Press release
Heat Recovery System Generator Market in Europe 2025-2035: Adoption Trends and Growth Drivers
Heat Recovery System Generator Market
The FMI report, "Heat Recovery System Generator Market Size, Share, and Forecast 2025-2035," reveals global revenues will increase by USD 6.2 billion over the decade, fueled by regulatory pressures to curb emissions and optimize fuel consumption in power plants and heavy industries.
A Decade of Growth Anchored by Efficiency Gains and Sustainability:
The shift toward advanced heat recovery steam generators (HRSGs) in cogeneration and combined cycles is redefining energy recovery standards. From 2025 to 2030, the market will grow by USD 2.8 billion, driven by upgrades in thermal power infrastructure and chemical processing facilities.
From 2030 to 2035, FMI projects an additional USD 3.4 billion in expansion, supported by modular designs, enhanced heat exchangers, and automated controls that boost system efficiencies to 55-60% in combined cycles.
"Industries are prioritizing waste heat conversion to cut operational costs and meet carbon targets," said Nikhil Kaitwade, FMI research analyst. "Innovations in turbine materials and exhaust gas flow optimization are delivering measurable ROI in high-temperature environments."
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%
* Top Product- Steam Turbine (27.2% share)
* Dominant Application- Power Generation (23.5% share)
* Leading End-User- Industrial (29.2% share)
China: The Fastest-Growing Heat Recovery System Generator Market:
FMI's analysis spotlights China as the global growth leader, with a projected CAGR of 7.0%. Rapid industrialization, expanding thermal power capacity, and government incentives for energy recovery are accelerating adoption. India follows closely at 6.5% CAGR, bolstered by infrastructure development and emissions regulations.
In the USA, the market is valued at USD 3.6 billion in 2025, forecasted to reach USD 5.5 billion by 2035 at a 4.4% CAGR, reflecting steady upgrades in utilities and manufacturing.
Heat Recovery System Generator Five Forces Driving Market Expansion:
Energy Efficiency Regulations: Stricter global standards on greenhouse gases push HRSG integration in new and retrofitted plants.
Waste Heat Utilization: Conversion of exhaust from turbines and engines into electricity reduces fuel needs by 35-40% in simple cycles.
Combined Cycle Advancements: Systems achieving 55-60% efficiency through superheaters, economizers, and reheaters.
Industrial Scalability: Modular units enable customization for varying loads in cement, chemical, and pulp & paper sectors.
Sustainability Initiatives: Incentives for carbon footprint reduction drive investments in captive power and cogeneration.
Heat Recovery System Generator Market Segment Overview:
By Product Type: Steam turbines dominate with 27.2% revenue share in 2025, prized for high thermal efficiency, durability, and CHP compatibility. Gas turbines and diesel engines follow.
By Application: Power generation leads at 23.5% share, supported by exhaust heat recovery in thermal plants and renewables. Chemical and cement applications gain traction.
By End-User: Industrial segment commands 29.2% share, driven by cost pressures and energy demands in manufacturing. Commercial and residential uses emerge in smaller-scale cogeneration.
By Component: Heat exchangers and turbines form the core, with boilers and preheaters enhancing overall recovery rates.
Heat Recovery System Generator Market Regional Overview:
Asia Pacific: Highest growth momentum-China (7.0% CAGR), India (6.5%), Japan (USD 515.5 million in 2025), South Korea (USD 315.8 million).
Europe: Germany (6.0% CAGR) anchors Western Europe; France (5.5%) and UK (4.9%) show steady progress.
North America: USA drives regional demand with consistent 4.4% CAGR amid utility modernizations.
Latin America & MEA: Brazil (3.9% CAGR); investments in UAE, Iran, and South Africa fuel combined cycle projects.
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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
Leading players like General Electric, Siemens, and Mitsubishi hold significant shares through end-to-end solutions, from design to installation. Focus on vertical/horizontal exhaust flow configurations and multi-pressure levels strengthens their edge in fragmented markets.
Heat Recovery System Generator Market Outlook: Energizing Sustainable Power:
Over the forecast period, HRSGs will evolve into intelligent recovery platforms with predictive monitoring and AI-optimized heat transfer. As emerging economies ramp up power capacity and developed markets enforce efficiency benchmarks, manufacturers innovating in compact, packaged units for 20MW applications will capture new opportunities.
"HRSGs are pivotal to the energy transition-turning waste into watts while slashing emissions," Kaitwade added. "Players blending engineering excellence with digital integration will power the market's next efficiency frontier."
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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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