Heat Recovery Steam Generator Market Size By Design (Horizontal Drum, Vertical Drum), Rated Power (≤ 30 MW, ≥ 30 - 50 MW, ≥ 50 - 100 MW, ≥ 100 - 200 MW, ≥ 200 MW), By Mode of Operation (Cogeneration, Combined Cycle), By Appli

Heat Recovery Steam Generator Market Size By Design (Horizontal Drum, Vertical Drum), Rated Power (≤ 30 MW, ≥ 30 - 50 MW, ≥ 50 - 100 MW, ≥ 100 - 200 MW, ≥ 200 MW), By Mode of Operation (Cogeneration, Combined Cycle), By Application (Utilities, Commercial, Chemicals, Refineries, Pulp & Paper), Covid-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The global heat recovery steam generator market is expected to record commendable proceeds over the forecast period with the surging growth of the industrial sector.

Heat exchangers are increasingly adopted across industry sectors with the growing need for heating and cooling applications. The power generation sector, for instance, primarily implements heat exchangers for sub-cooling, condensing, pre-heating, and heat extraction, which could bolster product demand over the stipulated timeframe.

The heat recovery steam generator market is segmented in terms of design, rated power, mode of operation, application, and region.

In terms of design, the horizontal segment will account for a substantial share of the heat recovery steam generator industry due to its effective design characteristics. Horizontal heat exchangers are ideal for operations using a single-phase fluid on the shell side.

Furthermore, the horizontal design prevents any leakage flows from the exchangers and offers a higher heat transfer rate. Benefits such as these will increase product adoption over the forthcoming years.

With respect to rated power, the ≥ 100 - 200 MW rated segment will register appreciable revenue over the forecasted timeframe. These HRSG systems are mainly used across the chemical industry, food processing plants, and pulp & paper industry.

Waste heat recovery systems rated ≥ 100 - 200 MW can absorb the moisture and heat in a room to be reused without straining the energy source that generally offers water and air for the paper-making process. The growing demand for paper & pulp products will thus fuel HRSG adoption.

With respect to the mode of operation, the combined cycle segment will record commendable growth due to stricter emission reduction goals. With growing environmental concerns, governments are integrating sustainable solutions for heating and cooling.

According to the European Heat Pump Association, close to 15 million European households had heat pumps in 2020. With ongoing efforts to limit fossil fuels for heating & cooling, the adoption of eco-friendly products such as CC power generating systems is expected to rise considerably, influencing HRSG market dynamics.

Based on application, the HRSG industry will record appreciable value through the significant market share of the refinery segment. This can be credited to the ongoing development and expansion of new refineries and petrochemical facilities across emerging economies.

According to the U.S. Energy Information Administration (EIA), at least nine refinery projects are slated to come online in the Middle East and Asia before the end of 2023, which will have a positive impact on heat recovery steam generator market growth.

From a regional perspective, the Middle East & Africa HRSG market will register significant revenue over the stipulated timeframe. This is a result of the growing usage of CCGPs in addition to government initiatives to diversify the power generation mix. Moreover, escalating demand for electricity coupled with a rise in industrial activities including petrochemical plants and refineries will present lucrative opportunities for industry development over the forthcoming years.