Press release
Heat Recovery System Generator Market to Hit USD 15.6 Billion by 2035 - Growth Accelerates Across Asia-Pacific, Europe, and North America Driven by Industrial Efficiency and Emissions Regulations
Heat Recovery System Generator Market
The FMI report, "Heat Recovery System Generator Market Size, Share, and Forecast 2025-2035," indicates global revenues will grow by USD 6.2 billion over the decade, driven by the surge in demand for waste heat utilization, combined heat and power (CHP) integration, and efficiency upgrades in thermal plants and manufacturing facilities.
A Decade of Growth Anchored by Steam Turbine Dominance and Sustainability Mandates:
The shift toward capturing exhaust heat for electricity and process steam continues to reshape energy optimization. Between 2025 and 2030, the heat recovery system generator market will expand by USD 2.7 billion, led by regulatory incentives and industrial expansions in emerging economies.
Between 2030 and 2035, FMI forecasts an additional USD 3.5 billion in market growth, reflecting advanced heat exchanger designs, modular systems, and deeper integration with renewable and cogeneration setups.
"Steam turbines and industrial end-users are anchoring efficiency gains amid rising carbon targets," said Nikhil Kaitwade, FMI research analyst. "Innovations in blade materials, control systems, and modular deployment are cutting downtime and boosting ROI in high-temperature operations."
Heat Recovery System Generator Key Market Insights at a Glance:
* Metric- Global Estimate
* Market Value (2025)- USD 9.4 billion
* Forecast Value (2035)- USD 15.6 billion
* CAGR- 5.2%
* Leading Segment- Steam Turbine (27.2% share)
* Key Application- Power Generation (23.5% share)
* Dominant End-User- Industrial (29.2% share)
China: The Fastest-Growing Heat Recovery System Generator Market:
FMI's analysis highlights China's leadership in global expansion. The market is projected to grow at a CAGR of 7.0%, fueled by massive power capacity additions, chemical and cement sector investments, and national carbon neutrality goals. India follows closely at 6.5% CAGR, supported by infrastructure buildup and energy efficiency programs.
In the USA, the market is valued at USD 3.6 billion in 2025 and anticipated to reach USD 5.5 billion by 2035 (CAGR 4.4%), driven by utility upgrades and industrial retrofits. Japan and South Korea markets stand at USD 515.5 million and USD 315.8 million respectively in 2025.
Heat Recovery System Generator Five Forces Driving Market Expansion:
* Energy Efficiency Regulations: Global mandates targeting 55-60% system efficiency in combined cycles spur HRSG adoption.
* Waste Heat Utilization: Conversion of exhaust from turbines and engines into usable power reduces fuel costs by up to 30%.
* Industrialization Boom: Heavy manufacturing, chemicals, and cement sectors prioritize scalable recovery solutions.
* Technological Advancements: Improved heat exchangers, superheaters, and automated monitoring enhance reliability and output.
* Sustainability Incentives: Government subsidies and carbon credits accelerate deployments in power and process industries.
Heat Recovery System Generator Market Segment Overview:
* By Product Type: Steam turbine holds the largest segment at 27.2% of global revenue in 2025, valued for high thermal efficiency and CHP compatibility; gas turbine and diesel engine follow.
* By Application: Power generation leads with 23.5% share, supported by thermal plant integrations; chemical, cement, and pulp & paper sectors trail.
* By End-User: Industrial dominates at 29.2%, driven by cost pressures and emissions compliance; commercial and residential remain niche.
* By Component: Heat exchangers and turbines command core demand, enabling modular and customized installations.
Heat Recovery System Generator Market Regional Overview:
* North America: USA leads with USD 3.6 billion in 2025, growing at 4.4% CAGR amid utility modernizations.
* Europe: Germany at 6.0% CAGR; Western Europe expands from regulatory push for low-emission power.
* Asia Pacific: Fastest growth globally - China (7.0%), India (6.5%), Japan, and South Korea lead.
* Middle East & Africa: Investments in combined cycle plants in Saudi Arabia, UAE, and Iran fuel regional uptake.
Explore the full market insights and future trends-read the complete Market Report today! https://www.futuremarketinsights.com/reports/sample/rep-gb-414
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Heat Recovery System Generator Market Competitive Landscape:
* General Electric
* Siemens AG
* Mitsubishi Hitachi Power Systems
* ABB Ltd.
* Alstom SA
* Amec Foster Wheeler
* Babcock & Wilcox Enterprises
* Doosan Heavy Industries & Construction
* Foster Wheeler AG
* Thermax Limited
* CMI Group
* Nooter/Eriksen
Collectively, GE, Siemens, and Mitsubishi represent over 35% of global market share. Their focus on durable materials, digital controls, and packaged modular units underscores the push toward seamless integration and minimal maintenance.
Heat Recovery System Generator Market Outlook: Capturing Tomorrow's Energy:
Over the next decade, the heat recovery system generator market will evolve beyond recovery efficiency toward intelligent, scalable ecosystems. Emerging technologies like predictive analytics, advanced alloys, and hybrid renewable integrations will redefine plant performance.
"These systems are pivotal to net-zero transitions-they turn waste into wealth," Kaitwade added. "Manufacturers investing in flexibility, emissions compliance, and end-to-end solutions will capture the USD 6.2 billion growth opportunity."
Related Reports:
Factory Automation And Industrial Controls Market- https://www.futuremarketinsights.com/reports/factory-automation-and-industrial-controls-market
Rubber Extruder Market- https://www.futuremarketinsights.com/reports/rubber-extrusion-machine-market
Retail Printers Market- https://www.futuremarketinsights.com/reports/retail-printers-market
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About Future Market Insights (FMI)
Future Market Insights, Inc. (FMI) is an ESOMAR-certified, ISO 9001:2015 market research and consulting organization, trusted by Fortune 500 clients and global enterprises. With operations in the U.S., UK, India, and Dubai, FMI provides data-backed insights and strategic intelligence across 30+ industries and 1200 markets worldwide.
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