According to the report by Expert Market Research (EMR), the Global Heat Recovery Steam Generator Market Size reached a value of approximately USD 1.15 billion in 2022. Aided by the growing demand for efficient energy solutions and the rising applications of HRSG in various sectors, the market is projected to further grow at a CAGR of 4.60% between 2023 and 2028 to reach a value of USD 1.51 billion by 2028.
Heat recovery steam generators are a type of energy recovery equipment used to capture waste heat from gas turbines, steam turbines, or other heat sources to generate steam. This steam can then be used in a range of applications including electricity generation, process heating, or driving mechanical processes. Apart from its energy recovery properties, HRSGs also help in reducing carbon emissions and improving the overall efficiency of a thermal power system, making them a crucial part of various industrial applications, including power generation, oil & gas, and other heavy industries.
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The increasing global demand for efficient energy solutions is a key driver of the heat recovery steam generator market growth. As the awareness of energy conservation and sustainable energy usage increases, there has been a significant shift towards adopting energy-efficient systems, leading to a surge in demand for HRSGs. Additionally, the escalating emphasis on reducing greenhouse gas emissions in line with global climate goals has further contributed to the increasing popularity of HRSGs, given their role in improving the overall efficiency of power generation systems.
The growing applications of HRSGs in various industries also play a vital role in propelling the heat recovery steam generator market demand. In the power generation industry, HRSGs are used to improve plant efficiency and reduce fuel costs. In the oil and gas industry, HRSGs play a critical role in waste heat recovery from gas turbines, helping to optimise process efficiency and reduce environmental impact. Additionally, HRSGs are used in other heavy industries such as chemicals and steel, where they help in process heat recovery and energy cost savings, fuelling the heat recovery steam generator market development.
Moreover, the growing demand for Combined Cycle Power Plants (CCPPs) in the energy sector has led to an increased focus on HRSGs as a crucial component of these plants. With the increasing need for highly efficient and flexible power generation solutions, HRSGs have emerged as a key enabler in the operation of CCPPs, thereby boosting the heat recovery steam generator market expansion.
Heat Recovery Steam Generator Market Segmentation
The market can be divided based on rated power, end use, and region.
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Market Breakup by Rated Power
- Below 100 MW
- 101 MW to 200 MW
- 201 MW and Above
Market Breakup by End Use
- Power Plants
- Oil and Gas Facilities
- Chemical and Fertiliser Plants
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global heat recovery steam generator companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Thermax Limited
- John Wood Group PLC
- Kawasaki Heavy Industries, Ltd.
- Mitsubishi Hitachi Power Systems Ltd
- General Electric Company
- Babcock & Wilcox Enterprises, Inc.
- Belleli Energy, Spa
- Cleaver-Brooks, Inc.
- Clayton Industries Inc.
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