USD 805.5 million
Report ID: SQSG20E2005 | Region: Global | Published Date: August, 2022 | Pages: 265 | Tables: 119 | Figures: 77
Global Heat Recovery Steam Generator Market size was valued at USD 805.5 million in 2021 and is poised to grow from USD 833.6 million in 2022 to USD 1100 million by 2030, growing at a CAGR of 3.5% in the forecast period (2023-2030).
Some of the key reasons propelling the market for Heat Recovery Steam Generators include rising power costs, supportive regulatory standards to maintain a cleaner environment, and declining capital costs as a result of recent technology advancements. Due to its capacity to reduce carbon footprints and provide clean energy, heat recovery steam generators are gaining recognition among energy-efficient enterprises.Advanced energy systems may boost efficiency and improve sustainability by decreasing environmental effects. These systems have been encouraged by rising energy consumption and an alarming rise in greenhouse gas emissions.
The market for heat recovery steam generators is projected to be driven by increased cogeneration technology adoption because of the rising need for energy-efficient systems. It has been discovered that heat recovery steam generators have a major impact on the economic and technical operation of combined cycles, and that combined cycles can increase efficiency, economic, and environmental aspects of power production through gas turbine cycles.Pipes,tubes and others are the part of heat recovery steam generator Market . All the components are integrated to assemble the generator in later stages.
US Heat Recovery Steam Generator Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 805.5 million
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The Global Heat Recovery Steam Generator Market is segmented based on Design, application, power rating, end-user and region. Based on Design, it is categorized into Horizontal Drum Units, Vertical Drum Units, and Horizontal-Once-Through Units. Based on Application, it is categorized into Cogeneration, Combined Heat & Power and Combined Cycle. Based on Power Rating, Heat Recovery Steam Generator Market is categorized into Up to 30 MW, 31 MW - 100 MW, and Above 100 MW. Based on End-user, it is categorized into Utility, Chemicals, Refineries, Pulp & Paper, and Commercial. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Heat Recovery Steam Generator Market Analysis by Design
On the basis of design, the horizontal drum segment is currently dominating the global heat recovery steam generator market. This is because the market's largest share belongs to the horizontal drum sector. Typically, carbon steel, clad steel, copper alloy, and titanium are used to make horizontal drums because they have higher tensile strengths. The water is heated in vertically placed evaporator tubes while the flow of gas is horizontal, creating a natural and economical circulation effect. For the power generating, oil and gas, and refinery industries, it offers greater efficiency and a zero-defect rate. Vertical drum HRSG may be placed anywhere and takes up less room. As a result, it is mostly used in locations where space is at a premium. Therefore, during the forecast period, the horizontal drum segment is projected to expand significantly.
Heat Recovery Steam Generator Market Analysis by Application
On the basis of application, the utility segment is expected to dominate the global heat recovery steam generator market over the forecast period. This is due to the utility sector's extensive use of combined cycle facilities. Heat recovery steam generators are used by the chemical and refinery industries to extract heat from ongoing industrial operations like petroleum refining for use in other heating applications. Heat recovery steam generators are also used in the paper and pulp industries for industrial purposes to extract heat. As a result, demand throughout the forecast timeframe is driven by widespread use of heat recovery steam generators.
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Based on the region, the North American region currently dominates the global heat recovery steam generator market. Utilities in the U.S. are installing a significant number of heat recovery steam generators in combined cycle plants and cogeneration facilities around North America. Other government organizations, such as the U.S. Department of Energy (DOE), the U.S. Department of Agriculture, and the U.S. Department of Interior, also offer grants and loans. Additionally, a number of American states provide financial incentives to encourage and support the installation of renewable energy equipment. The market for heat recovery steam generators in the United States is predicted to prosper as a result of all these factors.
During the projected period, Europe is anticipated to occupy the second-largest position in the market. This market is anticipated to grow strongly in the area. European nations are concentrating on renewable energy sources, allowing them to completely eradicate greenhouse gas emissions from the global environment.
Asia-Pacific is also estimated to hold significant growth in the market share during the projected period. The implementation of a combined cycle power plant and rising demand and large investments for clean energy are the main factors credited with the expansion of the market in the area. Asia-Pacific nations like China, Japan, and India continually put a high priority on producing clean energy, and large investments are being made to lower emission levels.Hastening thermal capacity add-ons, growth of industrialization, and an optimistic outlook towards the combined cycle power plant is anticipated to drive the market for heat recovery steam generator in China.
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Heat Recovery Steam Generator Market Drivers
Introduction of encouraging government strategies towards the development of combined-cycle power plants along with rising consumer inclination towards cogeneration technology along with noteworthy growth across utility, chemicals, fertilizers, food and beverages, and oil and gas industries are anticipated to drive industry growth.
Heat Recovery Steam Generator Market Restraints
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The market for heat recovery steam generators is significantly fragmented. Prominent players are concentrating on strategic alliances, agreement renewals, acquisitions, and mergers as part of their growth strategy to increase sales. In addition, product advancements and customization are expected to continue to be in high demand, during the forecast period.
Heat Recovery Steam Generator Market Top Players Company Profiles
Heat Recovery Steam Generator Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global heat recovery steam generator market is currently led by countries in the North American region, due to the increasing installations of the heat recovery steam generators in this region. Along with this, the utility segment is projected to lead the market due to the utility sector's extensive use of combined cycle facilities, over the forecast period.
|Market size value in 2021||USD 805.5 million|
|Market size value in 2030||USD 833.6 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Heat Recovery Steam Generator Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Heat Recovery Steam Generator Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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