Asia Pacific Heat Recovery Steam Generator Market Size - By Design, By Rated Power, By Mode of Operation, By Application, Growth Forecast, 2025 - 2034

Asia Pacific Heat Recovery Steam Generator Market Size

According to a recent study by Global Market Insights Inc., the Asia Pacific heat recovery steam generator market was estimated at USD 532.7 million in 2024. The market is expected to grow from USD 566.1 million in 2025 to USD 877.9 million in 2034, at a CAGR of 5%.

• Increasing focus on efficient energy utilization and expansion of combined cycle power plants to support industrialization with the need to recover waste heat from industrial processes will complement business landscape. HRSG systems are being adopted widely as they play a vital role in improving overall plant efficiency by converting exhaust gases into useful steam for power generation and other industrial operations.
   
• Ongoing transition toward cleaner and more efficient power generation technologies along with growing inclination from conventional coal-based plants to natural gas-based power generation, has increased the demand for HRSGs in combined cycle gas turbine (CCGT) installations. Moreover, industries are actively investing in cogeneration facilities to meet both power and process steam requirements efficiently, further boosting the adoption of HRSG systems.
   
• For instance, in March 2025, GE Vernova announced the start of operations at the Pulau Indah Power Plant in Selangor, Malaysia, developed by Worldwide Holding Berhad. The 1,200 MW facility comprises two 600 MW blocks, each featuring a 9HA.01 gas turbine, W88 generator, STF-D650 steam turbine, and OT HRSG. Under a 21-year agreement, the company will provide maintenance and digital solutions to enhance reliability.
   
• Rapid industrialization across nations including China, India and Japan along with rising population, urbanization accelerated the demand for electricity, which has positively influenced the business dynamics. Increasing need to minimize greenhouse gas emissions has prompted utilities and independent power producers to deploy efficient power generation technologies across industrial power plants, refineries and manufacturing facilities to optimize energy use and reduce operational costs further driving product adoption.
   
• Continuous technological advancements have enhanced the performance and reliability of HRSG systems along with improved heat transfer efficiency, compact configurations and flexible operation have accelerated product adoption across various industrial applications. Manufacturers are focusing on offering modular and custom-designed units that meet specific project requirements, further augmenting product deployment across different operational conditions and plant capacities.
   
• For instance, in December 2024, Petroleum Sarawak (Petros) announced a major investment of USD 280 million in a 500MW combined-cycle gas turbine (CCGT) power plant in Miri, Sarawak, marking a significant step in the region’s energy development. The plant is designed to supply electricity to Sabah and Brunei, enhancing cross-border energy connectivity.
   
• China dominated the Asia Pacific heat recovery steam generator market owing to growing inclination on emission reduction and stringent government policies encouraging energy efficiency. Rising energy demand, supportive regulatory frameworks on energy conservation programs and introduction of incentive schemes for cleaner power generation methods have encouraged utilities to implement combined heat and power systems.
   
• For instance, in August 2024, China renewed its focus on climate objectives with a 2024–25 Action Plan targeting high-emission sectors such as steel, petrochemicals, cement, and non-ferrous metals. The plan sets clear goals for carbon reduction and energy efficiency, introducing stricter monitoring and accountability measures. These initiatives aim to accelerate progress toward the 2030 climate target, compelling businesses in these industries to adopt sustainable practices and optimize operational efficiency.
   

Asia Pacific Heat Recovery Steam Generator Market Trends

• The Asia Pacific heat recovery steam generator industry is witnessing significant momentum driven by rising focus on energy efficiency and waste heat utilization across industrial and power generation sectors. The increasing number of gas-based power projects, rising awareness of energy conservation and favorable initiatives toward energy generation have contributed to the industry growth.
   
• Supportive government policies to encourage the utilization of cleaner fuels and efficient thermal systems have accelerated the demand for HRSGs in both industrial and utility sectors. In addition, the presence of large industrial bases in countries including China, India, Japan, and South Korea has provided a significant opportunity for HRSG manufacturers to cater to the rising requirement for waste heat recovery technologies further augmenting Asia Pacific heat recovery steam generator market outlook.
   
• For instance, in April 2025, Japan’s Ministry of the Environment has initiated its first call for proposals under a subsidy program aimed at reducing costs for renewable heat utilization along with waste heat recovery systems. Part of the fiscal 2024 supplementary budget, the program supports installation of renewable heat technologies, waste heat recovery equipment for factory, and energy-efficient upgrades, while setting strict cost criteria to qualify for financial assistance.
   
• Continuous technological advancements in heat recovery systems designed with improved thermal efficiency, compact structures that require lower maintenance and modular designs will complement industry landscape. Stringent mandates across industries to meet stringent emission norms coupled with adoption of advanced materials across combined cycle plants to enhance the overall plant performance positively influencing Asia Pacific heat recovery steam generator market dynamics.
   
• The rising use of renewable energy and hybrid power systems across the region along with integration of HRSGs into natural gas-based and cogeneration plants to balance intermittent renewable sources will complement industry landscape. Growing inclination toward ensuring reliable power generation while maintaining environmental standards coupled with increasing penetration of distributed power systems in remote and industrial areas is accelerating product adoption for efficient energy recovery.
   
• For instance, in November 2024, GE Vernova commenced commercial operations at Tongyeong Eco Power’s cutting-edge combined cycle power plant in South Korea. The one-gigawatt LNG-powered facility, situated in Anjeong Industrial Park, includes a massive 200,000-cbm LNG storage tank and is designed to supply electricity to nearly one million Korean homes. GE Vernova played a pivotal role in the project, delivering two 7HA.02 gas turbines, an STF-D600 steam turbine, two HRSG units, and three H65 generators.
   
• Moreover, the infrastructure development and rapid urbanization across emerging economies have accelerated energy demand, accelerating the need for reliable and efficient power generation systems. HRSGs are used as an essential component in achieving energy transition goals by enhancing the performance of existing thermal plants, further complementing industry growth.
   

Asia Pacific Heat Recovery Steam Generator Market Analysis

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• Based on the design, the industry is bifurcated into horizontal drum and vertical drum. The horizontal drum segment dominated around 59.4% market share in 2024 and is set to grow at a CAGR of 4.7% through 2034.
   
• The horizontal drum segment is set to grow, propelled by the rising demand for efficient energy systems which maximize power output while recover heat from gas turbine exhausts to produce steam. Industries and utilities seek to improve overall energy efficiency and reduce operational costs along with increasing development of combined cycle power plants to integrate advanced thermal technologies and optimize energy utilization will propel Asia Pacific heat recovery steam generator market outlook
   
• For instance, in September 2023, John Cockerill secured a significant contract from Mitsubishi Takasago to design & supply a horizontal drum heat recovery steam generator (HRSG) for the upcoming Banyan combined cycle power plant in Singapore which is set to rise within the new multi-utilities center on Jurong Island and aims to be operational by 2026.
   
• The vertical drum segment in heat recovery steam generator market is set to grow at a CAGR of 5.4% by 2034. Rising energy efficiency requirements, increasing deployment of combined-cycle power plants, supported by government initiatives toward sustainable energy systems, is driving industry growth. Ongoing technological advancements, including improved thermal performance and modular configurations, to enhance reliability and reducing installation time will accelerate product deployment.
   
• For instance, in October 2024, GE Vernova through its subsidiaries, and YTL PowerSeraya Pte Limited, announced an order for a GE’s 9HA.01 gas turbine to power a 600 MW hydrogen-ready combined cycle plant at Pulau Seraya Power Station, Jurong Island. The EPC consortium including GE Vernova, SEPCO III and POWERCHINA will deliver the project, including an STF-A650 steam turbine, W88 generator, and triple-pressure HRSG with reheat, targeting operation by 2027.
   
• Increasing adoption of HRSG system, including technologies that can recover heat from exhaust gases and convert it into useful steam thereby improving the structural plant performance will positively influence business dynamics. The integration of digital monitoring systems to support predictive maintenance and optimizing plant performance ensuring long-term operational stability will propel industry outlook.

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• Based on the mode of operation, the heat recovery steam generator industry is classified into cogeneration and combined cycle. The combined cycle mode was evaluated at USD 336.5 million in 2024 and is set to observe a CAGR of 4.7% by 2034.
   
• Rising energy demand, rapid industrialization and urbanization, government policies promoting cleaner energy, and the shift from coal to natural gas-based generation is positively influencing business dynamics for combined cycle mode of operation. Stringent government policies toward emission reduction along with flourishing investments toward modular HRSG designs to achieve higher performance levels and quicker project execution timelines further complementing industry growth.
   
• For instance, in July 2025, GE Vernova announced the commissioning of the first block at Taiwan Power Company’s Hsinta plant, delivering up to 1.3 gigawatts to the grid using advanced 7HA.03 combined cycle technology. Developed with CTCI Corporation, the block includes two 7HA.03 gas turbines, two hydrogen-cooled generators, two Heat Recovery Steam Generators (HRSG), and an STF-D650 steam turbine, a major step toward replacing coal units and reducing emissions by 60%.
   
• The cogeneration mode of operation in heat recovery steam generator is set to grow at a CAGR of 5.4% by 2034. Cogeneration is gaining significant momentum owing to its ability to deliver electricity and thermal energy from a single fuel source, maximizing efficiency and reducing energy waste. Rising need for cost-effective, reliable power for sectors including chemicals and manufacturing along with various governments are promoting CHP adoption through incentives and policies aimed at lowering carbon emissions and improving energy security is fueling industry outlook.
   
• For instance, in July 2023, Keppel with Mitsubishi Power Asia Pacific and Jurong Engineering, has commenced construction of the 600 MW Keppel Sakra Cogen (KSC) plant on Jurong Island, Singapore. Engineered for high efficiency and the plant featured on reduced emission intensity and greater operational flexibility, positioning it among the most advanced energy solutions in the region.
   
• Based on application, the market is classified into utilities, commercial, chemicals, refineries, pulp & paper and others. The utilities segment was evaluated at USD 235.1 million in 2024 and is set to grow at a CAGR of 4.7% by 2034.
   
• Utilities segment is anticipated to witness significant growth owing to rising energy demand, stringent emission regulations, and the transition toward low-carbon power generation. Various governments across the region are promoting cleaner energy and decarbonization, driving utilities to replace coal-fired units with natural gas-based combined cycle plants integrated with HRSGs. Additionally, rapid industrialization and urbanization along with technological advancements including compact designs, improved thermal transfer, and modular configurations further accelerating product deployment.
   
• For instance, in August 2025, Tripura Power Generation Limited awarded Megha Engineering and Infrastructures Limited the EPC contract for India’s first 120 MW combined cycle gas turbine plant at Rokhia, funded by ADB. The project will feature two Siemens SGT-800 gas turbines, two Heat Recovery Steam Generators (HRSGs), and one steam turbine (2GT+2HRSG+1ST), delivering high efficiency and reduced emissions while ensuring affordable, sustainable power.

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• China dominated the Asia Pacific heat recovery steam generator market with around 42.1% market share in 2024 and generated over USD 224.1 million in revenue. Rapid industrialization, large-scale energy infrastructure projects and strong focus on improving power generation efficiency, is complementing industry landscape. Paradigm shift from conventional coal-based power generation toward gas-based and renewable hybrid systems has increased the demand for HRSGs.
   
• Ongoing efforts to enhance energy efficiency and minimize waste in power generation coupled with expansion of industrial facilities and adoption of combined cycle power plants to capture and utilize waste heat will shape business dynamics. Ongoing transition toward low-carbon energy sources and the integration of renewable technologies across energy grid have encouraged the development of advanced thermal energy recovery systems.
   
• For instance, in August 2025, the first steam generator has been installed at Unit 4 of the Haiyang nuclear power plant in Shandong, China. Measuring nearly 24 meters in length and weighing over 630 tonnes, this component is among the largest in the reactor’s primary circuit. Its placement marks a key milestone toward completing the CAP1000 reactor units, which are scheduled to begin commercial operations in 2027.
   
• Japan heat recovery steam generator market is anticipated to grow at a CAGR of 4.8% by 2034. The nation’s aggressive carbon neutrality targets for 2050, encouraging utilities to adopt combined cycle plants with HRSGs for higher efficiency and lower emissions which is set to stimulate industry outlook. Growing inclination on improving energy efficiency and optimizing thermal power plant operations, along with favorable initiatives by authorities and utilities capturing waste heat and converting it into steam for power generation will augment Asia Pacific heat recovery steam generator market scenario.
   
• For instance, in March 2023, GE Vernova Gas Power completed transporting and delivering prefabricated supermodules for three Heat Recovery Steam Generators to Japan’s Goi Thermal Power Station in Chiba Prefecture. Each earthquake-resistant supermodule, weighing about 2,500 metric tons and standing up to 46 meters high, was manufactured in South Korea. The operation involved close coordination with port authorities and the Japanese Coast Guard to ensure safe berthing and delivery.
   
• South Korea heat recovery steam generator marker was evaluated at USD 33.3 million in 2024. Favorable efforts to optimize its power generation mix and reduce reliance on conventional thermal plants and expand natural gas-based combined cycle plants is creating significant demand for HRSG systems. In addition, the growing need for efficient energy generation across heavy industries including petrochemicals, steel, and shipbuilding, requires high-efficiency cogeneration and waste heat recovery solutions, further encouraging the deployment of heat recovery steam generators.
   
• For instance, in October 2023, GE Vernova commenced the commercial operations at Naepo District Heating Plant in South Korea. The facility delivers 500 MW of electricity to the grid and provides steam for heating over 100,000 residents. Equipped with a 7HA.02 gas turbine, STF-D650 steam turbine, Heat Recovery Steam Generator (HRSG), and GE Vernova condenser, the plant enhances winter reliability and includes a 19-year maintenance agreement.
   
• India heat recovery steam generator market was accounted a market share of 8.7% in 2024. Ongoing investments in modular and custom-designed HRSG systems to cater to operational requirements, achieve higher thermal efficiency by recovering exhaust heat from gas turbines and using it to produce steam accelerating product deployment. Paradigm shift toward energy efficiency, expanding industrial infrastructure, policy frameworks favoring energy efficiency and renewable integration will augment Asia Pacific heat recovery steam generator market landscape.
   
• For instance, in July 2024, L&T Heavy Engineering division has dispatched the second steam generator for Kaiga Atomic Power Station in Karnataka, part of India’s 10 x 700 MWe PHWR fleet program. Shipped from L&T’s A M Naik Heavy Engineering Complex in Hazira, Gujarat, the delivery is 11 months ahead of schedule, reinforcing L&T’s commitment to advancing nuclear energy and supporting India’s net-zero carbon goals.
   
• Australia heat recovery steam generator market is set to surpass USD 50.4 million by 2034. Rising emphasis on energy efficiency and sustainable power generation along with transition from coal to gas-based generation and increasing integration of renewables will positively influence business dynamics. Rising LNG exports and abundant natural gas reserves have led gas-fired generation to be economically viable, with cogeneration solutions to optimize energy efficiency and reduce operational costs will complement Asia Pacific heat recovery steam generator market outlook.
   
• For instance, in February 2025, Downer successfully delivered the Moomba Carbon Capture and Storage (CCS) facility in South Australia, one of the world’s largest projects of its kind. Completed ahead of schedule, the scope included civil, mechanical, and electrical works for the CCS plant, Heat Recovery Steam Generator (HRSG), and LoHeat facility. Designed to store up to 1.7 million tonnes of CO2 annually, the project supports nation’s net-zero transition.
   

Asia Pacific Heat Recovery Steam Generator Market Share

• The top 5 players operating across the Asia Pacific heat recovery steam generator industry include Mitsubishi Heavy Industries, Siemens Energy, GE Vernova, Kawasaki Heavy Industries and Thermax Limited collectively contributing around 32% of the market share in 2024.
   
• Leading manufacturers focus on improving thermal efficiency and reliability by using advanced materials and optimized designs suited for varying climate and operational conditions across the region. Strategic partnerships with local engineering firms and EPC contractors to help streamline project execution and reduce costs. Firms are expanding their service offerings, including maintenance and performance monitoring to ensure long-term operational efficiency and cater to customer requirements.
   
• Furthermore, manufacturers are investing in product innovation and after-sales services to enhance their market share and ensure long-term client engagement. Shifting emphasis on sustainable development and increasing integration of renewable and hybrid power systems is set to create new opportunities for HRSG suppliers and solution providers.
   
• GE Vernova heat recovery steam generators are engineered to maximize efficiency in CCPP by capturing exhaust heat from gas turbines and converting it into steam for added power generation. These advanced HRSG systems are designed to support flexible operations, accommodate varying load demands, and integrate with cleaner energy solutions, including hydrogen and renewable sources.
   
• Mitsubishi Power offer two HRSG configurations including vertical gas flow (Vertical HRSG) and horizontal gas flow (Horizontal HRSG). Leveraging a wide range of proven construction techniques for assembly and installation, the company delivers customized solutions with specifications optimized for transportation logistics and site-specific requirements, ensuring flexibility and efficiency in diverse power plant applications.
   
• Kawasaki Heavy Industries has extensive experience delivering HRSG systems tailored for diverse applications, including large-scale 1,500 MW combined cycle plants, cogeneration facilities with complex operational requirements, heavy oil-fired gas turbines, and blast furnace gas-fired turbines. The company also provides HRSG solutions equipped with auxiliary combustion systems, ensuring high efficiency and adaptability across various industrial and power generation environments.
   
• Thermax offers HRSG units, available with advanced features, including horizontal or vertical configurations, natural or forced circulation, triple-pressure levels with optional reheat, and capability for supplementary or fresh-air firing with automatic changeover. They can be designed as bi-drum or single-drum systems, ensuring flexibility and adaptability to diverse operational requirements and plant architectures.
   

Asia Pacific Heat Recovery Steam Generator Market Companies

Major players operating in the Asia Pacific heat recovery steam generator industry are:
 

• BHI Co., Ltd.
• CIC GROUP INC
• Clayton Industries
• Clyde Bergemann
• Gasco Pty Ltd.
• GE Vernova
• Harris Pye
• IHI POWER SYSTEM MALAYSIA SDN BHD
• John Cockerill
• Kawasaki Heavy Industries Ltd.
• LARSEN & TOUBRO LIMITED
• MARTECH JSC
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• NEM Energy
• Par Techno-Heat Pvt. Ltd.
• Rentech Boiler Systems, Inc.
• Siemens Energy
• Thermax Limited
• Vogt Power International
• Xizi Clean Energy Equipment Manufacturing Co., Ltd.
  
   
• GE Vernova recorded USD 27.1 billion revenue for the 9 months of 2025. The company designs and manufactures all major components of combined-cycle power plants, delivering Heat Recovery Steam Generators (HRSGs) engineered for superior performance, operational flexibility, and enhanced reliability. These solutions are tailored to meet the most demanding project specifications, ensuring optimized efficiency and long-term durability for modern power generation requirements.
   
• In first half of 2025, Mitsubishi Heavy Industries reported a revenue of USD 13.4 billion. The company consistently delivered highly reliable HRSG systems designed to meet the growing demand for larger gas turbine capacities and accommodate higher steam temperatures and pressures. These advanced solutions support enhanced plant efficiency and increased power output, ensuring optimal performance for modern combined cycle and cogeneration applications.
   
• Kawasaki Heavy Industries holds revenue of USD 6.3 billion for the first half of 2025. The company delivers HRSG systems for a wide range of applications, including large-scale 1,500 MW combined cycle plants, cogeneration facilities with diverse operational needs, heavy oil-fired gas turbines, and blast furnace gas-fired turbines. It also provides HRSG solutions equipped with auxiliary combustion systems, ensuring high efficiency and adaptability for complex industrial and power generation environments.
   
• Siemens Energy’s Benson HRSGs enable rapid startup and high cycle efficiency through their once-through design. Available in horizontal or vertical configurations, they offer superior steam parameters, improved part-load performance, and unrestricted load transients, ensuring unmatched operational flexibility for advanced power plant architectures. The company’s revenue for 9 months of 2025 was recorded at USD 32.56 billion.
   

Asia Pacific Heat Recovery Steam Generator Industry News

• In April 2025, GE Vernova commenced commercial operations at the Goi Thermal Power Station located in Chiba Prefecture, Tokyo, Japan. Developed by Goi United Generation, a joint venture of ENEOS Power, JERA, and Kyushu Electric Power the plant features three GE Vernova 9HA.02 gas turbines, delivering more than 2.3 gigawatts of electricity to support Japan’s energy needs.
   
• In January 2025, TBWES (Thermax Babcock & Wilcox Energy Solutions) commissioned a 125 TPH heat recovery steam generator boiler across a major refinery in West India for behind a Frame 6B gas turbine. The project extended equipment life by 15 years through detailed assessments and refurbishment, salvaged 700 tonnes of steel to cut 1,325 tCO2 emissions, and demonstrated TBWES’s capability in sustainable asset re-energization and efficient performance restoration.
   
• In October 2024, Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries, successfully completed its largest-ever power project by capacity of 5.3 GW combined cycle gas turbine (CCGT) installation in Thailand. The joint venture between Japan’s Mitsui and Thailand’s Gulf Energy Development and the project comprises two state-of-the-art power plants located in Chonburi and Rayong Provinces. Each facility incorporates four advanced M701JAC gas turbines, along with steam turbines and Heat Recovery Steam Generators (HRSGs), delivering an exceptional efficiency of approximately 64%. This high-performance configuration significantly reduces fuel consumption and lowers carbon emissions
   
• In April 2024, CN Co., (CNI) successfully launched its dedicated production line for heat recovery steam generators (HRSG), marking a pivotal step in its industrial expansion. With operations set to begin, the new facility enables CNI to independently manufacture complete HRSG units, reinforcing its technological capabilities and manufacturing autonomy. This strategic move not only strengthens CNI’s position in the global HRSG market but also underscores its commitment to delivering high-performance.
   

The Asia Pacific heat recovery steam generator market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2034 for the following segments:

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Market, By Design

• Horizontal drum
• Vertical drum

Market, By Rated Power

• ≤ 30 MW
• ≥ 30 - 50 MW
• ≥ 50 - 100 MW
• ≥ 100 - 200 MW
• ≥ 200 MW

Market, By Mode of Operation

• Cogeneration
• Combined cycle

Market, By Application

• Utilities
• Commercial
• Chemicals
• Refineries
• Pulp & paper
• Others

The above information has been provided for the following countries:

• China
• Japan
• South Korea
• India
• Australia
• Indonesia
• Singapore
• Malaysia
• Philippines