Heat Recovery Steam Generator (HRSG) Condition Monitoring Market Report 2026

Heat Recovery Steam Generator (HRSG) Condition Monitoring Market Overview

• Heat Recovery Steam Generator (HRSG) Condition Monitoring market size has reached to $1.17 billion in 2025 • Expected to grow to $1.77 billion in 2030 at a compound annual growth rate (CAGR) of 8.7% • Growth Driver: Surging Electricity Demand Is Fueling Market Growth Due To Increasing Power Generation Load And Operational Reliability Requirements • North America was the largest region in 2025 and Asia-Pacific is the fastest growing region.

What Is Covered Under Heat Recovery Steam Generator (HRSG) Condition Monitoring Market?

Heat recovery steam generator (HRSG) condition monitoring refers to the continuous assessment of the operational health and performance of heat recovery steam generators using sensors, data acquisition systems, and analytical tools. It focuses on tracking key parameters such as temperature, pressure, vibration, and material stress to detect early signs of degradation or abnormal behavior. This approach enables predictive maintenance, improves reliability, and helps optimize efficiency while reducing unplanned downtime. The main components of heat recovery steam generator condition monitoring include hardware, software, and services. Hardware refers to physical devices such as sensors, monitoring instruments, and data acquisition units that continuously measure operational parameters and detect anomalies in heat recovery steam generators to ensure safety, reliability, and efficiency. The systems are deployed through on-premises and cloud-based models and utilize technologies such as vibration monitoring, thermography, ultrasonic testing, oil analysis, corrosion monitoring, and other technologies. The various applications involved are power generation, oil and gas, chemical, and other applications and are used by end users such as utilities, independent power producers, industrial organizations, and other end users.

What Is The Heat Recovery Steam Generator (HRSG) Condition Monitoring Market Growth Forecast?

The heat recovery steam generator (hrsg) condition monitoring market size is expected to see strong growth in the next few years. It will grow to $1.77 billion in 2030 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing investments in digital power plant monitoring, rising adoption of cloud-based condition monitoring, growing focus on lifecycle cost optimization, expansion of AI-driven diagnostics, increasing emphasis on plant efficiency and reliability. Major trends in the forecast period include increasing adoption of predictive maintenance analytics, rising deployment of advanced sensor networks, growing integration of remote monitoring platforms, expansion of data-driven fault detection systems, enhanced focus on asset reliability optimization.

Global Heat Recovery Steam Generator (HRSG) Condition Monitoring Market Segmentation

1) By Component: Hardware; Software; Services 2) By Deployment Mode: On Premises; Cloud Based 3) By Technology: Vibration Monitoring; Thermography; Ultrasonic Testing; Oil Analysis; Corrosion Monitoring; Other Technologies 4) By Application: Power Generation; Oil And Gas; Chemical; Other Applications 5) By End User: Utilities; Independent Power Producers; Industrial; Other End Users Subsegments: 1) By Hardware: Sensors; Data Acquisition Units; Monitoring Instruments 2) By Software: Condition Monitoring Platforms; Predictive Analytics Tools; Performance Visualization Systems 3) By Services: Installation Services; Maintenance Services; Consulting And Training Services

What Are The Drivers Of The Heat Recovery Steam Generator (HRSG) Condition Monitoring Market?

Surging electricity demand is expected to propel the growth of the HRSG condition monitoring market going forward. Electricity demand refers to the sustained increase in power consumption across residential, commercial, and industrial sectors driven by economic activity and ongoing electrification trends. Electricity demand is increasing due to rapid electrification across industries, transportation, and residential sectors, which is driving higher consumption from electric vehicles, digital infrastructure, and energy-intensive technologies. HRSG condition monitoring supports rising electricity demand by enabling combined-cycle power plants to operate reliably under higher loads and frequent start-stop cycles, continuously monitoring thermal stress, fatigue, and component health in heat recovery steam generators, and reducing the risk of unexpected failures, which improves plant availability, minimizes unplanned outages, and ensures stable and efficient power generation. For instance, in March 2024, according to the International Energy Agency, a France-based intergovernmental organization, global electricity demand is projected to grow more rapidly over the next three years, rising by an average of 3.4% annually through 2026. Similarly, electricity consumption by data centers is expected to more than double, increasing from around 460 terawatt-hours (TWh) in 2022 to over 1,000 TWh by 2026. Therefore, surging electricity demand is driving the growth of the HRSG condition monitoring market. The growth of combined-cycle power plants is expected to propel the growth of the HRSG condition monitoring market going forward. Combined-cycle power plants refer to electricity generation facilities that combine gas turbines and Steam Turbines through heat recovery steam generators (HRSGs) to improve overall efficiency by utilizing waste heat for additional power generation. Combined-cycle power plants are increasing due to rising demand for high-efficiency and lower-emission power generation, as they deliver more electricity per unit of fuel compared with conventional thermal plants. HRSG condition monitoring supports combined-cycle power plants by continuously monitoring thermal stress, fatigue, and component health within HRSG systems, enabling early fault detection, reducing unplanned outages, improving plant reliability, and ensuring efficient operation under frequent cycling conditions. For instance, in October 2023, according to the United States Energy Information Administration, a US-based government agency, between 2022 and 2023, 13 new combined-cycle gas turbine plants totaling 12.4 GW are coming online, with nearly half of the capacity concentrated in Florida and Michigan, while a further 4.9 GW is planned for 2024–2025, with minimal additions expected in 2024. Therefore, the growth of combined-cycle power plants is driving the growth of the HRSG condition monitoring market.

Key Players In The Global Heat Recovery Steam Generator (HRSG) Condition Monitoring Market

Major companies operating in the heat recovery steam generator (hrsg) condition monitoring market are Schneider Electric SE, Honeywell International Inc., Siemens Energy Global GmbH & Co. KG, GE Vernova Inc., ABB Ltd., Emerson Electric Co., Doosan Enerbility Co. Ltd., Rockwell Automation Inc., Mitsubishi Power Ltd., Yokogawa Electric Corporation, Thermax Limited, Babcock & Wilcox Enterprises Inc., Mistras Group Inc., Nooter Eriksen Inc., Vogt Power International Inc., Structural Integrity Associates, Inc., Greenbank Energy Solutions Inc., SIBA GmbH, Physical Acoustics Corporation, Valmet Corporation.

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What Are Latest Mergers And Acquisitions In The Heat Recovery Steam Generator (HRSG) Condition Monitoring Market?

In March 2025, NAES Corporation, a US-based industrial and power generation services company, acquired key business units from PIC Group Inc. for an undisclosed amount. With this acquisition, NAES aims to strengthen its U.S. market leadership by expanding its operations and maintenance (O&M), training, documentation, and staffing capabilities, enhancing service efficiency, and increasing client coverage. PIC Group Inc. is a US-based industrial services company that specializes in providing HRSG condition monitoring.

Regional Insights

North America was the largest region in the heat recovery steam generator (HRSG) condition monitoring market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in this market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

What Defines the Heat Recovery Steam Generator (HRSG) Condition Monitoring Market?

The heat recovery steam generator (HRSG) condition monitoring market consists of revenues earned by entities by providing services such as performance analysis, predictive maintenance, fault detection and diagnostics, data collection and reporting, system calibration and optimization, and remote monitoring support. The market value includes the value of related goods sold by the service provider or included within the service offering. The heat recovery steam generator (HRSG) condition monitoring market also includes sales of sensors and transducers, data acquisition systems, monitoring software platforms, control units, communication modules, diagnostic tools, vibration and temperature probes, and analytics dashboards. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What Key Data and Analysis Are Included in the Heat Recovery Steam Generator (HRSG) Condition Monitoring Market Report 2026?

The heat recovery steam generator (hrsg) condition monitoring market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the heat recovery steam generator (hrsg) condition monitoring industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.