Top Players and Competitive Dynamics in the Heat Recovery Steam Generator Market

The heat recovery steam generator (HRSG) market is positioned for significant growth in the coming years, driven by various technological advancements and energy sector transformations. This evolving market reflects the broader shift toward cleaner and more efficient power generation solutions as industries seek to optimize energy use and reduce carbon emissions.

Projected Expansion and Market Size of the Heat Recovery Steam Generator Market
The HRSG market is forecasted to grow steadily, reaching a valuation of $2.34 billion by 2030, with a compound annual growth rate (CAGR) of 5.5%. This growth is mainly fueled by efforts to decarbonize the power sector, the proliferation of combined heat and power plants, increased investments in flexible power generation technologies, rising demand for high-efficiency thermal systems, and a surge in industrial energy recovery initiatives. Key trends expected to shape the industry include the expansion of combined cycle power plants, a stronger emphasis on waste heat recovery, growing interest in efficient steam generation systems, adoption of modular HRSG designs, and the rise of industrial co-generation projects.

Download a free sample of the heat recovery steam generator market report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=20829&type=smp&utm_source=OpenPR&utm_medium=Paid&utm_campaign=Feb_PR

Leading Companies Driving the Heat Recovery Steam Generator Market
Several major firms dominate the HRSG landscape, including General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd., Hitachi Ltd., Alstom SA, Kawasaki Heavy Industries Ltd., Sumitomo Heavy Industries Ltd., Bharat Heavy Electricals Limited, John Wood Group PLC, Babcock & Wilcox Enterprises Inc., Nooter/Eriksen Inc., Thermax Limited, Hamon & Cie International, Rentech Boiler Systems Inc., Clyde Bergemann Power Group, Bosch Industriekessel GmbH, Doosan Heavy Industries & Construction, John Cockerill, Aalborg Industries, and CMI Energy.

Significant Partnership to Boost Technological Expertise in HRSG
In March 2025, Bharat Heavy Electricals Limited (BHEL), a leading Indian power equipment manufacturer, partnered with Vogt Power International Inc. (VPI) to enhance its capabilities in HRSG design and supply. This collaboration aims to strengthen BHEL's position in the combined-cycle and cogeneration power project markets. Vogt Power International Inc., based in the United States, specializes in HRSG and boiler technologies, offering engineering expertise and components essential for efficient steam generation in power and industrial sectors.

View the full heat recovery steam generator market report:
https://www.thebusinessresearchcompany.com/report/heat-recovery-steam-generator-global-market-report?utm_source=OpenPR&utm_medium=Paid&utm_campaign=Feb_PR

Emerging Innovations and Opportunities in the Heat Recovery Steam Generator Sector
The HRSG market is witnessing a push toward innovative, hydrogen-ready systems that facilitate the transition to zero-carbon power generation. These hydrogen-ready HRSGs are traditional heat recovery steam generators adapted to operate using hydrogen fuel instead of fossil fuels. They incorporate specialized design, safety features, and combustion controls to handle hydrogen's unique properties while maintaining efficient steam recovery from turbine exhaust heat.

For example, in January 2025, John Cockerill, a Belgium-based power equipment manufacturer, obtained a "Concept Certificate" from TÜV-SÜD confirming the H2-readiness of its HRSGs, including both drum-type and once-through boiler models. This certification verifies that these modified HRSGs are capable of safely operating with up to 100% hydrogen, featuring ventilation, purging, fire/explosion protection, and safety analysis systems. These hydrogen-compatible units can function in combined-cycle or cogeneration plants, offering power and steam outputs comparable to conventional HRSGs but aligned with future decarbonization goals and fuel flexibility.

Breakdown of the Largest Heat Recovery Steam Generator Market Segment
The HRSG market is segmented into distinct categories for deeper analysis:

1) Design Type: Modular Construction, C-Section Construction, Bundle Construction, Fully Assembled
2) Configuration Type: Horizontal Drum Units, Vertical Drum Units, Horizontal Once-Through Units
3) Output Power Type: 0 to 60 Megawatts (MW), 60 to 100 MW, and Above 100 MW
4) Application Type: Co-Generation (Process Heating), Combined Cycle, Combined Heat and Power (CHP)
5) End User: Utility, Chemicals, Refineries, Pulp and Paper, Other End Users

Further detailed subcategories include:
- Modular Construction: Pre-Fabricated Modules, Skid-Mounted Modules, Compact Modular Systems
- C-Section Construction: Horizontal C-Section HRSGs, Vertical C-Section HRSGs, Single-Pressure C-Section HRSGs
- Bundle Construction: Horizontal Bundle HRSGs, Vertical Bundle HRSGs, Double Pressure Bundle HRSGs
- Fully Assembled: Factory-Assembled HRSGs, Site-Assembled HRSGs, Custom-Built Fully Assembled Units

This structured segmentation helps stakeholders better understand market dynamics and target strategic opportunities within the HRSG sector.

Reach out to us:
The Business Research Company: https://www.thebusinessresearchcompany.com/,
Americas +1 310-496-7795,
Europe +44 7882 955267,
Asia & Others +44 7882 955267 & +91 8897263534,
Email us at info@tbrc.info.

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company
With over 17500+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.