What is the global market size of Heat Recovery Steam Generator Market?

Heat Recovery Steam Generator Market size was valued at USD 805.5 million in 2022 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).

Who are the key vendors in the Global Heat Recovery Steam Generator Market?

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.'

Heat Recovery Steam Generator Market Worldwide

Q: What is the key driver of Global Heat Recovery Steam Generator Market?

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.

Q: What is the key market trend for Global Heat Recovery Steam Generator Market?

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 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.

FAQs

Heat Recovery Steam Generator Market size was valued at USD 833.6 Million in 2023 and is poised to grow from USD 862.78 Million in 2024 to USD 1138.5 Million by 2032, growing at a CAGR of 3.5% during the forecast period (2025-2032).

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. 'MITSUBISHI HEAVY INDUSTRIES, LTD. ', 'Thermax Limited. ', 'GE Vernova and/or its affiliates. ', 'Bharat Heavy Electricals Limited ', 'LARSEN & TOUBRO LIMITED. ', 'Isgec Heavy Engineering Ltd. ', 'Kawasaki Heavy Industries, Ltd. ', 'Siemens Heat Transfer Technology (Siemens) ', 'John Cockerill. ', 'BHI Co., Ltd. ', 'Alstom SA ', 'Rentech Boiler Systems, Inc. ', 'CN CO., LTD. ', 'Mutares SE & Co. KGaA ', 'Babcock & Wilcox ', 'CMI Group ', 'Doosan Heavy Industries & Construction ', 'Nooter/Eriksen ', 'Foster Wheeler AG ', 'Alstom Power '

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.

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.