Heat Recovery Steam Generator Market Size By Design (Horizontal Drum, Vertical Drum), By Rated Power ( 0-30 MW, >30-50 MW, >50-100 MW, >100-200 MW, >200 MW), By Mode of Operation (Cogeneration, Combined Cycle), By Application (Utilities, Chemical, Refineries, Pulp & Paper), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025

Published Date: Jun 2019  |  Report ID: GMI3374  |  Authors: Ankit Gupta

Report Format: PDF   |   Pages: 300   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Heat Recovery Steam Generator Market size was over USD 1 billion in 2018 and is anticipated to witness an annual growth rate of over 4% by 2025.
 

UK Heat Recovery Steam Generator Market Size, By Rated Power, 2018 & 2025 (USD Million)

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The increasing utilization of cogeneration technology along with the growing investment toward generation capacity expansion will stimulate the market growth. For instance, as per the U.S. Energy Information Administration, the contribution of coal in the total U.S. energy consumption in 2018 declined by 4% when compared to 2017. Furthermore, the rapidly expanding industrial sector coupled with the shifting trend toward non-conventional energy utilization will positively influence the industry growth.
 

Rising costs of electricity, supportive regulatory environment and declining capital costs on account of ongoing technological developments are some of the paramount factors that will augment the heat recovery steam generator market growth. These systems are gaining importance across energy-efficient industries owing to their ability to minimize carbon footprints and to support clean energy initiatives.
 

Heat Recovery Steam Generator Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 1 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 4% 2025 Value Projection: 1.8 Billion (USD)
Pages: 300 Tables, Charts & Figures: 481
Geographies covered (32): U.S., Canada, Mexico, UK, Finland, Russia, Germany, Denmark, Sweden, Italy, Netherlands, China, Japan, South Korea, India, Australia, Indonesia, Singapore, Malaysia, Philippines, UAE, Saudi Arabia, Qatar, Oman, Kuwait, Egypt, South Africa, Nigeria, Brazil, Argentina, Chile, Peru
Segments covered: Design, Rated Power, Mode of Operation, Application and Region
Companies covered (16): John Wood Group PLC, Kawasaki Heavy Industries Ltd., Babcock and Wilcox Enterprises, Inc., Larsen & Toubro Ltd., Bharat Heavy Electricals Limited (BHEL), Cleaver-Brooks, Inc., Clayton Industries, John Cockerill, Mitsubishi Hitachi Power Systems, Ltd., General Electric, Siemens AG, AC Boilers Spa, Rentech Boiler Systems, Inc., Thermax, Kelvion Holding GmbH, Hamon Deltak, Inc.
Growth Drivers:
  • America & Europe
  • Increasing utilization of cogeneration technology
  • Focus toward combined cycle generation
  • Asia Pacific Middle East & Africa
  • Growing investment toward generating capacity expansion
  • Robust industrial sector growth
  • Latin America
  • Positive outlook toward non-conventional energy utilization
Pitfalls & Challenges:
  • High initial investments

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Heat Recovery Steam Generator Market, By Design

The horizontal drum heat recovery steam generator market will onlook growth on account of their ease of compatibility and lower capital expenditure. These systems consist of horizontal exhaust gas fans with heat exchanger tube bundles organized vertically. Furthermore, continuous technological development along with robust growth in combined cycle plants will boost the industry growth.
 

The rapid development of the commercial sector and industries including food processing, textile plants, chemical processing plants, and refineries will stimulate the vertical heat recovery steam generator industry. These systems have compact & flexible designs and are primarily used with gas turbines. The rising energy demand from manufacturing sector and associated industrial establishments across the developing nations will positively influence the product adoption.

 

Heat Recovery Steam Generator Market, By Rated Power

0 MW – 30 MW capacity heat recovery steam generator industry will witness growth on account of ongoing expansion of cogenerating units to sustain energy & heat consumption across small industrial, commercial and isolated grid networks. In addition, prevailing advancements with respect to the development of effectively combined style plants to withstand low heat requirements across various establishments will further increase the product penetration.
 

Ongoing implementation of the distributed generation technologies across static energy generation applications will stimulate the >200 MW heat recovery steam generator market growth. Lower emissions & electricity costs, and vast potential to utilize waste fuels are the few underlying parameters which will boost the product adoption.
 

Heat Recovery Steam Generator Market, By Mode of Operation

Cogeneration heat recovery steam generator industry is anticipated to grow at a rate of over 5% by 2025. The technology is widely used with cogeneration applications in the U.S and European countries owing to the growing adoption of gas-fired technology. In addition, high reliability, low emissions, and high-grade heat available are some of the essential parameters positively impacting the industry growth.

 

Combined cycle plants will onlook growth owing to its effective design, easy configuration and high efficiency in comparison with other alternatives. These plants generate electricity and heat energy in one cycle enabling more efficient energy usage than in a traditional simple cycle plant. In addition, efforts toward limiting carbon emissions coupled with shift toward energy efficient power generating technologies will fuel the global market growth.
 

Heat Recovery Steam Generator Market, By Application

Europe Heat Recovery Steam Generator Market Size, By Application, 2018 & 2025 (USD Million)
Europe Heat Recovery Steam Generator Market Size, By Application, 2018 & 2025 (USD Million)

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The ongoing development of thermal power generating stations along with the shifting trend toward the utilization of sustainable energy resources will stimulate the market. The introduction of stringent regulatory norms resulting in an upsurge in adoption of combined cycle plants, will further boost product adoption.
 

Rising investments across the O&G industry post-oil price downturn, primarily across the Middle East & Asia Pacific region will positively impact the demand for HRSG systems. In addition, the ongoing refinery and petrochemical plant expansion plans owing to increasing demand for hydrocarbon products will further propel the heat recovery steam generator market growth.

 

Heat Recovery Steam Generator Market, By Region

Middle East & Africa Heat Recovery Steam Generator Market Size, By Region, 2025 (USD Million)
Middle East & Africa Heat Recovery Steam Generator Market Size, By Region, 2025 (USD Million)

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The U.S. market is set to exceed USD 250 million by 2025. Increasing focus toward combined cycle power plant capacity additions along with the rising need to replace aging coal-fired power plants to alleviate the emissions have substantially widened the installation of HRSGs. Federal and state incentives & policies, lower energy operating costs, CHP-friendly regulations and utility support are some of the key factors which will stimulate the industry growth.
 

Accelerating thermal capacity additions, growing industrial sector and a positive outlook toward combined cycle energy utilization will boost the China heat recovery steam generator market growth. Increasing investments toward modernization of infrastructure by investing across distributed energy sources along with development of combined cycle plants will boost the industry growth.
 

Competitive Market Share

Eminent industry players operating across the heat recovery steam generator market includes John Wood, Kawasaki, B&W, Larsen & Turbo, BHEL, Cleaver-Brooks, Clayton, John Cockerill, Mitsubishi, GE, Siemens, AC Boilers, Rentech, Thermax, Kelvion, Hamon.
 

Leading industry participants have aligned their focus toward inorganic growth ventures to strengthen their business platform. In addition, technological collaborations, focused research and development activities, and product improvements have also been a key strategic implication for key players.
 

Heat Recovery Steam Generator Industry Background

Heat recovery steam generators are energy recovery heat exchanger systems which recover heat from hot gas streams. These systems produce steam which are used across combined cycle plants and for cogeneration. There are four main components of HRSG systems including evaporators, economizers, superheaters and water preheaters. The growing manufacturing sector coupled with ongoing technological advancements have also provided favourable business opportunities to the industry players for expansion.


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