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Over US$ 1.1 Bn Opportunity to be Created in 2021 as Heat Recovery Steam Generator Market Renews Pre-Pandemic Growth Status: FMI
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Increasing applications of heat recovery steam generators in combined cycle plants will continue driving sales during the assessment period. Heat recovery steam generators supply steam to steam turbine cycles, which is emerging as the most effective way to generate electricity in recent years.
In addition, government initiatives in counties such as the U.S., the U.K., India, and China regarding the promotion of renewable energy will spur demand for heat recovery steam generators in the forthcoming years.
Further, sophisticated customization and innovative product solutions offered by OEM's and heat recovery steam generator players will continue providing tailwinds to sales.
As per FMI's regional analysis, the U.K. is anticipated to lead the European heat recovery generator market. Stringent regulations regarding carbon emissions in the European Union, coupled with increasing adoption of renewable energy sources will enhance growth prospects through 2031.
“Increasing investments in the power generation sector to improve efficiency, coupled with inorganic growth strategies adopted by OEMs for better market reach will continue augmenting growth in the forthcoming years,” says the FMI analyst.
Key Takeaways:
Fully assembled heat recovery steam generators will remain the most preferred type of design.
In terms of configuration, horizontal drums will account for maximum sales.
Based on output power, 0-60 MW segment is poised to experience high demand.
Combined heat and power plants will dominate the application segment.
The U.S. is anticipated to witness high demand for heat recovery steam generators, owing to increasing energy production and need for sustainable methods. The North American market is poised to grow at a 4.4% CAGR.
The U.K. will continue leading the European heat recovery steam generator market, expanding at a 4.6% CAGR.
Demand for heat recovery steam generators will continue rising in China, due to the rising adoption of combined cycle plants.
India will emerge as a lucrative market, owing to government-backed initiatives promoting renewable energy production.
Japan and South Korea will collectively account for 5% of the total market share.
Competitive Landscape
Cleaver-Brooks, Siemens AG, General Electric, CMI Group, John Wood Group PLC, Cannon S.p.A., Mitsubishi Hitachi Power Systems, Ltd., Rentech Boilers Systems Inc., Hamon Deltak, Inc., AC BOILERS SpA, SES Tlmače, a.s., and Xizi United Holdings Limited are some players operating in the heat recovery steam generator market profiled by FMI.
Top 5 players in the market include General Electric, Siemens AG, CMI Group, John Wood Group plc, and Mitsubishi Hitachi Power Systems Ltd., accounting for 75.5% of the total market share.
Leading players, as a part of their growth strategies, are focusing on strategic collaborations, mergers, and acquisitions to expand their global footprint and improve their product portfolios. For instance:
In August 2021, Siemens Energy and state-owned Egyptian Electricity Holding Co. have signed a memorandum of understanding to develop a hydrogen-based, including a 100-200 MW pilot electrolyzer facility for the clean energy industry.
In August 2021, Mitsubishi Power’s Philippines unit secured a three-year term service agreement to maintain boilers of the Davao coal plant of Aboitiz Power Corp. The agreement is intended to maintain reliable energy access in Mindanao.
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Heat Recovery Steam Generator Market by Category
By Design Type:
Modular Construction
C-Section Construction
Bundle Construction
Fully Assembled
By Configuration Type:
Horizontal Drum Units
Vertical Drum Units
Horizontal-Once Through Units
By Output Power Type:
0-60 MW
60-100 MW
100 MW & Above
By Application Type:
Co-generation (Process Heating)
Combined Cycle
Combined Heat & Power (CHP)
By Region, Heat Recovery Steam Generator Market is segmented as:
North America
Latin America
Western Europe
Eastern Europe
China
Japan
India
southeast Asia & Others (SEA)
Middle East & Africa (MEA)
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More Insights into the Heat Recovery Steam Generator Market Report
In its latest report, FMI offers an unbiased analysis of the global heat recovery steam generator market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of design type (modular construction, c-section construction, bundle construction and fully assembled), configuration type (horizontal drum units, vertical drum units, and horizontal once-through units), application type (co-generation, combined cycle, and combined heat & power), output power type (0-60 MW, 60-100 MW, and 100 MW) and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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