Market Research

Heat Recovery Steam Generators Market, By Design (Horizontal Drum, Vertical Drum); By Power Rating (Up to 30 MW, 31–100 MW, Above 100 MW); By Application (Cogeneration, Combined Cycle); By End User (Utilities, Chemicals, Refineries, Pulp & Paper); By Regi

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from $4,850 700 Pages BlueWeave Consulting September, 2024 BLWC19215307
Best Price Guarantee
Price from $4,850
Length 700 Pages
Publisher BlueWeave Consulting
Published Date September, 2024
SKU BLWC19215307

Heat Recovery Steam Generators Market, By Design (Horizontal Drum, Vertical Drum); By Power Rating (Up to 30 MW, 31–100 MW, Above 100 MW); By Application (Cogeneration, Combined Cycle); By End User (Utilities, Chemicals, Refineries, Pulp & Paper); By Region (North America, Europe, Asia Pacific (APAC), Latin America (LATAM), Middle East and Africa (MEA)), Global Trend Analysis, Competitive Landscape & Forecast, 2019–2030


Global Heat Recovery Steam Generators Market Expands at Steady CAGR of 5.4% to Touch USD 531 Million by 2030
Global Heat Recovery Steam Generators Market is thriving due to an increasing demand for energy efficiency, growth in combined cycle power plants, stricter emission regulations, and rising investments in renewable energy projects.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Heat Recovery Steam Generators Market size by value at USD 367.59 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global Heat Recovery Steam Generators Market size to expand at a CAGR of 5.40% reaching a value of USD 530.82 million in 2030. Global Heat Recovery Steam Generators (HRSG) Market is driven by increasing demand for energy efficiency in power generation, stringent environmental regulations, and the rising adoption of combined cycle power plants. The shift towards renewable energy sources and the need for effective waste heat utilization in industrial processes further propel market growth. Additionally, advancements in HRSG technology, offering improved performance and lower operational costs, contribute to the market's expansion. The growing industrialization in emerging economies also fuels demand for heat recovery steam generators.
Opportunity – Growing Demand for Cogeneration
Global Heat Recovery Steam Generators (HRSG) Market is experiencing growth due to the increasing demand for cogeneration, or combined heat and power (CHP) systems. Cogeneration efficiently utilizes waste heat from industrial processes and power plants to produce additional electricity and thermal energy, enhancing overall energy efficiency. As industries and utilities seek to optimize energy use and reduce operational costs, the adoption of HRSG systems for cogeneration applications is expanding, driving Global Heat Recovery Steam Generators (HRSG) Market.


Impact of Escalating Geopolitical Tensions on Global Heat Recovery Steam Generators Market
Escalating geopolitical tensions can significantly impact Global Heat Recovery Steam Generators (HRSG) Market. Political, economic, and trade tensions among the countries often lead to disruptions in global supply chains, causing delays in the production and delivery of HRSG components. Increased uncertainty can also result in higher costs for raw materials and transportation, affecting project budgets and timelines. Moreover, geopolitical instability in energy-rich regions can affect investments in power generation infrastructure, including HRSG systems, as investors may become more risk-averse. Additionally, shifting political alliances and trade policies can lead to changes in export-import regulations, further complicating market dynamics. Overall, these tensions can create a challenging environment for HRSG manufacturers, affecting market growth and stability.
Combined Cycle Application Holds Larger Share of Global HRSG Market
The combined cycle segment is typically a larger application in Global Heat Recovery Steam Generators (HRSG) Market by application. The segment’s dominance is due to the high efficiency and widespread adoption of combined cycle power plants, which utilize HRSGs to recover waste heat from gas turbines and convert it into additional power, significantly boosting overall plant efficiency. The demand for energy efficiency and lower emissions in power generation continues to drive the growth of the combined cycle segment over the cogeneration segment.
Competitive Landscape
Global Heat Recovery Steam Generators (HRSG) Market is fiercely competitive, with numerous companies vying for a larger market share. Major companies in the market include Thermax Limited, Siemens AG, Mitsubishi Hitachi Power Systems Ltd, AC BOILERS SpA, General Electric Company, Sofinter SpA, Babcock & Wilcox, Clayton Industries, Cleaver-Brooks, Victory Energy Operations, Etech Heat Recovery System, and Rentech Boilers. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Global Heat Recovery Steam Generators (HRSG) Market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Heat Recovery Steam Generators Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Heat Recovery Steam Generators Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.


1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Executive Summary
3. Global Heat Recovery Steam Generators Market Insights
3.1. Industry Value Chain Analysis
3.2. DROC Analysis
3.2.1. Growth Drivers
3.2.1.1. Increasing focus on energy efficiency and sustainability
3.2.1.2. Growing demand for power generation
3.2.1.3. Stringent emission regulations
3.2.2. Restraints
3.2.2.1. High initial investment costs
3.2.2.2. Fluctuations in fuel prices
3.2.3. Opportunities
3.2.3.1. Growing demand for cogeneration
3.2.3.2. Expansion of renewable energy sources
3.2.3.3. Growing economies in developing countries
3.2.4. Challenges
3.2.4.1. Stringent safety regulations
3.2.4.2. Competition from alternative technologies
3.3. Technological Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter’s Five Forces Analysis
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of New Entrants
3.5.4. Threat of Substitutes
3.5.5. Intensity of Rivalry
4. Global Heat Recovery Steam Generators Market: Marketing Strategies
5. Global Heat Recovery Steam Generators Market: Pricing Analysis
6. Global Heat Recovery Steam Generators Market: Geographic Analysis
6.1. Global Heat Recovery Steam Generators Market, Geographical Analysis, 2023
6.2. Global Heat Recovery Steam Generators, Market Attractiveness Analysis, 2024–2030
7. Global Heat Recovery Steam Generators Market Overview
7.1. Market Size & Forecast, 2019–2030
7.1.1. By Value (USD Million)
7.2. Market Share & Forecast
7.2.1. By Design
7.2.1.1. Horizontal Drum
7.2.1.2. Vertical Drum
7.2.2. By Power Rating
7.2.2.1. Up to 30 MW
7.2.2.2. 31 MW – 100 MW
7.2.2.3. Above 100 MW
7.2.3. By Application
7.2.3.1. Cogeneration
7.2.3.2. Combined Cycle
7.2.4. By End User
7.2.4.1. Utilities
7.2.4.2. Chemicals
7.2.4.3. Refineries
7.2.4.4. Pulp & Paper
7.2.4.5. Others
7.2.5. By Region
7.2.5.1. North America
7.2.5.2. Europe
7.2.5.3. Asia Pacific (APAC)
7.2.5.4. Latin America (LATAM)
7.2.5.5. Middle East and Africa (MEA)
8. North America Heat Recovery Steam Generators Market
8.1. Market Size & Forecast, 2019–2030
8.1.1. By Value (USD Million)
8.2. Market Share & Forecast
8.2.1. By Design
8.2.2. By Power Rating
8.2.3. By Application
8.2.4. By End User
8.2.5. By Country
8.2.5.1. United States
8.2.5.1.1. By Design
8.2.5.1.2. By Power Rating
8.2.5.1.3. By Application
8.2.5.1.4. By End User
8.2.5.2. Canada
8.2.5.2.1. By Design
8.2.5.2.2. By Power Rating
8.2.5.2.3. By Application
8.2.5.2.4. By End User
9. Europe Heat Recovery Steam Generators Market
9.1. Market Size & Forecast, 2019–2030
9.1.1. By Value (USD Million)
9.2. Market Share & Forecast
9.2.1. By Design
9.2.2. By Power Rating
9.2.3. By Application
9.2.4. By End User
9.2.5. By Country
9.2.5.1. Germany
9.2.5.1.1. By Design
9.2.5.1.2. By Power Rating
9.2.5.1.3. By Application
9.2.5.1.4. By End User
9.2.5.2. United Kingdom
9.2.5.2.1. By Design
9.2.5.2.2. By Power Rating
9.2.5.2.3. By Application
9.2.5.2.4. By End User
9.2.5.3. Italy
9.2.5.3.1. By Design
9.2.5.3.2. By Power Rating
9.2.5.3.3. By Application
9.2.5.3.4. By End User
9.2.5.4. France
9.2.5.4.1. By Design
9.2.5.4.2. By Power Rating
9.2.5.4.3. By Application
9.2.5.4.4. By End User
9.2.5.5. Spain
9.2.5.5.1. By Design
9.2.5.5.2. By Power Rating
9.2.5.5.3. By Application
9.2.5.5.4. By End User
9.2.5.6. Belgium
9.2.5.6.1. By Design
9.2.5.6.2. By Power Rating
9.2.5.6.3. By Application
9.2.5.6.4. By End User
9.2.5.7. Russia
9.2.5.7.1. By Design
9.2.5.7.2. By Power Rating
9.2.5.7.3. By Application
9.2.5.7.4. By End User
9.2.5.8. The Netherlands
9.2.5.8.1. By Design
9.2.5.8.2. By Power Rating
9.2.5.8.3. By Application
9.2.5.8.4. By End User
9.2.5.9. Rest of Europe
9.2.5.9.1. By Design
9.2.5.9.2. By Power Rating
9.2.5.9.3. By Application
9.2.5.9.4. By End User
10. Asia Pacific Heat Recovery Steam Generators Market
10.1. Market Size & Forecast, 2019–2030
10.1.1. By Value (USD Million)
10.2. Market Share & Forecast
10.2.1. By Design
10.2.2. By Power Rating
10.2.3. By Application
10.2.4. By End User
10.2.5. By Country
10.2.5.1. China
10.2.5.1.1. By Design
10.2.5.1.2. By Power Rating
10.2.5.1.3. By Application
10.2.5.1.4. By End User
10.2.5.2. India
10.2.5.2.1. By Design
10.2.5.2.2. By Power Rating
10.2.5.2.3. By Application
10.2.5.2.4. By End User
10.2.5.3. Japan
10.2.5.3.1. By Design
10.2.5.3.2. By Power Rating
10.2.5.3.3. By Application
10.2.5.3.4. By End User
10.2.5.4. South Korea
10.2.5.4.1. By Design
10.2.5.4.2. By Power Rating
10.2.5.4.3. By Application
10.2.5.4.4. By End User
10.2.5.5. Australia & New Zealand
10.2.5.5.1. By Design
10.2.5.5.2. By Power Rating
10.2.5.5.3. By Application
10.2.5.5.4. By End User
10.2.5.6. Indonesia
10.2.5.6.1. By Design
10.2.5.6.2. By Power Rating
10.2.5.6.3. By Application
10.2.5.6.4. By End User
10.2.5.7. Malaysia
10.2.5.7.1. By Design
10.2.5.7.2. By Power Rating
10.2.5.7.3. By Application
10.2.5.7.4. By End User
10.2.5.8. Singapore
10.2.5.8.1. By Design
10.2.5.8.2. By Power Rating
10.2.5.8.3. By Application
10.2.5.8.4. By End User
10.2.5.9. Vietnam
10.2.5.9.1. By Design
10.2.5.9.2. By Power Rating
10.2.5.9.3. By Application
10.2.5.9.4. By End User
10.2.5.10. Rest of APAC
10.2.5.10.1. By Design
10.2.5.10.2. By Power Rating
10.2.5.10.3. By Application
10.2.5.10.4. By End User
11. Latin America Heat Recovery Steam Generators Market
11.1. Market Size & Forecast, 2019–2030
11.1.1. By Value (USD Million)
11.2. Market Share & Forecast
11.2.1. By Design
11.2.2. By Power Rating
11.2.3. By Application
11.2.4. By End User
11.2.5. By Country
11.2.5.1. Brazil
11.2.5.1.1. By Design
11.2.5.1.2. By Power Rating
11.2.5.1.3. By Application
11.2.5.1.4. By End User
11.2.5.2. Mexico
11.2.5.2.1. By Design
11.2.5.2.2. By Power Rating
11.2.5.2.3. By Application
11.2.5.2.4. By End User
11.2.5.3. Argentina
11.2.5.3.1. By Design
11.2.5.3.2. By Power Rating
11.2.5.3.3. By Application
11.2.5.3.4. By End User
11.2.5.4. Peru
11.2.5.4.1. By Design
11.2.5.4.2. By Power Rating
11.2.5.4.3. By Application
11.2.5.4.4. By End User
11.2.5.5. Rest of LATAM
11.2.5.5.1. By Design
11.2.5.5.2. By Power Rating
11.2.5.5.3. By Application
11.2.5.5.4. By End User
12. Middle East & Africa Heat Recovery Steam Generators Market
12.1. Market Size & Forecast, 2019–2030
12.1.1. By Value (USD Million)
12.2. Market Share & Forecast
12.2.1. By Design
12.2.2. By Power Rating
12.2.3. By Application
12.2.4. By End User
12.2.5. By Country
12.2.5.1. Saudi Arabia
12.2.5.1.1. By Design
12.2.5.1.2. By Power Rating
12.2.5.1.3. By Application
12.2.5.1.4. By End User
12.2.5.2. UAE
12.2.5.2.1. By Design
12.2.5.2.2. By Power Rating
12.2.5.2.3. By Application
12.2.5.2.4. By End User
12.2.5.3. Qatar
12.2.5.3.1. By Design
12.2.5.3.2. By Power Rating
12.2.5.3.3. By Application
12.2.5.3.4. By End User
12.2.5.4. Kuwait
12.2.5.4.1. By Design
12.2.5.4.2. By Power Rating
12.2.5.4.3. By Application
12.2.5.4.4. By End User
12.2.5.5. South Africa
12.2.5.5.1. By Design
12.2.5.5.2. By Power Rating
12.2.5.5.3. By Application
12.2.5.5.4. By End User
12.2.5.6. Nigeria
12.2.5.6.1. By Design
12.2.5.6.2. By Power Rating
12.2.5.6.3. By Application
12.2.5.6.4. By End User
12.2.5.7. Algeria
12.2.5.7.1. By Design
12.2.5.7.2. By Power Rating
12.2.5.7.3. By Application
12.2.5.7.4. By End User
12.2.5.8. Rest of MEA
12.2.5.8.1. By Design
12.2.5.8.2. By Power Rating
12.2.5.8.3. By Application
12.2.5.8.4. By End User
13. Competitive Landscape
13.1. List of Key Players and Their Designs
13.2. Global Heat Recovery Steam Generators Company Market Share Analysis, 2023
13.3. Competitive Benchmarking, By Operating Parameters
13.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
14. Impact of Escalating Geopolitical Tensions on Global Heat Recovery Steam Generators Market
15. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
15.1. Thermax Limited
15.2. Siemens AG
15.3. Mitsubishi Hitachi Power Systems Ltd
15.4. AC BOILERS SpA
15.5. General Electric Company
15.6. Sofinter SpA
15.7. Babcock & Wilcox
15.8. Clayton Industries
15.9. Cleaver-Brooks
15.10. Victory Energy Operations
15.11. Etech Heat Recovery System
15.12. Rentech boilers
15.13. Other Prominent Players
16. Key Strategic Recommendations
17. Research Methodology
17.1. Qualitative Research
17.1.1. Primary & Secondary Research
17.2. Quantitative Research
17.3. Market Breakdown & Data Triangulation
17.3.1. Secondary Research
17.3.2. Primary Research
17.4. Breakdown of Primary Research Respondents, By Region
17.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

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