Market Trends of Heat Recovery Steam Generator Industry
This section covers the major market trends shaping the Heat Recovery Steam Generator Market according to our research experts:
Power Generation to Dominate the Market
- According to the International Energy Agency (IEA), the power generation segment in which heat recovery steam generators are widely used is likely to witness a CAGR of 3% in the upcoming years. This, in turn, is expected to boost the demand for HRSGs in the coming years.
- In 2011, the electric power consumed by the world was 22,258 Terawatt-Hour (TWh), which kept on increasing in the following years, showing the increasing energy requirement around the world.
- In 2018, Sumitomo SHI FW was awarded a contract by Hyundai Engineering & Construction (HDEC) to design and supply equipment for its Daesan Biomass Power Plant in Finland. This contract also includes the installation of a heat recovery steam generator.
- The movement in Europe carbon emission targets, which aims to cut down greenhouse gases by at least 40% by 2030, compared to 1990, has increased the usage of heat recovery steam generators in the past, both in the power generation and wind energy sectors.
- In 2018, Israel Electric Corporation (IEC) awarded General Electric Company a contract to build the first of two combined cycle gas turbine (CCGT) units. The project is intended to convert part of the Orot Rabin coal-fired power plant to burn gas. This contract also includes the installation of a heat recovery steam generator provided by the General Electric Company.
- Therefore, the above power generation projects are likely to drive the heat recovery steam generator market in the forecast period, as the usage of the heat recovery steam generator increases efficiency and decreases the carbon dioxide emission.
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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.
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