Europe Heat Recovery Steam Generator Market Size - By Design (Horizontal Drum, Vertical Drum), By Mode of Operation (Cogeneration, Combined Cycle), By Application (Utilities, Commercial, Chemicals, Refineries, Pulp & Paper), Rated Power & Forecast, 2023 -

Europe Heat Recovery Steam Generator Market Size - By Design (Horizontal Drum, Vertical Drum), By Mode of Operation (Cogeneration, Combined Cycle), By Application (Utilities, Commercial, Chemicals, Refineries, Pulp & Paper), Rated Power & Forecast, 2023 - 2032

Global Europe Heat Recovery Steam Generator Market will witness significant growth from 2023 to 2032. Stringent environmental regulations demand energy efficiency, pushing industries to adopt HRSGs for their ability to recover waste heat from processes. In July 2023, the European Parliament and Council agreed to new regulations to cut the EU's total final energy usage by 11.7% in 2030. The European Green Deal, which is a part of this initiative, intends to achieve carbon neutrality for the EU by 2050. The new regulations mandate that from 2024 to 2030, member states must save an average of 1.49% of their national energy consumption.

The pursuit of renewable energy sources necessitates efficient power generation, making HRSGs an attractive solution for combined cycle plants. Additionally, the region's commitment to reducing carbon emissions drives investment in sustainable technologies like HRSGs. The expansion of Europe heat recovery steam generator market size is also attributed to advancements in engineering, fostering innovation and cost-effectiveness.

The overall Europe Heat Recovery Steam Generator Market is classified based on design, mode of operation, application, and region.

Based on design, the vertical drum segment will contribute significantly to the market revenue from 2023 to 2032. Vertical drum HRSGs offer a compact design, making them suitable for space-constrained installations. Their modular construction facilitates quicker deployment and maintenance to support the demand. Additionally, industries seeking enhanced operational flexibility and efficiency are turning to vertical drum HRSGs, which align with the region's sustainability goals and stringent energy regulations.

By mode of operation, the cogeneration segment of the Europe heat recovery steam generator industry will exhibit a high growth rate from 2023-2032. Cogeneration, also known as combined heat and power (CHP), aligns with Europe's energy efficiency goals. HRSGs play a pivotal role in cogeneration setups by harnessing waste heat from power generation processes for heating or other industrial purposes. This dual benefit of producing electricity and useful heat underscores the growing appeal of HRSGs in cogeneration systems across Europe.

Regarding the application, the refineries segment could dominate the Europe heat recovery steam generator market share by 2032. Refineries require substantial energy for their processes, making HRSGs a valuable solution to recover and utilize waste heat for power generation. The integration of HRSGs aligns with the refining sector's push for sustainability and reduced environmental impact. As refineries seek efficient energy management and emissions reduction, the HRSG market in Europe finds increased traction as a pivotal component of their operations.

Regionally, the UK heat recovery steam generator market will gain traction during 2023-2032 due to the region's commitment to reducing carbon emissions and advancing renewable energy sources. The increased adoption of HRSGs due to the need for enhanced energy efficiency in various industries will support the heat recovery steam generator market outlook in Europe. Furthermore, the integration of HRSGs complements the UK's energy transition efforts, bolstering its position as a key player in sustainable technology adoption and fostering a thriving HRSG market.