Dublin, Feb. 14, 2025 (GLOBE NEWSWIRE) — The “Heat Recovery Steam Generators – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Heat Recovery Steam Generators is estimated at US$865.0 Million in 2023 and is projected to reach US$1.1 Billion by 2030, growing at a CAGR of 3.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the HRSG market is driven by several factors that reflect technological, economic, and environmental dynamics. Firstly, the global push towards energy efficiency and stricter emissions regulations compels power plants to adopt technologies that maximize heat recovery and reduce carbon outputs. Secondly, the expansion of the natural gas sector, particularly with the increased deployment of gas turbines, directly correlates with heightened HRSG installations to improve the efficiency of these plants. Thirdly, advancements in material science have led to the development of more durable and efficient HRSG components, which endure higher temperatures and pressures, thereby extending the operational capabilities of power plants.
Additionally, the evolving consumer behavior towards more sustainable energy solutions has spurred the integration of HRSGs with renewable energy projects. Finally, the economic incentives provided by governments worldwide for cleaner and more efficient technologies have further propelled the adoption and innovation within the HRSG market, aligning it with both current needs and future energy goals.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Upto 30 MW Rated Power Heat Recovery Steam Generators segment, which is expected to reach US$559.0 Million by 2030 with a CAGR of a 4.0%. The Above 30 MW Rated Power Heat Recovery Steam Generators segment is also set to grow at 2.9% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $189.8 Million in 2023, and China, forecasted to grow at an impressive 6.1% CAGR to reach $238.8 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Emerson Electric Company, Bharat Heavy Electricals Ltd., Kawasaki Heavy Industries Ltd., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 491 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $865 Million |
| Forecasted Market Value (USD) by 2030 | $1100 Million |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- Heat Recovery Steam Generators – Global Key Competitors Percentage Market Share in 2024 (E)
- Heat Recovery Steam Generators: A Prelude
- Design and Functionality
- HRSG Categories
- Specialized HRSG Varieties and Functionalities
- Global Heat Recovery System Generator (HRSG) Market Set to Witness Rapid Growth
- Developed Regions Dominate, While Developing Markets to Witness Faster Growth
- Combined Heat and Power (CHP) Application Holds the Major Share, Combined Cycle Application to Witness Rapid Growth
- Utilities – The Largest End-use Market for HRSGs
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Surging Energy Consumption and Demand for Electricity to Drive the Demand for HRSGs
- Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
- Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
- Global Energy Consumption (Billion toe) by Country/Region (1995, 2017 and 2040): Breakdown for USA, China, India, Russia, Brazil, EU, Middle East and Rest of World
- Rising Focus on Cogeneration Technology Drives the Demand for Heat Recovery Steam Generators
- CHP Share of Total Electricity Generation in Major Countries Worldwide
- CHP Installed Capacity (in MWe) in Major Countries Worldwide
- Heat Recovery Steam Generators Allow CCGT Plants to Achieve High Efficiency
- Emphasis on Curbing Carbon Emissions Accelerates Demand
- Growing Focus on Renewable Energy: A Strong Growth Driver
- Domestic Targets for Greenhouse Gas Emissions of Select Regions/Countries
- Focus on Energy Efficiency Drives up the Demand for HRSG
- Global Investments in Energy Efficiency (In US$ Billion) for the Year 2024
- Healthy Outlook for the World Chemical Industry Extends a Fillip to HRSG Market
- World Chemical Industry (In US$ Billion) for the Years 2020 & 2024
- Innovative HRSG Designs and Upgrades Improve Performance and Efficiency
- Recent Developments in the HRSG Space
FOCUS ON SELECT PLAYERS (Total 34 Featured)
- Emerson Electric Company
- Bharat Heavy Electricals Ltd.
- Kawasaki Heavy Industries Ltd.
- Hyundai Heavy Industries Co., Ltd.
- Mitsubishi Power, Ltd.
- Cleaver-Brooks, Inc.
- Hangzhou Boiler Group Co., Ltd.
- Hamon & Cie (International) SA
- Martin Energy Group Services LLC
- Nooter/Eriksen, Inc.
- RENTECH Boiler Systems, Inc.
- GE Power
- AC Boilers SpA
- BHI Co., Ltd.
- Indeck Keystone Energy LLC
For more information about this report visit https://www.researchandmarkets.com/r/76o4v1
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- Global Heat Recovery Steam Generators Market
