Heat Recovery Steam Generators Market Global Industry Analysis Forecast - 2024

The global demand for heat recovery steam generators, the machines that act as a thermodynamic link between steam and gas turbines in combined-cycle power plants, has witnessed an encouraging rise in the past few years. An increasing inclination of policy makers and governments towards cleaner and optimal energy options for the generation of electricity for a continuously rising world population has led to an increased number of combined-cycle power plants globally. These considerably cleaner and more energy efficient power plants as compared to conventional power plants are the key employers of heat recovery steam generators. The rising numbers of these power plants translate into an increased demand for heat recovery steam generators.

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This report on the global heat recovery steam generators market presents a complete analysis of the present state of the market and verifiable predictions about the way the market’s growth dynamic is expected to evolve over the report’s forecast period. The report also includes a thorough overview of factors such as growth drivers, trends, restraints, and regulations, expected to have a notable influence on the overall development of the market in the next few years. The report also includes an analysis of the recent developments observed in the market in terms of technology and product varieties, Porter’s fiver forces analysis of the competitive landscape, and detailed business profiles of some of the key vendors in the market.

Heat Recovery Steam Generators Market: Trends and Opportunities

The vast rise in demand for improved energy efficiency of power plants and the power generation process and the availability of encouraging government incentives and rebates for enhancing the energy efficiency of the same are the key factors fueling the growth of the global heat recovery steam generators market. An increasing inclination towards the use of clean power generation technologies, the thriving industrial sector, especially across developing economies such as India and China, is also driving the increased demand for heat recovery steam generators globally.

However, the after-effects of recent economic slowdowns in established markets such as Europe and certain parts of North America have adversely affected the prices of natural gas, which has dampened the spirits of power generation companies wanting to foray into the field of mixed-cycle power plants to a certain extent. However, the issue is expected to have only a moderate impact on the overall growth prospects of the market in the near future. Another key challenge faced by companies in the global heat recovery steam generators market is the lack of product differentiation, which has led to intense competition in terms of product costs.

Heat Recovery Steam Generators Market: Geographical and Competitive Landscape

The report analyzes the market for heat recovery steam generators across regions such as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. The report states that Middle East could be an opportunity area for the manufacturers of heat recovery steam generators as the region is rich in oil reserves and natural gas. Power generation through natural gas is a key component of the region’s overall energy mix. As such, the demand for heat recovery steam generators is also high in the region. Regulatory policies encouraging the development of the natural gas sector and heavy investment plans are anticipated to drive the market in the region in the next few years. Iran and Saudi Arabia are expected to contribute the most to the growth of the market in the region over the next few years.

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Some of the key companies operating in the global heat recovery steam generators are Sofinter S.p.a, ALSTOM, Technology Transfer Services, Foster Wheeler AG, CMI Groupe, Hitachi, Ltd, The Babcock & Wilcox Company, and Thermax Ltd.

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