Heat Recovery Steam Generator Market Estimated to Experience a Hike in Growth By 2030

A heat recovery steam generator (HRSG) is a heat exchanger that recovers heat from a hot gas stream, such as a combustion turbine or other waste gas stream. It produces steam that can be used in a co-generative process or used to drive a steam turbine for the generation of electricity. Supplemental or duct firing is carried out in some systems that provide additional energy, thus increasing the output of the steam turbine. HRSG is widely applicable in chemical, refineries, and paper & pulp industries.

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COVID-19 scenario analysis

The outbreak of the novel coronavirus pandemic had severe impacts on the global heat recovery steam generator market.

• The economic downfall caused by the pandemic has severely affected the power generation sector through the steep fall in crude oil prices, which, in turn, has impacted the global HRSG market.
• Owing to the restrictions that are imposed on transportation, the supply chain of manufacturers as well as the transportation of the HRSG units are hampered.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The rapid increases in urbanization and growth in industrialization have escalated the demand for energy. Thus, the rise in the need for efficient energy management for the appropriate use of resources has acted as a major driver of the global heat recovery steam generator (HRSG) market. In addition, the rise in prices of electricity and the surge in the need for a more efficient power generation process has fueled the growth of the market. Furthermore, the implementation of stringent government regulations for the reduction of carbon footprint and an increase in environmental awareness has boosted the adoption of HRSGs among industries. Owing to the ability to produce clean energy, HRSGs have witnessed popularity among energy-efficient industries.

However, the high cost of transportation and high procuring & maintenance cost act as the key restraining factors of the global heat recovery steam generator market. On the contrary, the compact and effective designs with efficient power generation and lower carbon emission rates of HRSGs are anticipated to offer remunerative opportunities for the expansion of the global market.

The need for energy-producing technologies has been rapidly increasing in the developed regions of North America and Europe leading to significant growth in the market. Steady market growth is further anticipated in the Asia-Pacific region, owing to an increase in industrial activities in emerging economies and a surge in the need for energy-efficient technologies.

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Market Key Segments:

By Power Rating
• Up to 30 MW
• Above 30 MW

By Application
• Combined Cycle
• CHP

By Industry Vertical
• Chemical
• Refineries
• Paper and Pulp
• Utilities
• Others

By Region
• North America (U.S., Canada, Mexico)
• Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
• LAMEA (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)

Key Market Players: Thermax Ltd., Alstom SA, Sofinter S.P.A., Foster Wheeler AG, Technology Transfer Services, Mitsubshi Heavy Industries, CMI Group, Bharat Heavy Electricals Ltd., AE&E Australia Pvt. Ltd., Doosan Heavy Industries & Construction Co. Ltd.

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Key benefits of the report

• This study presents the analytical depiction of the global heat recovery steam generator industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global heat recovery steam generator market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global heat recovery steam generator market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.

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