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Heat Recovery Steam Generator Market Size (2024 - 2029)

The heat recovery steam generator market is anticipated to experience growth driven by the increasing emphasis on energy efficiency and the reduction of greenhouse gas emissions. Despite the high initial investment costs posing a challenge, the market is expected to expand, particularly within the power generation sector. Opportunities are emerging as countries like Germany, the United Kingdom, and the United States aim to significantly cut their emissions by 2030. The Asia-Pacific region, having dominated the market due to rising energy demands and emission reduction targets, continues to be a key area of focus.

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Market Size of Heat Recovery Steam Generator Industry

Heat Recovery Steam Generator- Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 3.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

Heat Recovery Steam Generator Market Analysis

The global power generation is likely to witness a CAGR of more than 3% during the forecast period, 2020-2025, which has a direct influence on the heat recovery steam generator (HRSG) market. Additionally, factors, such as increasing energy efficiency and less emission of greenhouse gases, are likely to drive the heat recovery steam generator market in the forecast period. However, the initial cost of investment is high for HRSG, which, in turn, is expected to hurt the market studied.

  • 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.

Heat Recovery Steam Generator Industry Segmentation

The heat recovery steam generator market report includes:

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Heat Recovery Steam Generator Market Size Summary

The heat recovery steam generator (HRSG) market is poised for growth, driven by the increasing demand for energy efficiency and reduced greenhouse gas emissions in power generation. The market is expected to benefit from the global push towards cleaner energy solutions, with countries like Germany, the United Kingdom, and the United States setting ambitious emission reduction targets. Despite the high initial investment costs associated with HRSGs, their ability to enhance energy efficiency and lower carbon emissions makes them a critical component in the transition to sustainable energy systems. The power generation sector is anticipated to be the dominant force in the HRSG market, supported by various projects and contracts aimed at upgrading and expanding energy infrastructure.

Asia-Pacific is expected to maintain its dominance in the HRSG market, fueled by numerous power projects and a growing energy demand in the region. Significant projects, such as the Patratu Super Thermal Power Project in India and the expansion of Taiwan's DaTan Combined Cycle Power Plant, highlight the region's commitment to integrating HRSG technology. These developments are part of a broader trend towards increasing the efficiency of power generation systems, which is further supported by contracts awarded to major industry players like General Electric Company and Mitsubishi Hitachi Power Systems Ltd. The market remains moderately fragmented, with key players continuing to innovate and expand their offerings to meet the evolving needs of the global energy landscape.

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Heat Recovery Steam Generator Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

Heat Recovery Steam Generator Market Size FAQs

The Heat Recovery Steam Generator Market is projected to register a CAGR of 3% during the forecast period (2024-2029)

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.

Heat Recovery Steam Generator Market Report Snapshots

Heat Recovery Steam Generator Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)