Industrial Sector Expansion To Fuel Growth In Heat Recovery Steam Generator Market Driver: Leading Transformation in the Heat Recovery Steam Generator Market in 2025

What industry-specific factors are fueling the growth of the heat recovery steam generator market?
The growth of the industrial sector is projected to drive the heat recovery steam generator market in the future. The industrial sector refers to a segment of the economy engaged in the production of goods via manufacturing, construction, and similar industries. It is growing due to the heightened demand for manufactured products and advancements in technology that increase efficiency and output. A heat recovery steam generator (HRSG) is employed within this sector to catch and transform waste heat from industrial operations into steam, enhancing energy efficacy and diminishing fuel use. For example, in July 2023, based on data from Eurostat, a government statistical agency based in Luxembourg, industrial production rose by 0.2% in the European area and expanded by 0.1% in the European Union in May 2023, after adjusting for seasonal factors, compared to April 2023. Consequently, the growth of the industrial sector is advancing the heat recovery steam generator market.

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What Is the projected market size and growth rate for the heat recovery steam generator market?
In recent times, the heat recovery steam generator market has seen significant growth. The market size that stood at $1.71 billion in 2024 is projected to increase to $1.82 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.2%. Factors spurring this growth during the historic period include heightened demand for energy efficiency, increased usage of combined cycle power plants, strict environmental policies, the rise in the worldwide power generation capacity, and the expansion of industries like oil, gas, and manufacturing.

In the upcoming years, the heat recovery steam generator market is anticipated to experience significant growth, scaling up to a value of $2.29 billion by 2029 with a compound annual growth rate (CAGR) of 6.0%. This surge during the forecast period is due to factors such as the proliferation of investments in the assimilation of renewable energy, an intensified focus on cost-efficiency, rising demand from developing markets, an expansion of uses beyond utilities, and the emergence of smart monitoring and maintenance technologies. Key trends during the planned period include a move towards more streamlined and modular designs, increased usage of digital twinning for enhancing performance, the creation of next-gen materials for superior temperature tolerance, focus on lowering carbon emissions via advanced emission control solutions, and the uptake of advanced automation and AI-powered maintenance plans.

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What new trends are reshaping the heat recovery steam generator market and its opportunities?
Leading businesses in the heat recovery steam generator market are introducing ground-breaking products such as heat recovery power generation systems to acquire a competitive advantage in the market. This kind of system captures and repurposes waste heat from various energy resources or industrial procedures, including exhaust gases, for electricity generation. For instance, in October 2022, Kawasaki Heavy Industries Ltd., a manufacturing firm based in Japan, introduced its state-of-the-art high-efficiency waste heat recovery power generation system known as the VEGA boiler, to Taiheiyo Cement. This installation marked the first presence of the VEGA boiler in Japan, reflecting Kawasaki's commitment to enhancing energy efficiency in the cement sector. The VEGA boiler is uniquely crafted to recover waste heat in cement plants by capturing unused heat from exhaust gases to generate electricity. It achieves this by using heat from the preheater's exhaust gases, which bear a tremendous amount of dust, to produce steam that fuels a turbine for electricity generation.

What major market segments define the scope and growth 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.

Which key market leaders are driving the heat recovery steam generator industry growth?
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

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What Is Covered In The Heat Recovery Steam Generator Global Market Report?

•Market Size Forecast: Examine the heat recovery steam generator market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the heat recovery steam generator market for a structured understanding.
•Key Players Overview: Analyze major players in the heat recovery steam generator market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the heat recovery steam generator market.
•Segment Contributions: Evaluate how different segments drive overall growth in the heat recovery steam generator market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the heat recovery steam generator market.
•Industry Challenges: Identify potential risks and obstacles affecting the heat recovery steam generator market.
•Competitive Landscape: Review strategic developments in the heat recovery steam generator market, including expansions, agreements, and new product launches.

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