The Heat Recovery Steam Generator Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Heat Recovery Steam Generator Market?
The historical growth trend in the Heat Recovery Steam Generator Global Market Report 2025 market has seen a solid expansion in previous years. The market size accelerated from $1.71 billion in 2024 and will reach $1.82 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Heat Recovery Steam Generator Industry?
The Heat Recovery Steam Generator Global Market is forecasted to reach a size of $2.29 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.0%.
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What are the Key Growth Drivers Fueling the Heat Recovery Steam Generator Market?
The key drivers in the heat recovery steam generator market are:
•Increase in investments in renewable energy integration.
•A growing focus on reducing operational costs.
•Rising demand from emerging economies and expanded applications beyond utilities.
•Development of smart monitoring and maintenance technologies.
Global Market Segmentation: Identifying Major Heat Recovery Steam Generator Industry Segments
The heat recovery steam generator market covered in this report is segmented –
1) By Design Type: Modular Construction, C-Section Construction, Bundle Construction, Fully Assembled
2) By Configuration Type: Horizontal Drum Units, Vertical Drum Units, Horizontal-Once Through Units
3) By Output Power Type: 0 To 60 Megawatt (MW), 60 To 100 Megawatt (MW), 100 Megawatt (MW) And Above
4) By Application Type: Co-Generation (Process Heating), Combined Cycle, Combined Heat And Power (CHP)
5) By End User: Utility, Chemicals, Refineries, Pulp And Paper, Other End Users
Subsegments:
1) By Modular Construction: Pre-Fabricated Modules, Skid-Mounted Modules, Compact Modular Systems
2) By C-Section Construction: Horizontal C-Section HRSGs, Vertical C-Section HRSGs, Single-Pressure C-Section HRSGs
3) By Bundle Construction: Horizontal Bundle HRSGs, Vertical Bundle HRSGs, Double Pressure Bundle HRSGs
4) By Fully Assembled: Factory-Assembled HRSGs, Site-Assembled HRSGs, Custom-Built Fully Assembled Units
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What are the emerging Trends Shaping the Future of the Heat Recovery Steam Generator Market?
The key trends in the heat recovery steam generator market are:
•There is a movement towards more compact and modular designs.
•There is an increasing adoption of digital twin technology for performance optimization.
•The development of next-generation materials for higher temperature tolerance is evident.
•The trend of reducing carbon footprints through advanced emission control solutions is gaining traction.
Who Are the Top Competitors & Leading Players in the Heat Recovery Steam Generator Market?
Major players in the heat recovery steam generator market are:
• Hitachi Ltd.
• General Electric Company
• Siemens Energy AG
• Mitsubishi Heavy Industries Ltd.
• ABB Ltd.
• Alstom SA
• Kawasaki Heavy Industries Ltd.
• Sumitomo Heavy Industries Ltd.
• John Wood Group PLC
• Bharat Heavy Electricals Limited
• SPX Flow Inc.
• Thermax Limited
• Spirax Group plc
• Babcock & Wilcox Enterprises Inc.
• Nooter/Eriksen Inc.
• Hamon & Cie International
• Rentech Boilers Systems Inc.
• Clyde Bergemann Power Group
• Bosch Industriekessel GmbH
• Doosan Heavy Industries & Construction
• John Cockerill
• Aalborg Industries
Regional Dominance: Which Area Leads the Global Template Market?
North America was the largest region in the heat recovery steam generator market in 2024
