Heat Recovery Steam Generator Market size is set to exceed USD 1.8 Billion 2025, as reported in the latest study by Global Market Insights Inc.
Robust industrial growth coupled with upsurge in demand for energy efficiency across the manufacturing sector will foster the heat recovery steam generator industry. Paradigm shift toward emission control along with stringent regulatory norms will boost the product penetration. Furthermore, shift toward sustainable energy sources and reduced operational cost will contribute toward industry demand.
Asia Pacific heat recovery steam generator market is set to witness over 5% CAGR through 2025. Accelerating investments toward development of industrial base coupled with government policies and regulations to minimize carbon footprint will stimulate the industry outlook.
Introduction of favorable government policies toward development of combined cycle generating sources coupled with the growing consumer inclination toward sustainable cogeneration technologies will positively impact the heat recovery steam generator market share. Furthermore, the significant growth across chemicals, fertilizers, power generation, food & beverages, and oil & gas industries will subsequently fuel the industry trends.
Increasing investments toward the development of commercial and industrial infrastructure including commercial spaces, malls, and colleges will boost the market statistics. The HRSG is considered as an important component to dissipate the excess heat generated from the buildings. The rapid development of urban areas along with improvement in the standard of living will lead to the large-scale deployment of these systems therefore, augmenting the industry share.
Browse key industry insights spread across 300 pages with 444 market data tables & 37 figures & charts from the report, “Heat Recovery Steam Generator Market Analysis 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” in detail along with the table of contents:
Increasing demand for reliable, cost effective and energy efficient systems for electricity and heat generation across both commercial and industrial sector will drive the heat recovery steam generator market size. Volatile fossil fuel prices along with increasing focus to reduce dependency are some of prominent factors enhancing the demand for energy efficient systems. Financial incentives, government subsidies and tax rebates introduced by various regulatory authorities will further complement the industry share.
Middle East & Africa heat recovery steam generator market will achieve a significant CAGR on account of growing government measures to diversify the power generation mix. In addition, resurgent economic growth coupled with upsurge in investments from various financial institutions including ADB toward development of industries will boost the industry landscape.
HRSG systems find its wide applications across commercial, refining, centralized heating, power generation and petrochemical industry. The rising importance of energy optimization across the manufacturing sector coupled with increasing infrastructure spending toward the development and refurbishment of various industries will positively impact the heat recovery steam generator market share. Rapid technological enhancements resulting in low-cost and highly efficient heat recovery solutions will further complement the industry landscape.
Eminent industry participants in heat recovery steam generator industry include Hamon, Kelvion, John Cockerill, Rentech, John Wood, Larsen & Turbo, Clayton, AC Boilers, Siemens, Thermax, GE, Kawasaki, Cleaver-Brooks, BHEL, Mitsubishi and B&W.