What's Driving the Heat Recovery Steam Generator Market Trends? | Major Key Companies are IHI Corporation, AMEC Foster Wheeler Ltd., Cochran Ltd., Forbes Marshall Private Limited, Mitsubishi Hitachi Power Systems, Ltd., Siemens AG

Heat recovery steam generators (HRSG) recover thermal energy from hot gas fumes, combustion turbines or other waste gas streams emitted from industries. The system is increasingly used in combined cycle power plants and cogeneration plants that generate both heat and electricity. HRSG offers high thermal efficiency and provides utilities with maximum utilization of exhaust heat. Rising product demand owing to favorable properties will drive heat recovery steam generator industry size.

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Global Market Insights, Inc., estimates heat recovery steam generator market size to exceed US$1.8 billion by 2025, with rising power expenses and a favorable regulatory scenario.

Rapid industrialization and urbanization trends and rising demand for electrical power will drive heat recovery steam generator market size. Industries are now adopting energy efficient technologies such as waste heat recovery systems to lower power consumption and energy costs. This trend will propel heat recovery steam generator industry size in the years to come.

Growing investments in power generation plants will propel market share during the forecast period. For instance, in 2019, South Field Energy announced the construction of a 1.18GW natural gas-fired combined-cycle power plant in Columbiana County, Ohio, with an estimated investment of $1.3billion. The plant will be equipped with two 7HA.02 GE gas turbines along with a steam turbine and heat recovery steam generator (HRSG).

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HRSGs are widely used in combined-cycle and cogeneration plants to recover energy from exhaust gases. In cogeneration plants, HRSGs are added to generate low-pressure process steam while in combined-cycle plants they are used to generate high-temperature, high-pressure, superheated steam. In addition, HRSGs are used in chemical plants, refineries and industrial plants for generating steam for diverse applications.

Design segment of heat recovery steam generator market is split into horizontal drum and vertical drum systems. Horizontal drum HRSG witnesses massive demand owing to its cost-efficient circulation. Continuous technological advancements and cutting-edge R&D programs will also stimulate horizontal drum-based HRSG market size.

Vertical drum HRSG is also gaining popularity as it offers a compact & flexible design and has found growing application in gas turbines. Surging energy demand from manufacturing sector and industrial development across emerging nations has positively influenced product adoption. Rapid industrialization and urbanization will help expand food processing, textiles, chemical processing, and power generation industries. Rising product demand from these sectors will drive vertical drum-based heat recovery steam generator industry share.

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