Heat Recovery Steam Generator Market: Major Trends Reshaping the Future of the Industry

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What Will the Heat Recovery Steam Generator Industry Market Size Be by 2025?
In recent years, the market size for heat recovery steam generators has seen steady growth. The market, which is projected to increase from $1.71 billion in 2024 to $1.79 billion in 2025, will experience a compound annual growth rate (CAGR) of 4.7%. Factors that contributed to its growth in the historic period encompass the escalating demand for energy efficiency, a surge in the acceptance of combined cycle power plants, strict environmental regulations, an increase in global power generation capacity, and the broadening of industrial sectors such as oil and gas, and manufacturing.

What's the Long-Term Growth Forecast for the Heat Recovery Steam Generator Market Size Through 2029?
The market size for heat recovery steam generators is projected to experience significant growth over the next several years, expanding to $2.22 billion in 2029 with a compound annual growth rate (CAGR) of 5.5%. The anticipated growth during the forecast period is due to factors such as increasing investment in renewable energy integration, emphasis on lowering operational costs, burgeoning demand from budding economies, growing applications beyond utilities, and advancements in smart maintenance and monitoring technologies. Key trends for the forecast period involve a transition towards more streamlined and modular designs, increased uptake of digital twin technology to enhance performance, the invention of next-gen materials for improved heat resistance, focus on reducing carbon emissions via advanced emission control solutions, and the implementation of sophisticated automation and AI-driven maintenance strategies.

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What Are the Key Growth Drivers Fueling the Heat Recovery Steam Generator Market Expansion?
The heat recovery steam generator market is likely to grow, spurred by the expanding industrial sector. The industrial sector encompasses the economy's segments engaged in the production of commodities through manufacturing, construction, and correlated industries. Its expansion is fuelled by increased demand for manufactured goods and technological innovations that enhance efficiency and output. In this sector, a heat recovery steam generator (HRSG) captures and transforms industrial waste heat into steam, augmenting energy efficiency and diminishing fuel consumption. For instance, Eurostat, a government statistical agency based in Luxembourg, reported in July 2023 that in May 2023, the seasonally adjusted industrial output in the European area had risen by 0.2%, and in the European Union, it had increased by 0.1% compared to April 2023. Thus, the burgeoning industrial sector is pushing forward the heat recovery steam generator market.

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Which Emerging Trends Are Transforming the Heat Recovery Steam Generator Market in 2025?
Key players in the heat recovery steam generator market are advancing with the creation of new innovative products like heat recovery power generation systems to strengthen their market position. This system harnesses and applies waste heat generated from industrial operations, exhaust fumes, or other energy forms to produce power. To illustrate, in October 2022, the Japan-based manufacturer, Kawasaki Heavy Industries Ltd., launched their newly developed high-efficiency waste heat recovery power generation system, named the VEGA boiler, to Taiheiyo Cement. This was the inaugural installation of the VEGA boiler in Japan and signaled Kawasaki's commitment to enhance energy use efficiency in the cement sector. This VEGA boiler is uniquely engineered for waste heat recovery operations in cement plants, capturing spare heat from exhaust gases to generate power. Its function is to use heat from the preheater's exhaust gases, which carry high levels of dust, to generate steam, which then drives a turbine to generate electricity.

How Is the Heat Recovery Steam Generator Market Segmented?
The heat recovery steam generatormarket 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 Companies Are Leading the Charge in Heat Recovery Steam Generator Market Innovation?
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

Which Regions Are Leading the Global Heat Recovery Steam Generator Market in Revenue?
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.

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