Global Heat Recovery Steam Generator Market

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

Report ID: SQMIG20E2060 | Region: Global | Published Date: February, 2024
Pages: 265 | Tables: 119 | Figures: 77

Global Heat Recovery Steam Generator Market News

  • 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.
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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).

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.'

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.

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.

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.

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