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What is the projected market size of the heat recovery steam generator industry, and what is its expected CAGR?
The heat recovery steam generator market size has grown strongly in recent years. It will grow from $1.71 billion in 2024 to $1.82 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to rising demand for energy efficiency, increasing adoption of combined cycle power plants, stringent environmental regulations, growth in global power generation capacity, and the expansion of industrial sectors such as oil and gas and manufacturing.
The heat recovery steam generator market size is expected to see strong growth in the next few years. It will grow to $2.29 billion in 2029 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing investments in renewable energy integration, growing emphasis on reducing operational costs, rising demand from emerging economies, expanding applications beyond utilities, and the development of smart monitoring and maintenance technologies. Major trends in the forecast period include a shift towards more compact and modular designs, greater adoption of digital twin technology for performance optimization, development of next-generation materials for higher temperature tolerance, emphasis on reducing carbon footprints through advanced emission control solutions, and the adoption of advanced automation and AI-driven maintenance strategies.
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What external factors are influencing the heat recovery steam generator market’s growth momentum?
The expansion of the industrial sector is expected to propel the heat recovery steam generator market going forward. The industrial sector refers to the part of the economy involved in producing goods through manufacturing, construction, and related industries. The industrial sector is expanding due to increased demand for manufactured goods and technological advancements driving efficiency and production. A heat recovery steam generator (HRSG) in the industrial sector is used to capture and convert waste heat from industrial processes into steam, improving energy efficiency and reducing fuel consumption. For instance, in July 2023, according to Eurostat, a Luxembourg-based government statistical agency, in May 2023, seasonally adjusted industrial production in the European area rose by 0.2%, while in the European Union, it increased by 0.1% compared to April 2023. Therefore, the expansion of the industrial sector is driving the heat recovery steam generator market.
What are the major market segments driving the growth of the heat recovery steam generator industry?
The heat recovery steam generator market covered in this report is segmented –
1) By Design Type: Modular Construction; C-Section Construction; Bundle Construction; Fully Assembled
2) By Configuration Type: Horizontal Drum Units; Vertical Drum Units; Horizontal-Once Through Units
3) By Output Power Type: 0 To 60 Megawatt (MW); 60 To 100 Megawatt (MW); 100 Megawatt (MW) And Above
4) By Application Type: Co-Generation (Process Heating); Combined Cycle; Combined Heat And Power (CHP)
5) By End User: Utility; Chemicals; Refineries; Pulp And Paper; Other End Users
Subsegments:
1) By Modular Construction: Pre-Fabricated Modules; Skid-Mounted Modules; Compact Modular Systems
2) By C-Section Construction: Horizontal C-Section HRSGs; Vertical C-Section HRSGs; Single-Pressure C-Section HRSGs
3) By Bundle Construction: Horizontal Bundle HRSGs; Vertical Bundle HRSGs; Double Pressure Bundle HRSGs
4) By Fully Assembled: Factory-Assembled HRSGs; Site-Assembled HRSGs; Custom-Built Fully Assembled Units
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What are the key trends shaping the heat recovery steam generator market in the forecast period?
Major companies operating in the heat recovery steam generator market are developing innovative products, such as heat recovery power generation systems, to gain a competitive edge in the market. A heat recovery power generation system captures and utilizes waste heat from industrial processes, exhaust gases, or other energy sources to generate electricity. For instance, in October 2022, Kawasaki Heavy Industries Ltd., a Japan-based manufacturing company, delivered its new high-efficiency waste heat recovery power generation system, called the VEGA boiler, to Taiheiyo Cement. This marked the first installation of the VEGA boiler in Japan, demonstrating Kawasaki’s dedication to improving energy efficiency in the cement industry. The VEGA boiler is specifically designed for waste heat recovery in cement plants, where it captures unused heat from exhaust gases to produce electricity. It operates by utilizing heat from the preheater’s exhaust gases, which contain significant amounts of dust, to create steam that powers a turbine for electricity generation.
Who are the key market players contributing to the growth of the heat recovery steam generator industry?
Major companies operating in the heat recovery steam generator market are Hitachi Ltd., General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd., ABB Ltd., Alstom SA, Kawasaki Heavy Industries Ltd., Sumitomo Heavy Industries Ltd., John Wood Group PLC, Bharat Heavy Electricals Limited, SPX Flow Inc., Thermax Limited, Spirax Group plc, Babcock & Wilcox Enterprises Inc., Nooter/Eriksen Inc., Hamon & Cie International, Rentech Boilers Systems Inc., Clyde Bergemann Power Group, Bosch Industriekessel GmbH, Doosan Heavy Industries & Construction, John Cockerill, Aalborg Industries
Which regions are leading the growth of the heat recovery steam generator market globally?
North America was the largest region in the heat recovery steam generator market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heat recovery steam generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Can Companies Use The Heat Recovery Steam Generator Market Report to Drive Business Results?
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• Time market entry or expansion using growth forecasts and CAGR trends.
• Develop competitive products by tracking key technology shifts and user preferences.
• Tailor regional strategies with in-depth geographic data and local market dynamics.
• Benchmark and plan partnerships using competitive landscape insights.
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