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Report
Global Heat Recovery Steam Generator Market Report and Forecast 2023-2028
Market Report I 2023-08-01 I 155 Pages I EMR Inc.
Global Heat Recovery Steam Generator Market Report and Forecast 2023-2028
Market Outlook
According to the report by Expert Market Research (EMR), the global heat recovery steam generator market reached a value of approximately USD 1.15 billion in 2022. Aided by the growing demand for efficient energy solutions and the rising applications of HRSG in various sectors, the market is projected to further grow at a CAGR of 4.60% between 2023 and 2028 to reach a value of USD 1.51 billion by 2028.
Heat recovery steam generators are a type of energy recovery equipment used to capture waste heat from gas turbines, steam turbines, or other heat sources to generate steam. This steam can then be used in a range of applications including electricity generation, process heating, or driving mechanical processes. Apart from its energy recovery properties, HRSGs also help in reducing carbon emissions and improving the overall efficiency of a thermal power system, making them a crucial part of various industrial applications, including power generation, oil & gas, and other heavy industries.
The increasing global demand for efficient energy solutions is a key driver of the heat recovery steam generator market growth. As the awareness of energy conservation and sustainable energy usage increases, there has been a significant shift towards adopting energy-efficient systems, leading to a surge in demand for HRSGs. Additionally, the escalating emphasis on reducing greenhouse gas emissions in line with global climate goals has further contributed to the increasing popularity of HRSGs, given their role in improving the overall efficiency of power generation systems.
The growing applications of HRSGs in various industries also play a vital role in propelling the heat recovery steam generator market demand. In the power generation industry, HRSGs are used to improve plant efficiency and reduce fuel costs. In the oil and gas industry, HRSGs play a critical role in waste heat recovery from gas turbines, helping to optimise process efficiency and reduce environmental impact. Additionally, HRSGs are used in other heavy industries such as chemicals and steel, where they help in process heat recovery and energy cost savings, fuelling the heat recovery steam generator market development.
Moreover, the growing demand for Combined Cycle Power Plants (CCPPs) in the energy sector has led to an increased focus on HRSGs as a crucial component of these plants. With the increasing need for highly efficient and flexible power generation solutions, HRSGs have emerged as a key enabler in the operation of CCPPs, thereby boosting the heat recovery steam generator market expansion.
Market Segmentation
The market can be divided based on rated power, end use, and region.
Market Breakup by Rated Power
- Below 100 MW
- 101 MW to 200 MW
- 201 MW and Above
Market Breakup by End Use
- Power Plants
- Oil and Gas Facilities
- Chemical and Fertiliser Plants
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global heat recovery steam generator companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Thermax Limited
- John Wood Group PLC
- Kawasaki Heavy Industries, Ltd.
- Mitsubishi Hitachi Power Systems Ltd
- General Electric Company
- Babcock & Wilcox Enterprises, Inc.
- Belleli Energy, Spa
- Cleaver-Brooks, Inc.
- Clayton Industries Inc.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Heat Recovery Steam Generator Market Analysis
8.1 Key Industry Highlights
8.2 Global Heat Recovery Steam Generator Historical Market (2018-2022)
8.3 Global Heat Recovery Steam Generator Market Forecast (2023-2028)
8.4 Global Heat Recovery Steam Generator Market by Rated Power
8.4.1 Below 100 MW
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 101 MW to 200 MW
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 201 MW and Above
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.5 Global Heat Recovery Steam Generator Market by End Use
8.5.1 Power Plants
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Oil and Gas Facilities
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Chemical and Fertiliszer Plants
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Other
8.6 Global Heat Recovery Steam Generator Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2022)
8.6.5.2 Forecast Trend (2023-2028)
9 North America Heat Recovery Steam Generator Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Heat Recovery Steam Generator Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Heat Recovery Steam Generator Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Heat Recovery Steam Generator Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Heat Recovery Steam Generator Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Thermax Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 John Wood Group PLC
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Kawasaki Heavy Industries, Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Mitsubishi Hitachi Power Systems Ltd
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 General Electric Company
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Babcock & Wilcox Enterprises, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Belleli Energy, Spa
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Cleaver-Brooks, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Clayton Industries Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Other
16 Key Trends and Developments in the Market
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