Heat Recovery Steam Generator Market Updates

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.

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.