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Europe Heat Recovery Steam Generator Market Trends

Report ID: GMI5728
Published Date: May 2023
Report Format: PDF

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Europe Heat Recovery Steam Generator Market Trends

Surging demand for energy efficiency units in line with shifting trends toward integration of renewable energy source will augment the deployment of these units. Rising energy demand along with significant investment in the development of advanced turbine systems have created favorable business environment. Effective energy utilization policies have also encouraged the expansion of combined cycle power plants, which in turn will drive the industry growth. Moreover, the growth in renewable-based power generation coupled with increasing electricity demand will sway the business landscape. The replacement of coal by gas in small-scale industrial applications combined with the growing product deployment in process industries is expected to create significant growth opportunities for the industry.

Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The market size for heat recovery steam generators in Europe was reached USD 381.9 million in 2022 and is estimated to see over 4.8% CAGR through 2023-2032, with increasing energy regulations and higher focus on lowering carbon emissions.

Europe heat recovery steam generators industry share from horizontal drum design segment will register over 4% CAGR from 2023 to 2032, due to advantages such as lower capital expenditure and ease of compatibility.

The commercial applications was more than USD 60 million during 2022, with a positive outlook towards sustainable energy projects and government funding for infrastructure growth across various nations.

Some major players in market include General Electric, Siemens Energy, Mitsubishi Heavy Industries, Ltd., John Cockerill, Babcock & Wilcox Enterprises, Inc., and Thermax Limited.