Market Overview

The heat recovery steam generator market was estimated at USD 1.3 billion in 2022 and is likely to grow at a CAGR of 4.7% during 2023–2028 to reach USD 1.8 billion in 2028.

The report highlights key insights related to heat recovery steam generator market size, trends and future market growth and forecast, along with competitive landscape and emerging opportunities. It is designed to help stakeholders understand market direction and make data-driven decisions.

What is Heat Recovery Steam Generator Market?

A heat recovery steam generator is an energy recovery heat exchanger used to recover heat from a hot gas stream such as a combustion turbine or waste gas stream. It plays a critical role in improving energy efficiency by converting waste heat into usable steam for power generation and industrial applications.

Market Growth Drivers

The market is primarily driven by the following factor:

• The surge in utilization of cogeneration technology
• Growing investment towards generation capacity expansion

These factors are contributing significantly to the expansion of the heat recovery steam generator market across various industries.

Key Challenges

The landing page does not explicitly mention specific challenges for the heat recovery steam generator market. Therefore, no assumptions are made to maintain strict data accuracy.

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Market Segmentation

The heat recovery steam generator market is segmented as follows:

By Design Type

• Horizontal Drum
• Vertical Drum

By Rated Power Type

• 0–30 MW
• 30–50 MW
• 50–100 MW
• 100–200 MW
• 200 MW

By Mode of Operation Type

• Cogeneration
• Combined Cycle

By Application Type

• Utilities
• Chemical
• Refineries
• Pulp & Paper
• Others

Segment Insights:

• The utilities segment is projected to remain the largest segment of the market.
• The vertical drum design is projected to be the largest segment with a CAGR of nearly 5.8% during the forecast period.

Regional Analysis

The market is segmented into the following regions:

• North America (The USA, Canada, and Mexico)
• Europe (Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Latin America, the Middle East, and Others)

Regional Insights:
Asia-Pacific is estimated to be the most lucrative market with a CAGR of more than 5.4% during the forecast period. The region’s growth is driven by expanding industrial sectors, rapid urbanization, significant economic development, and increased focus on sustainable energy sources. North America and Europe are also expected to offer substantial growth opportunities.

Key Companies

Some of the key players in the heat recovery steam generator market are:

• John Wood
• Kawasaki
• B&W
• Larsen & Turbo
• BHEL
• Cleaver-Brooks
• Clayton
• John Cockerill
• Mitsubishi
• GE
• Siemens
• AC Boilers
• Rentech
• Thermax
• Kelvion
• Hamon

FAQ

1. What is the market size of the heat recovery steam generator market?
The market was valued at USD 1.3 billion in 2022 and is projected to reach USD 1.8 billion in 2028.

2. What is the expected growth rate of the market?
The market is expected to grow at a CAGR of 4.7% during 2023–2028.

3. Which application segment dominates the market?
The utilities segment is projected to remain the largest segment.

4. Which region offers the highest growth opportunity?
Asia-Pacific is estimated to be the most lucrative region with a CAGR of more than 5.4%.

Conclusion

The heat recovery steam generator market is poised for steady growth, driven by increasing adoption of cogeneration technologies and rising investments in power generation capacity. With strong demand from utilities and growing opportunities in Asia-Pacific, the market presents significant potential for industry stakeholders. The continued focus on energy efficiency and sustainable power solutions will further support market expansion during the forecast period.