Heat Recovery Steam Generator Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The report covers Global Heat Recovery Steam Generator (HRSG) Manufacturers and the market is Segmented into End Users (Power Plants, Oil and Gas Facilities, Chemical and Fertilizer Plants, and Other End Users) and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Heat Recovery Steam Generator Market Size

Compare market size and growth of Heat Recovery Steam Generator Market with other markets in Energy & Power Industry

Heat Recovery Steam Generator Market Analysis

The Heat Recovery Steam Generator Market is expected to register a CAGR of 3% during the forecast period.

  • The power generation segment is expected to dominate the heat recovery steam generators market in the forecast period.
  • Countries, such as Germany, United Kingdom, and the United States, are focusing on reducing their greenhouse gas emission significantly by 2030, which in turn, is expected to create a significant opportunity for heat recovery steam generators in the forecast period.
  • Asia-Pacific dominated the market in 2018, owing to its increasing energy demand and targets to reduce greenhouse gas emissions.

Asia-Pacific to Dominate the Market

  • Asia-Pacific has dominated the heat recovery steam generator market in the past and is going to dominate the market in the forecast period because of the several power projects under construction.
  • Patratu Super Thermal Power Project, Jharkhand in India, started in 2018 and is expected to be completed in 2022. The project has the capacity to produce 4000 megawatts (MW) of power and is likely to use a large capacity heat recovery steam generator.
  • Taiwan Power Company awarded a joint venture of Marubeni Corporation and General Electric Company in 2019, an EPC contract for the expansion of its DaTan Combined Cycle Power Plant Project for Units 8 and 9. This EPC contract also includes the installation of a heat recovery steam generator from General Electric Company. It is likely to drive the heat recovery steam generator market in the forecast period.
  • Bharat Heavy Electricals Limited was awarded a contract by Ramagundam Fertilizers and Chemicals Ltd (RFCL) in Telangana to build a gas turbine of 32.5 megawatt capacity. This contract also includes the setting up of a heat recovery steam generator and is likely to drive the market in the forecast period.
  • Hence, from the above points, it can be concluded that Asia-Pacific is going to dominate the heat recovery steam generator market in the forecast period.

Heat Recovery Steam Generator Industry Overview

The heat recovery steam generator market is moderately fragmented. Some of the key players in the market include Siemens AG, Mitsubishi Hitachi Power Systems Ltd, Sofinter SpA, General Electric Company, and Thermax Limited.

Heat Recovery Steam Generator Market Leaders

  1. Siemens AG

  2. Mitsubishi Hitachi Power Systems Ltd

  3. Sofinter S.p.a

  4. General Electric Company

  5. *Disclaimer: Major Players sorted in no particular order
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Heat Recovery Steam Generator Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD billion, till 2025
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.2 Restraints
  • 4.6 Supply Chain Analysis
  • 4.7 Porter's Five Forces Analysis
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Consumers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitutes Products and Services
    • 4.7.5 Intensity of Competitive Rivalry

5. MARKET SEGEMENTATION

  • 5.1 End User
    • 5.1.1 Power Plants
    • 5.1.2 Oil and Gas Facilities
    • 5.1.3 Chemical and Fertilizer Plants
    • 5.1.4 Other End Users
  • 5.2 Geography
    • 5.2.1 North America
    • 5.2.2 Europe
    • 5.2.3 Asia-Pacific
    • 5.2.4 South America
    • 5.2.5 Middle-East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers, Acquisitions, Collaborations, and Joint Ventures
  • 6.2 Strategies Adopted by Key Players
  • 6.3 Key Companies Profile
    • 6.3.1 Thermax Limited
    • 6.3.2 Siemens AG
    • 6.3.3 Mitsubishi Hitachi Power Systems Ltd
    • 6.3.4 AC BOILERS SpA
    • 6.3.5 Kelvion Holding GmbH
    • 6.3.6 General Electric Company
    • 6.3.7 Alfa Laval AB
    • 6.3.8 Mersen SA
    • 6.3.9 Sofinter SpA

7. Market Opportunities and Future Trends

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Heat Recovery Steam Generator Industry Segmentation

The heat recovery steam generator market report includes:

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Heat Recovery Steam Generator Market Research FAQs

What is the current Heat Recovery Steam Generator Market size?

The Heat Recovery Steam Generator Market is projected to register a CAGR of 3% during the forecast period (2025-2030)

Who are the key players in Heat Recovery Steam Generator Market?

Siemens AG, Mitsubishi Hitachi Power Systems Ltd, Sofinter S.p.a and General Electric Company are the major companies operating in the Heat Recovery Steam Generator Market.

Which is the fastest growing region in Heat Recovery Steam Generator Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Heat Recovery Steam Generator Market?

In 2025, the Asia Pacific accounts for the largest market share in Heat Recovery Steam Generator Market.

What years does this Heat Recovery Steam Generator Market cover?

The report covers the Heat Recovery Steam Generator Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Heat Recovery Steam Generator Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

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Heat Recovery Steam Generator Industry Report

Statistics for the 2025 Heat Recovery Steam Generator market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Heat Recovery Steam Generator analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Heat Recovery Steam Generator Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)