Heat Recovery Steam Generator Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Global Heat Recovery Steam Generator (HRSG) Manufacturers and the market is Segmented into End Users (Power Plants, Oil and Gas Facilities, Chemical and Fertilizer Plants, and Other End Users) and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Heat Recovery Steam Generator Market Size

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Heat Recovery Steam Generator- Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 3.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Heat Recovery Steam Generator Market

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Heat Recovery Steam Generator Market Analysis

The global power generation is likely to witness a CAGR of more than 3% during the forecast period, 2020-2025, which has a direct influence on the heat recovery steam generator (HRSG) market. Additionally, factors, such as increasing energy efficiency and less emission of greenhouse gases, are likely to drive the heat recovery steam generator market in the forecast period. However, the initial cost of investment is high for HRSG, which, in turn, is expected to hurt the market studied.

  • The power generation segment is expected to dominate the heat recovery steam generators market in the forecast period.
  • Countries, such as Germany, United Kingdom, and the United States, are focusing on reducing their greenhouse gas emission significantly by 2030, which in turn, is expected to create a significant opportunity for heat recovery steam generators in the forecast period.
  • Asia-Pacific dominated the market in 2018, owing to its increasing energy demand and targets to reduce greenhouse gas emissions.

Heat Recovery Steam Generator Market Trends

This section covers the major market trends shaping the Heat Recovery Steam Generator Market according to our research experts:

Power Generation to Dominate the Market

  • According to the International Energy Agency (IEA), the power generation segment in which heat recovery steam generators are widely used is likely to witness a CAGR of 3% in the upcoming years. This, in turn, is expected to boost the demand for HRSGs in the coming years.
  • In 2011, the electric power consumed by the world was 22,258 Terawatt-Hour (TWh), which kept on increasing in the following years, showing the increasing energy requirement around the world.
  • In 2018, Sumitomo SHI FW was awarded a contract by Hyundai Engineering & Construction (HDEC) to design and supply equipment for its Daesan Biomass Power Plant in Finland. This contract also includes the installation of a heat recovery steam generator.
  • The movement in Europe carbon emission targets, which aims to cut down greenhouse gases by at least 40% by 2030, compared to 1990, has increased the usage of heat recovery steam generators in the past, both in the power generation and wind energy sectors.
  • In 2018, Israel Electric Corporation (IEC) awarded General Electric Company a contract to build the first of two combined cycle gas turbine (CCGT) units. The project is intended to convert part of the Orot Rabin coal-fired power plant to burn gas. This contract also includes the installation of a heat recovery steam generator provided by the General Electric Company.
  • Therefore, the above power generation projects are likely to drive the heat recovery steam generator market in the forecast period, as the usage of the heat recovery steam generator increases efficiency and decreases the carbon dioxide emission.
Heat Recovery Steam Generation Market: Global Electric Power Consumption

Asia-Pacific to Dominate the Market

  • Asia-Pacific has dominated the heat recovery steam generator market in the past and is going to dominate the market in the forecast period because of the several power projects under construction.
  • Patratu Super Thermal Power Project, Jharkhand in India, started in 2018 and is expected to be completed in 2022. The project has the capacity to produce 4000 megawatts (MW) of power and is likely to use a large capacity heat recovery steam generator.
  • Taiwan Power Company awarded a joint venture of Marubeni Corporation and General Electric Company in 2019, an EPC contract for the expansion of its DaTan Combined Cycle Power Plant Project for Units 8 and 9. This EPC contract also includes the installation of a heat recovery steam generator from General Electric Company. It is likely to drive the heat recovery steam generator market in the forecast period.
  • Bharat Heavy Electricals Limited was awarded a contract by Ramagundam Fertilizers and Chemicals Ltd (RFCL) in Telangana to build a gas turbine of 32.5 megawatt capacity. This contract also includes the setting up of a heat recovery steam generator and is likely to drive the market in the forecast period.
  • Hence, from the above points, it can be concluded that Asia-Pacific is going to dominate the heat recovery steam generator market in the forecast period.
Heat Recovery Steam Generation Market-Geography

Heat Recovery Steam Generator Industry Overview

The heat recovery steam generator market is moderately fragmented. Some of the key players in the market include Siemens AG, Mitsubishi Hitachi Power Systems Ltd, Sofinter SpA, General Electric Company, and Thermax Limited.

Heat Recovery Steam Generator Market Leaders

  1. Siemens AG

  2. Mitsubishi Hitachi Power Systems Ltd

  3. Sofinter S.p.a

  4. General Electric Company

*Disclaimer: Major Players sorted in no particular order

Market Concentration - Heat Recovery Steam Generator.png
Need More Details on Market Players and Competitors?
Download PDF

Heat Recovery Steam Generator Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGEMENTATION

    1. 5.1 End User

      1. 5.1.1 Power Plants

      2. 5.1.2 Oil and Gas Facilities

      3. 5.1.3 Chemical and Fertilizer Plants

      4. 5.1.4 Other End Users

    2. 5.2 Geography

      1. 5.2.1 North America

      2. 5.2.2 Europe

      3. 5.2.3 Asia-Pacific

      4. 5.2.4 South America

      5. 5.2.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers, Acquisitions, Collaborations, and Joint Ventures

    2. 6.2 Strategies Adopted by Key Players

    3. 6.3 Key Companies Profile

      1. 6.3.1 Thermax Limited

      2. 6.3.2 Siemens AG

      3. 6.3.3 Mitsubishi Hitachi Power Systems Ltd

      4. 6.3.4 AC BOILERS SpA

      5. 6.3.5 Kelvion Holding GmbH

      6. 6.3.6 General Electric Company

      7. 6.3.7 Alfa Laval AB

      8. 6.3.8 Mersen SA

      9. 6.3.9 Sofinter SpA

  7. 7. Market Opportunities and Future Trends

You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Heat Recovery Steam Generator Industry Segmentation

The heat recovery steam generator market report includes:

Need A Different Region Or Segment?
Customize Now

Heat Recovery Steam Generator Market Research FAQs

The Heat Recovery Steam Generator Market is projected to register a CAGR of 3% during the forecast period (2024-2029)

Siemens AG, Mitsubishi Hitachi Power Systems Ltd, Sofinter S.p.a and General Electric Company are the major companies operating in the Heat Recovery Steam Generator Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Heat Recovery Steam Generator Market.

The report covers the Heat Recovery Steam Generator Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Heat Recovery Steam Generator Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Heat Recovery Steam Generator Industry Report

Statistics for the 2024 Heat Recovery Steam Generator market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Heat Recovery Steam Generator analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Heat Recovery Steam Generator Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)