Heat Recovery Steam Generator Market Size & Share 2025 – 2034
Market Size by Design, by Rated Power, by Mode of Operation, by Application, Analysis,Growth Forecast.
Report ID: GMI3374
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Published Date: December 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Divyendu Sharma
Heat Recovery Steam Generator Market Size
The global heat recovery steam generator market size in 2024 was evaluated at USD 1.4 billion and is set to grow at a growth rate of 4.8% from 2025 to 2034. Growing inclination towards renewable energy sources, implementation of energy efficiency regulations, and the increasing need to reduce carbon emissions will complement the industry landscape.
Heat Recovery Steam Generator Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Shifting focus on improving HRSG efficiency and performance through advanced technologies, such as innovative materials, coatings, and control systems, will positively impact the business outlook.
Supportive environmental regulations, rising electricity costs, and decreasing capital costs of HRSG systems are influencing their adoption in various industrial sectors, including refineries, manufacturing facilities, power generation and petrochemical plants. Furthermore, growing energy demand coupled with initiatives aimed at improving energy efficiency and emission reduction are contributing to the industry expansion.
For instance, in May 2024, the U.S. EPA is implementing several measures under the Clean Air Act to regulate GHG emissions from power plants. These actions include repealing the Affordable Clean Energy Rule, setting new guidelines for existing coal and oil/gas-fired units, revising standards for new and modified turbines, and updating requirements for steam generators undergoing major changes.
Heat Recovery Steam Generator Market Trends
The heat recovery steam generation market is set to grow owing to increasing focus on efficient cogeneration systems, increased energy efficiency needs and renewable energy integration. Paradigm shift towards development of combined cycle power plants coupled with rising electricity demand and renewable power generation will positively influence the business dynamics. Additionally, the replacement of coal with gas in small-scale industries and increased use in process industries are opening new progression opportunities contributing to the industry progress.
Heat Recovery Steam Generator Market Analysis
≤ 30 MW segment is anticipated to grow over USD 700 million by 2034. Widespread use in small-scale generation plants and industrial sectors along with ongoing adoption of these units in process heating and commercial applications in cold regions is complementing the industry landscape. Increasing micro gas turbine demand and cogeneration system adoption, development for small industrial, commercial, and isolated grid networks and investments in efficient combined cycle plants for low heat requirements are also contributing to industry evolution.
Heat recovery steam generator market from utilities segment is anticipated to witness a CAGR of over 4.5% by 2034. Increasing adoption of combined-cycle power plants, shifting focus to reduce carbon emissions and flourishing investments for integration of renewable energy will augment the industry landscape. Respective authorities are offering financial support to expand infrastructure coupled with growing emphasis on infrastructure development is expected to increase the deployment of heat recovery steam generators in the coming years, the industry outlook.
The U.S. heat recovery steam generator market is set to grow over USD 450 million by 2034. Ongoing developments in power infrastructure through investments in heat exchanger systems along with the expansion of advanced distributed generation technologies will complement the industry landscape. Ongoing upgrades to power systems, in waste heat recovery and shifting focus toward adoption of clean energy generation technologies stimulating the business dynamics.
For instance, in May 2024, U.S. regulators have approved Venture Global LNG's plans to fix issues at its Calcasieu Pass facility in Louisiana. The company is working to repair the heat recovery steam generator, with completion expected on schedule. Moreover, supportive regulations, ongoing technological advancements and government backing for cogeneration energy solutions, augmenting the industry outlook.
Heat Recovery Steam Generator Market Share
Major players in the heat recovery steam generator compressor industry are refining their research and development strategies, expanding their product portfolios, and incorporating advanced, sustainable technologies. Key manufacturers face intense competition, rapid technological advancements, and stringent regulatory requirements.
Companies such as Kawasaki Heavy Industries, GE Vernova, Siemens Energy, Thermax, Mitsubishi Heavy Industries, and John Wood Group hold significant market share and are focused on developing cost-effective and reliable solutions.
Heat Recovery Steam Generator Market Companies
Major players operating across the industry include:
Heat Recovery Steam Generator Industry News
The 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
Market, By Rated Power
Market, By Mode of Operation
Market, By Application
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
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Industry databases
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Regulatory filings
Government procurement records and policy documents
Academic research
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Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →