Market Size of Heat Recovery Steam Generator Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
