Global Heat Recovery Steam Generator Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Heat Recovery Steam Generator Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A heat recovery steam generator (HRSG) is an energy recovery heat exchanger that recovers heat from a hot gas stream, such as a combustion turbine or other waste gas stream. It produces steam that can be used in a process (cogeneration) or used to drive a steam turbine (combined cycle). Based on the flow of exhaust gases, HRSGs are categorized into vertical and horizontal types. In horizontal type HRSGs, exhaust gas flows horizontally over vertical tubes whereas in vertical type HRSGs, exhaust gas flow vertically over horizontal tubes.

Market Overview:

The latest research study on the global Heat Recovery Steam Generator market finds that the global Heat Recovery Steam Generator market reached a value of USD 887.35 million in 2022. It’s expected that the market will achieve USD 1147.07 million by 2028, exhibiting a CAGR of 4.37% during the forecast period.

Influence of COVID-19 Outbreak on Heat Recovery Steam Generator (HRSG) Industry Development

The raging COVID-19 has plunged the global economic environment into depression. The influence of COVID-19 on Heat Recovery Steam Generator (HRSG) industry will involve all major links and entities in the industrial chain. The management efficiency of the company declined, commuting was hindered, production plans were hindered, and the company's development strategy and marketing methods were forced to adjust. In addition, during the COVID-19 period, the logistics speed slowed down or even stopped, and the supply of raw materials for Heat Recovery Steam Generator (HRSG) production was tight. The company's production is limited to some extent, and the production of related enterprises in the hardest hit areas is greatly affected.

In addition, due to the rapid spread of the epidemic, in the factory environment, employees need greater physical distance and more personal protective equipment (PPE), which increases the financial expenditure of enterprises.

COVID-19 epidemic has swept the world, and the inspection standards of imported products by customs of various countries have been significantly improved. At the same time, restrictions on the movement of people have also increased. Restricting people's entry and exit will lead to the sales staff of export enterprises unable to attend foreign exhibitions. There is a risk of decreasing the order quantity of enterprises. In areas with severe epidemic situation, some employees of enterprises can't go to work due to epidemic situation, which may cause product production stagnation or delayed completion. The shortage of personnel leads to the long-term overload of on-the-job personnel at present, which puts great pressure on the safe and stable operation of enterprises.

Region Overview:

East Asia had the highest growth rate of all regions.

Company Overview

Nooter Eriksen is one of the major players operating in the Heat Recovery Steam Generator market, holding a share of XX% in 2022.

Nooter/Eriksen is a part of the CIC Group, an employee owned company with subsidiaries that have specialized in the design, manufacturing and construction of steel products for over 100 years. N/E is the world’s leading supplier of Heat Recovery Steam Generators (HRSGs). These HRSGs, as well as other specialized heat recovery systems, are custom designed to meet each customer’s specific requirements.

General Electric Company is an industrial company. The Company operates through its industrial segments, Power, Renewable Energy, Aviation and Healthcare, and its financial services segment, Capital.

Segmentation Overview:

Among different product types, Horizontal segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Power Generation segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Heat Recovery Steam Generator market covered in Chapter 3:

Mitsubishi
John Cockerill Energy
BHI
Hangzhou Boiler
Siemens
Hamon Deltak, Inc.
Nooter Eriksen
GE
STF BOILERS & HRSG
VOGT Power
Wuxi Huaguang
John Wood Group plc

In Chapter 4 and Chapter 14.2, on the basis of types, the Heat Recovery Steam Generator market from 2018 to 2029 is primarily split into:

Vertical
Horizonta

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Heat Recovery Steam Generator market from 2018 to 2029 covers:

Power Generation
Heating
Desalination

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)