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Heat Recovery Steam Generator Market to Develop Rapidly by 2025
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Heat recovery steam generators improve the system efficiency from 35-40% when used in cogeneration, also called as simple cycle or open cycle. The efficiency improvement levels could also reach in between 55% and 60% when used in combined cycle.Heat recovery steam generator market is witnessing significant growth since past few years due to increasing concerns over energy savings, carbon emissions reduction and improving process efficiencies.
Heat Recovery Steam Generator Market: Application Analysis
Heat recovery steam generator findsits major use in energy sector such as thermal power plants and industrial sector. Fundamental components of heat recovery steam generator are evaporators, economizer, superheaters or reheaters and preheaters. On the basis of circulation types, the heat recovery steam generator market can be segmented into natural circulation, forced circulation and once through. Heat recovery steam generators are usually bulky and are typically complex in design and manufacturing which turns out to be a major challenge for its manufacturers. These generators are therefore supplied in different modulesto reduce shipping problems. However, packaged heat recovery steam generators are supplied as fully assembled unit which are typically suited for 20MW applications.
Heat Recovery Steam Generator Market Segmentation
The heat recovery steam generator market can be segmented on the basis of direction of exhaust gas flow and the number of pressure levels. Based on the flow of exhaust gas heat flow, the heat recovery steam generator market can be further categorized as vertical and horizontal types. Based on the number of pressure levels, the heat recovery steam generator market can be categorized as single pressure and multiple pressure.
The key drivers identified in heat recovery steam generator market are the growing need for energy efficient sources, allocation of government incentives for achieving better energy efficiency levels, reduction in carbon emissions, proposed investment plans in energy sector by government and major companies. However, high capital cost and limited product differentiation are the key challenges faced by manufacturers in heat recovery steam generator market.
Region-wise Outlook
Developing countries are expected to show high demand in global heat recovery steam generator market.Asia Pacific region, particularly India and China are expected to be high potential markets. Asia Pacific heat recovery steam generator market is marked with presence of number of market participants including component manufacturers, installers, designers, assemblers and end-to-end solution providers lead to high degree of fragmentation in the heat recovery steam generator market. With rise in power consumption owing to infrastructure development and improving standard of living in Asia Pacific and Middle East & Africa the demand in heat recovery steam generator marketis expected to grow at decent rate in these regions. Heavy investment in Middle East & Africa and investment in combined cycle power plants in Iran and UAE are some of the underlying drivers in heat recovery steam generator market.
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Key Players
Key players in the global heat recovery steam generator market are Alstom SA, Thermax Ltd., Doosan Heavy Industries & Construction Co. Ltd., Sofinter S.P.A., Technology Transfer Services, Foster Wheeler AG, CMI Group, Mitsubishi Heavy Industries, AE&E Australia Pvt Ltd. and Bharat Heavy Electricals Ltd.
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