What are the Historical Developments and Current Growth Metrics of the Heat Recovery Steam Generator Market?
The heat recovery steam generator market has seen considerable growth due to a variety of factors.
• In recent times, there has been a substantial boost in the size of the heat recovery steam generator market. The market, which currently stands at $1.71 billion in 2024, is expected to increase to $1.82 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%.
This upward trend in the past years could be attributed to various factors such as the growing need for energy efficiency, a rise in the use of combined cycle power plants, stricter environmental regulations, an increase in global power generation capacity, and the enlargement of industrial sectors like oil, gas, and manufacturing.
What Does Future Hold for The Heat Recovery Steam Generator Market Size?
The heat recovery steam generator market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the heat recovery steam generator market is predicted to experience robust growth, eventually reaching $2.29 billion by 2029 at a CAGR of 6.0%.
This growth throughout the forecast period can be credited to the rise in renewable energy integration investments, an amplified focus on minimizing operational expenses, increasing demand from budding economies, broadening uses beyond utilities, and advancements in intelligent monitoring and maintenance technologies. As we look forward, trends such as movement towards more compact and module-based designs, accelerated use of digital twin technology for enhancing performance, the creation of next-gen materials to withstand higher temperatures, focus on cutting down carbon emissions via innovative emission control solutions, and the implementation of advanced automated and AI-guided maintenance strategies will transform the market landscape.
What Are The Leading Drivers Of Growth In The Heat Recovery Steam Generator Market?
The growth of the industrial field is predicted to boost the heat recovery steam generator market in the future. The industrial field encompasses elements of the economy engaged in the production of goods via manufacturing, construction, and associated sectors. This segment is growing due to a surge in demand for manufactured items and technological progress that enhances efficiency and output. A heat recovery steam generator (HRSG) is utilized in the industrial arena to capture waste heat from industrial operations and convert it into steam, thus heightening energy efficiency and lowering fuel intake. For instance, statistics from Eurostat, a government statistical agency based in Luxembourg, indicate that in May 2023, the seasonally adjusted industrial output in the European region, climbed by 0.2%, while in the European Union, it rose by 0.1% as compared to April 2023. Consequently, the growth of the industrial segment is propelling the heat recovery steam generator market.
What Is The Segmentation Of The Global Heat Recovery Steam Generator Market?
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 Emerging Trends Are Shaping The Heat Recovery Steam Generator Market Landscape?
Leading businesses in the heat recovery steam generator market are developing cutting-edge products such as heat recovery power generation systems to maintain a competitive position. These systems capture and use waste heat from industrial processes, exhaust gases, or other energy sources for electricity generation. An example of this was seen in October 2022 when Kawasaki Heavy Industries Ltd., a manufacturing company based in Japan, launched its highly-efficient waste heat recovery power generation system, named the VEGA boiler, and offered it to Taiheiyo Cement. This marked the first time the VEGA boiler was installed in Japan, underlining Kawasaki's commitment to enhancing energy efficiency in the cement industry. The distinctive design of VEGA boiler caters to cement plants for waste heat recovery, where it recollects unutilized heat from exhaust gases to generate electricity. This is achieved by harnessing heat from the exhaust gases of the preheater containing a significant quantity of dust, which then creates steam to power a turbine for electricity production.
Who Are the Key Players in the Heat Recovery Steam Generator Market?
Major companies operating in the heat recovery steam generator market are include:
•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
What are the Regional Insights into the Heat Recovery Steam Generator Market?
North America was the largest region in the heat recovery steam generator market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heat recovery steam generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
