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In-Depth Analysis of the Heat Recovery Steam Generator Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Heat Recovery Steam Generator Market Size
In recent times, the heat recovery steam generator market has experienced robust growth. The market size is projected to increase from $1.71 billion in 2024 to $1.82 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.2%. The historical growth is attributed to factors such as growing demands for energy efficiency, a rise in the use of combined cycle power plants, strict environmental regulations, a surge in global power generation capacity, and the development of industrial sectors, including oil and gas and manufacturing.
The market for heat recovery steam generators is predicted to experience significant expansion in the coming years. Its size is projected to escalate to $2.29 billion by 2029, with a compound annual growth rate (CAGR) of 6.0%. The forecasted growth can be linked to rising investments in the incorporation of renewable energy, heightened focus on operational cost reduction, an increase in demand from developing economies, broader utility applications, and the advent of intelligent monitoring and maintenance technologies. The market trends projected for this period involve a shift towards more streamlined and modular designs, greater utilization of digital twinning technology for better performance, the creation of next-generation materials for improved heat resistance, focus on carbon footprint reduction through enhanced emission control solutions, and the adoption of advanced automation and AI-enabled maintenance tactics.
What Is Driving the Growth Trajectory of the Heat Recovery Steam Generator Market?
The growth of the industrial segment is projected to stimulate the heat recovery steam generator (HRSG) market in the future. The industrial segment encompasses the economy's portion dedicated to the production of goods, comprising manufacturing, construction, and related industries. This enlargement is being fueled by a surge in the demand for manufactured commodities and the technological progress that enhances efficiency and production. In the business sector, an HRSG collects and turns industrial process' waste heat into steam, augmenting energy competence and diminishing fuel usage. For example, Eurostat, a statistical agency based in Luxembourg, highlighted that in July 2023, the industrial production in the European zone, after seasonal adjustment, grew by 0.2%, and by 0.1% in the European Union compared to April 2023. Hence, the flourishing of the industrial sector is propelling the growth of the heat recovery steam generator market.
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Which Leading Companies Are Shaping the Growth of the Heat Recovery Steam Generator Market?
Major companies operating in the heat recovery steam generator market are Hitachi Ltd., General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd., ABB Ltd., Alstom SA, Kawasaki Heavy Industries Ltd., Sumitomo Heavy Industries Ltd., John Wood Group PLC, Bharat Heavy Electricals Limited, SPX Flow Inc., Thermax Limited, Spirax Group plc, Babcock & Wilcox Enterprises Inc., Nooter/Eriksen Inc., Hamon & Cie International, Rentech Boilers Systems Inc., Clyde Bergemann Power Group, Bosch Industriekessel GmbH, Doosan Heavy Industries & Construction, John Cockerill, Aalborg Industries
What Are the Major Trends Shaping the Heat Recovery Steam Generator Market?
Leading firms in the heat recovery steam generator industry are gaining a competitive advantage by creating novel products like heat recovery power production systems. Such systems harvest and repurpose waste heat from industrial activities, emissions, and other energy sources for electrical power production. To exemplify, a Japanese manufacturing company, Kawasaki Heavy Industries Ltd., made news in October 2022 for unveiling its new VEGA boiler, a cutting-edge and efficient waste heat recovery power production system. This item found its initial installation at Taiheiyo Cement, marking its debut in Japan, illustrating Kawasaki's commitment to enhancing energy efficiency in the cement sector. The VEGA boiler is purposely engineered for waste heat recovery in cement factories as it harvests unutilized heat from emissions for electricity production. The boiler operates by making use of heat from the preheater's emissions, filled with substantial dust quantities, generating steam to power a turbine for electricity production.
What Are the Key Segments of the Heat Recovery Steam Generator Market?
The heat recovery steam generator market covered in this report is segmented -
1) By Design Type: Modular Construction; C-Section Construction; Bundle Construction; Fully Assembled
2) By Configuration Type: Horizontal Drum Units; Vertical Drum Units; Horizontal-Once Through Units
3) By Output Power Type: 0 To 60 Megawatt (MW); 60 To 100 Megawatt (MW); 100 Megawatt (MW) And Above
4) By Application Type: Co-Generation (Process Heating); Combined Cycle; Combined Heat And Power (CHP)
5) By End User: Utility; Chemicals; Refineries; Pulp And Paper; Other End Users
Subsegments:
1) By Modular Construction: Pre-Fabricated Modules; Skid-Mounted Modules; Compact Modular Systems
2) By C-Section Construction: Horizontal C-Section HRSGs; Vertical C-Section HRSGs; Single-Pressure C-Section HRSGs
3) By Bundle Construction: Horizontal Bundle HRSGs; Vertical Bundle HRSGs; Double Pressure Bundle HRSGs
4) By Fully Assembled: Factory-Assembled HRSGs; Site-Assembled HRSGs; Custom-Built Fully Assembled Units
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Which Region Dominates the Heat Recovery Steam Generator Market?
North America was the largest region in the heat recovery steam generator market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heat recovery steam generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Heat Recovery Steam Generator Global Market Report?
- Market Size Analysis: Analyze the heat recovery steam generator Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the heat recovery steam generator Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the market.
- Market Contribution: Evaluate contributions of different segments to the overall heat recovery steam generator market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the heat recovery steam generator market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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