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 is anticipated to witness register over 4% CAGR through 2025. Increasing utilization of cogeneration technology along with the growing investment toward generation capacity expansion will stimulate the market growth. Furthermore, the rapidly expanding industrial sector coupled with the shifting trend toward non-conventional energy utilization will positively influence the industry landscape.

Heat Recovery Steam Generator Market

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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 industry statistics. 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:2018Historical Data for:2014 to 2018
Market Size in 2018:1 Billion (USD)Forecast Period:2019 to 2025
Forecast Period 2019 to 2025 CAGR:4%No. of Pages:300
2025 Value Projection:1.8 Billion (USD) 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
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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By Design

The horizontal drum segment of heat recovery steam generator market will achieve a significant CAGR 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 outlook.

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.

By Rated Power

0 MW – 30 MW capacity heat recovery steam generator market 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 demand. Lower emissions & electricity costs, and vast potential to utilize waste fuels are the few underlying parameters which will boost the product adoption.

By Mode of Operation

Cogeneration heat recovery steam generator market is anticipated to register over 5% CAGR through 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.

Combined cycle plants will witness lucrative 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 demand.

By Application

Europe Heat Recovery Steam Generator Market By Application

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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 share. 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 statistics.

By Region

Middle East & Africa Heat Recovery Steam Generator Market By Region

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The U.S. heat recovery steam generator 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 forecasts.

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

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.

Heat recovery steam generator market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD Million from 2014 to 2025, for the following segments:

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
  • Commercial
  • Chemicals
  • Refineries
  • Pulp & Paper
  • Others

The above information is provided on a regional & country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Finland
    • Russia
    • Germany
    • Denmark
    • Sweden
    • Italy
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
    • Singapore
    • Malaysia
    • Philippines
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • Oman
    • Kuwait
    • Egypt
    • South Africa
    • Nigeria
  • Latin America
    • Brazil
    • Argentina
    • Chile
    • Peru


Frequently Asked Questions (FAQ) :

heat recovery steam generator market is forecast to exhibit a crcr of 4% through 2025.
The overall heat recovery steam generator industry is anticipated to acquire a revenue share of $1.8 billion by the end of 2025.

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Premium Report Details

  • Published Date: Jun 2019
  • Pages: 300
  • Tables: 444
  • Charts / Figures: 37
  • Companies covered: 16
  • Countries covered: 32

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