Press release
Industrial Sector Expansion To Fuel Growth In Heat Recovery Steam Generator Market: A Key Driver Powering Heat Recovery Steam Generator Market Growth In 2025
Heat Recovery Steam Generator Market
What Is the Current Heat Recovery Steam Generator Market Size and Its Estimated Growth Rate?
In recent years, the market size for heat recovery steam generators has experienced robust growth. The market is projected to expand from $1.71 billion in 2024 to $1.82 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.2%. Factors contributing to this growth throughout the historic period include the escalating demand for energy-efficient solutions, increased application in combined cycle power plants, rigorous environmental regulations, growth in worldwide power generation capacity, and the enlargement in industrial sections such as oil, gas and manufacturing.
In the coming years, a robust growth is anticipated for the heat recovery steam generator market, which is projected to reach a valuation of $2.29 billion in 2029 with a compound annual growth rate (CAGR) of 6.0%.Such growth during the forecast period could be credited to factors like the increased investment in integrating renewable energy resources, the intensified focus on minimizing operational expenses, the burgeoning demand from burgeoning economies, and the enlargement of applications well beyond utilities. Furthermore, the market's expansion is fueled by advances in smart monitoring and maintenance technologies. Some of the prevalent trends for the forecast period encompass a movement towards more small-scale and modular layouts, a surge in the use of digital twin technology for enhancing performance, evolution of advanced materials for higher temperature endurance, an emphasis on decreasing carbon emissions with superior emission control methods, and the uptake of advanced automation and AI-aided maintenance strategies.
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How Are Emerging Segments Shaping the Heat Recovery Steam Generator Market Landscape?
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 Growth Factors Are Influencing Heat Recovery Steam Generator Market Expansion?
The growth of the industrial sector is anticipated to bolster the heat recovery steam generator market in the future. The term industrial sector pertains to the segment of the economy that manufactures goods through different industries such as manufacturing, construction, and more. The prosperity of the industrial sector can be attributed to a heightened demand for manufactured goods and advancements in technology that heighten production and efficiency. A heat recovery steam generator (HRSG) within the industrial sector harnesses and transforms waste heat from industrial processes into steam to amplify energy efficiency and decrease fuel consumption. In July 2023, Eurostat, a Luxembourg-based governmental statistical agency, reported that in May 2023, the European region saw a seasonally adjusted industrial production surge by 0.2%, whereas it escalated by 0.1% in the European Union in comparison to April 2023. Consequently, the blossoming of the industrial sector is stimulating the heat recovery steam generator market.
Who Are the Dominant Players Across Different Heat Recovery Steam Generator Market Segments?
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 Latest Developing Trends in the Acne Treatment Devices Market?
In the heat recovery steam generator market, chief corporations are designing innovative products such as heat recovery power generation systems, to establish a competitive advantage. A system like this harvests and leverages waste heat from industrial operations, exhaust gases, or other energy sources to generate power. This is exemplified by Kawasaki Heavy Industries Ltd, a Japanese manufacturing firm that delivered its novel high-efficiency heat recovery power generation system- VEGA Boiler, to Taiheiyo Cement in October 2022. This remarkable development marked the debut of the VEGA Boiler in Japan, reflecting Kawasaki's commitment to enhancing energy productivity in the cement sector. The VEGA boiler is custom-built for heat waste recovery in cement factories, using the heat from exhaust gases to generate power. It works by using the heat from the preheater's exhaust gases, laden with considerable amounts of dust, to convert into steam which in turn powers the electricity-producing turbine.
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Which Geographic Regions Are Expected to Dominate the Heat Recovery Steam Generator Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Heat Recovery Steam Generator Market?
2. What is the CAGR expected in the Heat Recovery Steam Generator Market?
3. What Are the Key Innovations Transforming the Heat Recovery Steam Generator Industry?
4. Which Region Is Leading the Heat Recovery Steam Generator Market?
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