Global Heat Recovery Steam Generator Market

Heat Recovery Steam Generator Market Size, Share, Growth Analysis, By Design(Horizontal Drum Units, Vertical Drum Units, Horizontal-Once-Through Units), By Application(Cogeneration, Combined Heat & Power, Combined Cycle), By Power Rating(Up to 30 MW, 31 MW - 100 MW, Above 100 MW), By End-user(Utility, Chemicals, Refineries, Pulp & Paper), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20E2060 | Region: Global | Published Date: July, 2036
Pages: 265 |Tables: 119 |Figures: 77

Heat Recovery Steam Generator Market Insights

Global Heat Recovery Steam Generator Market size was valued at USD 805.5 million in 2019 and is poised to grow from USD 833.6 million in 2023 to USD 1100 million by 2031, growing at a CAGR of 3.5% in the forecast period (2024-2031).

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.

Market Snapshot - 2024-2031

Global Market Size

USD 805.5 million

Largest Segment

Utility

Fastest Growth

Utility

Growth Rate

3.5% CAGR

Global Heat Recovery Steam Generator Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)

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Heat Recovery Steam Generator Market Segmental Analysis

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.

Global Heat Recovery Steam Generator Market By End-User, 2021 (%), 2019 (%)

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Heat Recovery Steam Generator Market Regional Insights

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.

Global Heat Recovery Steam Generator Market By Geography, 2022-2028, 2024-2031
  • Largest
  • Fastest

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Heat Recovery Steam Generator Market Dynamics

Heat Recovery Steam Generator Market Drivers

Growing interest and major investments in clean energy to support the market growth

  • Clean energy sources are growing rapidly in the power business. A clean energy source is more flexible in the power system, highly efficient, dependable, and technologically advanced. Thermal plant power generation has significantly harmed the environment by increasing carbon emission levels and causing global warming. As a result, clean energy has grown significantly, enabling the use of combined cycle power plants and cogeneration to produce electricity. Massive investments are being attracted from all over the world by rising investment in renewable energy sources like CCPP and cogeneration. Thus, rising interest and investments in renewable energy sources fuel demand on the world market.
  • 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

  • High maintenance and initial investment costs to limit the market expansion: A set of heat exchangers, comprising economizers to heat water nearly to saturation, super-heaters to produce superheated steam, and evaporators to produce saturated steam, make up a heat recovery steam generator. One or two circuits with higher pressures are added to the system in order to boost energy extraction from the gas turbine exhaust gas to its maximum level. The power output of the steam turbine grows with each degree of pressure applied, which in turn raises the heat recovery steam generator system's maintenance costs. Therefore, increasing maintenance costs could stifle market expansion during the anticipated term.

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Heat Recovery Steam Generator Market Competitive Landscape

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

  • Siemens AG
  • General Electric 
  • Mitsubishi Heavy Industries
  • Babcock & Wilcox
  • CMI Group
  • Doosan Heavy Industries & Construction
  • Nooter/Eriksen
  • Thermax Limited
  • Foster Wheeler AG
  • Alstom Power
  • AC Boilers
  • Dürr AG
  • Victory Energy Operations
  • Rentech Boiler Systems
  • Cannon Boiler Works
  • Rentech Boiler Systems
  • Clayton Industries
  • John Wood Group PLC
  • Kelvion Holding GmbH
  • BHI Co., Ltd.

Heat Recovery Steam Generator Market Recent Developments

  • In December 2022, Mutares successfully completed the acquisition of Heat Transfer Technology (NEM Energy) from Siemens Energy B.V. Siemens Energy B.V.Formerly already known under the NEM brand, the company is active worldwide in the development, design, engineering, procurement, and supply of steam generators, covering a wide range of heat transfer applications, from industrial-sized waste heat boilers to large heat recovery steam generators for gas-fired power plants.
  • In May 2021, Summit Meghnaghat-II Power Company Limited and General Electric agreed to an EPC (SMPCL). A gas turbine, three-phase level with reheater drum type heat recovery steam generator, steam and gas turbine, as well as balance of plant solutions, will be provided by General Electric under the turnkey EPC contract.

Heat Recovery Steam Generator Key Market Trends

Continuous initiatives to cut greenhouse gas emissions

  • The demand for electricity has grown significantly, which has increased power output, increasing greenhouse gas emissions and accelerating global warming. Therefore, strict laws, government programmes, and significant financial investments have been made to reduce emissions in the current global environment. Cogeneration and combined cycle power plants are the most effective and dependable sources of energy to completely eliminate greenhouse gas emissions. A combined cycle power plant's heat recovery steam generator is utilized to extract heat from a hot gas stream. Therefore, the utilization of a combined cycle power plant in lowering greenhouse gas emissions is driving up demand.

Heat Recovery Steam Generator Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2019 USD 805.5 million
Market size value in 2031 USD 1100 million
Growth Rate 3.5%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Design
    • Horizontal Drum Units, Vertical Drum Units, Horizontal-Once-Through Units
  • Application
    • Cogeneration, Combined Heat & Power, Combined Cycle
  • Power Rating
    • Up to 30 MW, 31 MW - 100 MW, Above 100 MW
  • End-user
    • Utility, Chemicals, Refineries, Pulp & Paper, Commercial
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)
Companies covered
  • Siemens AG
  • General Electric 
  • Mitsubishi Heavy Industries
  • Babcock & Wilcox
  • CMI Group
  • Doosan Heavy Industries & Construction
  • Nooter/Eriksen
  • Thermax Limited
  • Foster Wheeler AG
  • Alstom Power
  • AC Boilers
  • Dürr AG
  • Victory Energy Operations
  • Rentech Boiler Systems
  • Cannon Boiler Works
  • Rentech Boiler Systems
  • Clayton Industries
  • John Wood Group PLC
  • Kelvion Holding GmbH
  • BHI Co., Ltd.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Heat Recovery Steam Generator Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Heat Recovery Steam Generator Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Heat Recovery Steam Generator Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Heat Recovery Steam Generator Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Heat Recovery Steam Generator Market size was valued at USD 805.5 million in 2019 and is poised to grow from USD 833.6 million in 2023 to USD 1100 million by 2031, growing at a CAGR of 3.5% in the forecast period (2024-2031).

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. 'Siemens AG', 'General Electric ', 'Mitsubishi Heavy Industries', 'Babcock & Wilcox', 'CMI Group', 'Doosan Heavy Industries & Construction', 'Nooter/Eriksen', 'Thermax Limited', 'Foster Wheeler AG', 'Alstom Power', 'AC Boilers', 'Dürr AG', 'Victory Energy Operations', 'Rentech Boiler Systems', 'Cannon Boiler Works', 'Rentech Boiler Systems', 'Clayton Industries', 'John Wood Group PLC', 'Kelvion Holding GmbH', 'BHI Co., Ltd.'

Clean energy sources are growing rapidly in the power business. A clean energy source is more flexible in the power system, highly efficient, dependable, and technologically advanced. Thermal plant power generation has significantly harmed the environment by increasing carbon emission levels and causing warming. As a result, clean energy has grown significantly, enabling the use of combined cycle power plants and cogeneration to produce electricity. Massive investments are being attracted from all over the world by rising investment in renewable energy sources like CCPP and cogeneration. Thus, rising interest and investments in renewable energy sources fuel demand on the world market.

The demand for electricity has grown significantly, which has increased power output, increasing greenhouse gas emissions and accelerating warming. Therefore, strict laws, government programmes, and significant financial investments have been made to reduce emissions in the current environment. Cogeneration and combined cycle power plants are the most effective and dependable sources of energy to completely eliminate greenhouse gas emissions. A combined cycle power plant's heat recovery steam generator is utilized to extract heat from a hot gas stream. Therefore, the utilization of a combined cycle power plant in lowering greenhouse gas emissions is driving up demand.

Based on the region, the North American region currently dominates the 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.

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Global Heat Recovery Steam Generator Market

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