Global Heat Recovery Steam Generator Market Size, Share, Trends, Growth, Forecasts, 2030
Heat Recovery Steam Generator Market By Applications (combined cycle and CHP), By rated power (30 MW and > 30 MW.), By end-user (chemicals, utilities, pulp & paper, refineries, commercial, and others) And By Region: - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts, 2023-2030
| Market Size in 2022 | Market Forecast in 2030 | Growth Rate (in %) | Base Year |
|---|---|---|---|
| USD 1290.8 Million | USD 2005.3 Million | CAGR at 5.66% | 2022 |
Description
What is Heat Recovery Steam Generator Market Size?
According to the report published by Zion Market Research, the global Heat Recovery Steam Generator Market size was valued at USD 1290.8 Million in 2022 and is predicted to reach USD 2005.3 Million by the end of 2030. The market is expected to grow with a CAGR of 5.66% during the forecast period. The report analyzes the global Heat Recovery Steam Generator Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Heat Recovery Steam Generator Market industry.
Global Heat Recovery Steam Generator Market: Overview
Heat recovery steam generator is a simple heat exchanger device developed to recover the exhaust or waste heat from various power plants. It develops steam by using waste heat that can be utilized for generating power and electricity. They are also used in industry due to their wide application in component integration, manufacturing, designing, service activities, and installation.
Global Heat Recovery Steam Generator Market: Growth Factors
The global heat recovery steam generator market is likely to elevate in the coming period. The rise in the demand of heat recovery steam generator for producing green and clean energy in the industry has boosted the growth of the global market. In addition to this, use of advanced technology in the development of heat recovery steam generators is also driving the growth of the global heat recovery steam generator market. The increase in the demand from the industry is also one of the main reasons that are lowering the gas global heat recovery steam generator market.
On the other hand, the high cost of the transportation is the main reason hampering the global heat recovery steam generator market. In addition to this, the high cost of ownership of the heat recovery steam generators is also one of the significant factors that are hindering the growth of the global Heat recovery steam generator market. Additionally, the high value for maintenance is one of the main reasons that are restraining the growth of the global market.
Heat Recovery Steam Generator Market: Report Scope
| Report Attributes | Report Details |
|---|---|
| Report Name | Heat Recovery Steam Generator Market Research Report |
| Market Size in 2022 | USD 1290.8 Million |
| Market Forecast in 2030 | USD 2005.3 Million |
| Growth Rate | CAGR of 5.66% |
| Number of Pages | 180 |
| Key Companies Covered | Thermax Ltd., Alstom SA, Sofinter S.P.A., Foster Wheeler AG, Technology Transfer Services, Mitsubishi Heavy Industries, CMI Group, Bharat Heavy Electricals Ltd., AE&E Australia Pvt. Ltd., and Doosan Heavy Industries & Construction Co. Ltd. |
| Segments Covered | By Applications, By rated power, By end-user, and By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2022 |
| Historical Year | 2017 - 2021 |
| Forecast Year | 2023 - 2030 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Global Heat Recovery Steam Generator Market: Regional Analysis
The global heat recovery steam generator market is regionally segmented as North America, Asia-Pacific, and the Middle East and Africa. Use of advanced technology has boosted the global market in North America. Increased demand for heat recovery steam generators for the production of efficient and clean energy is driving the global heat recovery steam generator market in India and China. Increased job opportunity is elevating the growth of the global market in the Europe.
Global Heat Recovery Steam Generator Market: Competitive Players
Key players in the global market for the heat recovery steam generator are:
- Thermax Ltd.
- Alstom SA
- Sofinter S.P.A.
- Foster Wheeler AG
- Technology Transfer Services
- Mitsubishi Heavy Industries
- CMI Group
- Bharat Heavy Electricals Ltd.
- AE&E Australia Pvt. Ltd.
- Doosan Heavy Industries & Construction Co. Ltd.
The Global Heat Recovery Steam Generator Market is segmented as follows:
By Applications
- combined cycle
- CHP
By Rated Power
- 30 MW
- > 30 MW
By End-User
- Chemicals
- Utilities
- Pulp & Paper
- Refineries
- Commercial
- And Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
What Report Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market.
Table Of Content
FrequentlyAsked Questions
Heat Recovery Steam Generator is a system that captures waste heat from gas turbines to produce steam. It improves energy efficiency in power plants by generating additional electricity or process steam.
The global heat recovery steam generator market is expected to be driven by the combined-cycle power plants, energy efficiency goals, and waste heat recovery in industrial operations.
According to study, the global heat recovery steam generator market size was worth around USD 1290.8 Million in 2022 and is predicted to grow to around USD 2005.3 Million by 2030.
The global heat recovery steam generator market is expected to grow at a Compound Annual Growth Rate (CAGR) of around CAGR 5.66% during the forecast period from 2023-2030.
The global heat recovery steam generator industry is projected to be challenged by Challenges involve high capital investment, complex system integration, and long installation cycles. Maintenance demands and efficiency optimization under variable loads add operational risk.
The Opportunities lie in combined-cycle power plants, waste heat recovery, and efficiency upgrades. Decarbonization targets and industrial cogeneration drive installations will offer significant growth opportunities in the heat recovery steam generator market.
High-efficiency HRSG designs for combined-cycle plants; rapid-start and flexible operation units; digital optimization systems are the emerging trends and innovations impacting the heat recovery steam generator market.
The global heat recovery steam generator market is expected to be led by APAC during the forecast period.
Some of the prominent players operating in the global heat recovery steam generator market are; Thermax Ltd., Alstom SA, Sofinter S.P.A., Foster Wheeler AG, Technology Transfer Services, Mitsubishi Heavy Industries, CMI Group, Bharat Heavy Electricals Ltd., AE&E Australia Pvt. Ltd., and Doosan Heavy Industries & Construction Co. Ltd. and others.
The report explores crucial aspects of the heat recovery steam generator market, including a detailed discussion of existing growth factors and restraints, while also browsing future growth opportunities and challenges that impact the market.
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