach USD 1.31 billion in 2023 and grow to USD 2.03 billion by 2033, reflecting a Compound Annual Growth Rate (CAGR) of 4.5% over this period.
This growth is driven by technological advancements in power infrastructure and the increasing demand for efficient and sustainable power generation solutions. Rising energy consumption, the push for greater energy efficiency, and efforts to reduce greenhouse gas emissions are significant factors fueling market expansion.
The demand for HRSG systems is particularly strong in sectors such as chemical processing, petrochemicals, and oil and gas, where these systems play a crucial role in improving process efficiencies and achieving energy savings. Additionally, government regulations and emission reduction targets are encouraging industries to adopt more efficient technologies, further driving market growth.
In North America, the HRSG market benefits from a well-established power generation sector and a strong emphasis on energy efficiency. Meanwhile, the Asia Pacific region is experiencing rapid growth due to a focus on sustainable building infrastructure and ongoing industrialization in countries like India and China. This regional expansion reflects a global trend towards more sustainable and efficient energy solutions.
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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
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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