Heat Recovery Steam Generator Market

Market Overview:

The global heat recovery steam generator market size reached US$ 1.22 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.53% during 2023-2028. The rising environmental concerns among the masses, the increasing need for reducing carbon emissions across the globe, and the widespread integration of heat recovery steam generator into power plants represent some of the key factors driving the market.

A heat recovery steam generator (HRSG) is a crucial component in many power plants and industrial processes that aim to maximize energy efficiency and minimize waste heat. It plays a pivotal role in capturing and utilizing the thermal energy that would otherwise be lost in various exhaust gases, such as those from gas turbines, combustion engines, or other industrial processes. Its primary function is to make steam, which it does by taking the heat from these exhaust gases and transferring it to a working fluid, usually water, to create steam at high pressure and high temperature. It consists of various important parts that work together to maximize thermal energy recovery, including heat exchangers, economizers, evaporators, superheaters, and reheaters. The exhaust gases pass through various heat exchangers, where the heat is transferred to the working fluid, allowing it to undergo phase changes and eventually produce superheated steam. Additionally, it is designed to be highly efficient, ensuring that a significant amount of waste heat is recovered and converted into useful energy. By harnessing the waste heat from exhaust gases, HRSGs contribute to significant reductions in fuel consumption and greenhouse gas emissions. It is widely employed in combined cycle power plants, cogeneration systems, and other industrial applications where efficient utilization of waste heat is of paramount importance and overall energy costs.

Heat Recovery Steam Generator Market Trends:

The increasing environmental concerns majorly drive the global market. This can be supported by the rising awareness about climate change and greenhouse gas emissions, which are driving the need for cleaner and more sustainable energy solutions. Also, HRSGs play a vital role in reducing carbon emissions by capturing waste heat from industrial processes or power generation and converting it into useful steam or power. As countries strive to meet their emissions reduction targets, the adoption of HRSGs as part of their energy mix is increasing, thereby impacting the market favorably. Along with this, the widespread adoption of heat recovery steam generators (HRSG) for energy conservation by recovering waste heat and converting it into usable energy is significantly supporting the market. Additionally, the integration of HRSGs into power plants, cogeneration systems, industrial processes, and energy-intensive industries to significant energy savings, reduce their carbon footprint, and improve their overall energy efficiency is positively influencing the demand. In addition, the growing emphasis on renewable energy sources, such as wind and solar energy, is catalyzing the demand for HRSGs as it enables a more reliable and balanced power supply. Apart from this, numerous governments are introducing incentives, subsidies, and regulations that encourage the adoption of HRSGs, which is acting as another growth-inducing factor. Furthermore, innovative designs, improved materials, and enhanced manufacturing processes contribute to the efficiency, reliability, and performance of HRSG systems, thus creating a positive market outlook. Some of the other factors driving the market include rapid industrialization and increasing power demand across the globe.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global heat recovery steam generator market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on design, power rating, application, and end user.

Design Insights:

• Horizontal Drum
• Vertical Drum
   

The report has provided a detailed breakup and analysis of the heat recovery steam generator market based on the design. This includes horizontal drum and vertical drum. According to the report,  horizontal drum represented the largest segment.

Power Rating Insights:

• 30 MW
• 31 MW - 100 MW
• 100 MW
   

A detailed breakup and analysis of the heat recovery steam generator market based on the power rating has also been provided in the report. This includes 30 MW, 31 MW - 100 MW, and 100 MW. According to the report,  100 MW power rating accounted for the largest market share.

Application Insights:

• Cogeneration
• Combined Cycle
   

The report has provided a detailed breakup and analysis of the heat recovery steam generator market based on the application. This includes cogeneration and combined cycle. According to the report, combined cycle represented the largest segment.

End User Insights:

• Utility
• Chemicals
• Refineries
• Pulp and Paper
• Others
   

A detailed breakup and analysis of the heat recovery steam generator market based on the end user has also been provided in the report. This includes utility, chemicals, refineries, pulp and paper, and others. According to the report, utility accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for heat recovery steam generator. Some of the factors driving the North America heat recovery steam generator market included the widespread awareness about environmental issues, the emerging trend of sustainability, rapid industrialization, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global heat recovery steam generator market. Also, detailed profiles of all major companies have been provided. Some of the companies covered include AC Boilers S.P.A (Sofinter S.p.A.), Babcock & Wilcox Enterprises Inc., Cleaver-Brooks Inc., Clayton Industries Inc., General Electric Company, John Cockerill, Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., Nooter/Eriksen Inc. (CIC Group Inc.), Rentech Boilers Systems Inc., Thermax Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global heat recovery steam generator market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global heat recovery steam generator market?
• What is the impact of each driver, restraint, and opportunity on the global heat recovery steam generator market?
• What are the key regional markets?
• Which countries represent the most attractive heat recovery steam generator market?
• What is the breakup of the market based on the design?
• Which is the most attractive design in the heat recovery steam generator market?
• What is the breakup of the market based on the power rating?
• Which is the most attractive power rating in the heat recovery steam generator market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the heat recovery steam generator market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the heat recovery steam generator market?
• What is the competitive structure of the global heat recovery steam generator market?
• Who are the key players/companies in the global heat recovery steam generator market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the heat recovery steam generator market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global heat recovery steam generator market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the heat recovery steam generator industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.