Global Heat Recovery Steam Generator Market Size, Trends, By Design (Horizontal Drum, Vertical Drum), By Power Rating (Below 100 MW, 101 to 200 MW), By Vertical (Utility, Chemicals, Refineries, Pulp & Paper, Cogeneration (Process Heating), Combined Heat and power (CHP), Combined Cycle, Industrial, Commercial, Others), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa): Growth Opportunity Analysis and Industry Forecast, 2023-2030.
Global Heat Recovery Steam Generator Market
The Global Heat Recovery Steam Generator Market was valued at USD 1.15 billion in 2022 and is expected to expand to USD 2.1 billion by 2030, at a CAGR of 6.60% during the forecast period 2023-2030.
A heat recovery steam generator (HRSG) is a type of energy recovery heat exchanger that regain heat from a hot gas stream, such as a waste gas stream or combustion turbine. This produces steam that can be used in a process & used to drive a steam turbine.
HRSG is mainly used to recover waste heat from the exhaust of gas turbines, propelling efficiency from a range of 34% - 41% in a simple cycle also referred to as open cycle mode to a range of 54% - 61% in a combined cycle mode. The heat recovery steam generator is used to drive a steam turbine for power generation, & to generate steam for district heating or factory processes.
Market Drivers
The increase in the usage of the cogeneration technique within the expanding venture to rise generation capacity shall encourage market expansion. Considering the enhanced technological advancements, growing power costs, favourable administrative circumstances, and reducing resource costs are the most prominent factors that will increase the growth of the heat recovery steam generator exchange market.
Furthermore, the extensive development of commercial infrastructure & commercial applications of the heat recovery steam generator is anticipated to generate revenue in the forecast period. Also, the increasing use of vertical drum design in the food processing industry and limiting greenhouse gas emissions will boost industrial development and enhance the growth of the global heat recovery steam generator exchange market.
Market Restraints
The high initial investment and maintenance costs will constrain the growth of the global heat recovery steam generator market. Also, the high cost of transportation i.e., shipping is the main reason hampering the growth of the market.
Market Segmentation
The global heat recovery steam generator market is segmented into the design, power rating, vertical, and region.
Based on the design, the global heat recovery steam generator market is segmented into horizontal drums and vertical drums.
Based on power rating, the global heat recovery steam generator market is segmented into below 100 MW, and 101 to 200 MW.
Based on, vertical, the global heat recovery steam generator market is segmented into utility, chemicals, refineries, pulp & paper, cogeneration (process heating), combined heat and power (CHP), combined cycle, power, industrial, commercial, and others.
Regional Analysis
The global heat recovery steam generator market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The North American region is expected to dominate and have the greatest market share and grow at the highest CAGR over the forecast period of 2030. High investments and increasing demand for a clean source of energy and the employment of a combined cycle power plant are the key factors attributable to the growth of the heat recovery steam generator market in the region.
Also, the ongoing development plans for petrochemical projects & refinery plants owing to rising demand for hydrocarbon products are expected to further drive the growth of the market in the region.
Key Players
Various key players are discussed in the global heat recovery steam generator market report including; Siemens AG, Mitsubishi Hitachi Power Systems Ltd, Sofinter SpA, General Electric Company, Thermax Limited, Robert Bosch GmbH, Schaeffler AG, Cummins Inc., IHI Corporation, Tenneco Inc., and Others.
For instance, in 2022, Mutates acquired Siemens Energy B.V.'s heat transfer technology. Siemens Energy formerly known by the brand name NEM, is active on a global level in the development, procurement, design, and supply of steam generators for various heat transfer applications.
Market Taxonomy
By Design
• Horizontal Drum
• Vertical Drum
By Power Rating
• Below 100 MW
• 101 to 200 MW
By Vertical
• Utility
• Chemicals
• Refineries
• Pulp & Paper
• Cogeneration (Process Heating)
• Combined Heat and power (CHP)
• Combined Cycle
• Power and Utility
• Industrial
• Commercial
• Others
By Region
• North America
• U.S.
• Canada
• Mexico
• Latin America
• Brazil
• Argentina
• Colombia
• Peru
• Chile
• Venezuela
• Rest of Latin America
• Europe
• Germany
• France
• UK
• Russia
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• New Zealand
• Singapore
• Malaysia
• Rest of Asia Pacific
• Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Tanzania
• Rest of The Middle East & Africa
Key Question Addressed by the Report
· What are the Key Opportunities in the Global Heat Recovery Steam Generator Market?
· What will be the growth rate from 2023 to 2030?
· Which segment/region will have the highest growth?
· What are the factors that will impact/drive the Market?
· What is the role of key players in the value chain?
Global Heat Recovery Steam Generator Market
1 Introduction
1.1 Objective of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Heat Recovery Steam Generator Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact Due To Recent Energy Crisis
4.2.5 Cumulative Impact Due To Nearing Economic Downturn
4.2.6 Post-Covid-19 World Supply and Demand Conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Heat Recovery Steam Generator Market, By Design
5.1 Y-o-Y Growth Comparison, By Design
5.2 Global Heat Recovery Steam Generator Market Share Analysis, By Design
5.3 Global Heat Recovery Steam Generator Market Size and Forecast, By Design
5.3.1 Horizontal Drum
5.3.2 Vertical Drum
6 Global Heat Recovery Steam Generator Market, By Power Rating
6.1 Y-o-Y Growth Comparison, By Power Rating
6.2 Global Heat Recovery Steam Generator Market Share Analysis, By Power Rating
6.3 Global Heat Recovery Steam Generator Market Size and Forecast, By Power Rating
6.3.1 Below 100 MW
6.3.2 101 to 200 MW
7 Global Heat Recovery Steam Generator Market, By Vertical
7.1 Y-o-Y Growth Comparison, By Vertical
7.2 Global Heat Recovery Steam Generator Market Share Analysis, By Vertical
7.3 Global Heat Recovery Steam Generator Market Size and Forecast, By Vertical
7.3.1 Utility
7.3.2 Chemicals
7.3.3 Refineries
7.3.4 Pulp & Paper
7.3.5 Cogeneration (Process Heating)
7.3.6 Combined Heat and power (CHP)
7.3.7 Combined Cycle
7.3.8 Power and Utility
7.3.9 Industrial
7.3.10 Commercial
7.3.11 Others
8 Global Heat Recovery Steam Generator Market, By Region
8.1 Global Heat Recovery Steam Generator Market Share Analysis, By Region
8.2 Global Heat Recovery Steam Generator Market Share Analysis, By Region
8.3 Global Heat Recovery Steam Generator Market Size and Forecast, By Region
9 North America Heat Recovery Steam Generator Market Analysis and Forecast (2023-2030)
9.1 Introduction
9.2 North America Heat Recovery Steam Generator Market Share Analysis, By Design
9.3 North America Heat Recovery Steam Generator Market Share Analysis, By Power Rating
9.4 North America Heat Recovery Steam Generator Market Share Analysis, By Vertical
9.5 North America Heat Recovery Steam Generator Market Size and Forecast, By Country
9.5.1 U.S
9.5.1.1 Market Size and Forecast, By Design
9.5.1.2 Market Size and Forecast, By Power Rating
9.5.1.3 Market Size and Forecast, By Vertical
9.5.2 Canada
9.5.2.1 Market Size and Forecast, By Design
9.5.2.2 Market Size and Forecast, By Power Rating
9.5.2.3 Market Size and Forecast, By Vertical
9.5.3 Mexico
9.5.3.1 Market Size and Forecast, By Design
9.5.3.2 Market Size and Forecast, By Power Rating
9.5.3.3 Market Size and Forecast, By Vertical
10 Europe Heat Recovery Steam Generator Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 Europe Heat Recovery Steam Generator Market Share Analysis, By Design
10.3 Europe Heat Recovery Steam Generator Market Size and Forecast, By Power Rating
10.4 Europe Heat Recovery Steam Generator Market Size and Forecast, By Vertical
10.5 Europe Heat Recovery Steam Generator Market Size and Forecast, By Country
10.5.1 Germany
10.5.1.1 Market Size and Forecast, By Design
10.5.1.2 Market Size and Forecast, By Power Rating
10.5.1.3 Market Size and Forecast, By Vertical
10.5.2 France
10.5.2.1 Market Size and Forecast, By Design
10.5.2.2 Market Size and Forecast, By Power Rating
10.5.2.3 Market Size and Forecast, By Vertical
10.5.3 UK
10.5.3.1 Market Size and Forecast, By Design
10.5.3.2 Market Size and Forecast, By Power Rating
10.5.3.3 Market Size and Forecast, By Vertical
10.5.4 Russia
10.5.4.1 Market Size and Forecast, By Design
10.5.4.2 Market Size and Forecast, By Power Rating
10.5.4.3 Market Size and Forecast, By Vertical
10.5.5 Italy
10.5.5.1 Market Size and Forecast, By Design
10.5.5.2 Market Size and Forecast, By Power Rating
10.5.5.3 Market Size and Forecast, By Vertical
10.5.6 Spain
10.5.6.1 Market Size and Forecast, By Design
10.5.6.2 Market Size and Forecast, By Power Rating
10.5.6.3 Market Size and Forecast, By Vertical
10.5.7 Rest of Europe
10.5.7.1 Market Size and Forecast, By Design
10.5.7.2 Market Size and Forecast, By Power Rating
10.5.7.3 Market Size and Forecast, By Vertical
11 Asia Pacific Heat Recovery Steam Generator Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Asia Pacific Heat Recovery Steam Generator Market Share Analysis, By Design
11.3 Asia Pacific Heat Recovery Steam Generator Market Size and Forecast, By Power Rating
11.4 Asia Pacific Heat Recovery Steam Generator Market Size and Forecast, By Vertical
11.5 Asia Pacific Heat Recovery Steam Generator Market Size and Forecast, By Country
11.5.1 China
11.5.1.1 Market Size and Forecast, By Design
11.5.1.2 Market Size and Forecast, By Power Rating
11.5.1.3 Market Size and Forecast, By Vertical
11.5.2 Japan
11.5.2.1 Market Size and Forecast, By Design
11.5.2.2 Market Size and Forecast, By Power Rating
11.5.2.3 Market Size and Forecast, By Vertical
11.5.3 India
11.5.3.1 Market Size and Forecast, By Design
11.5.3.2 Market Size and Forecast, By Power Rating
11.5.3.3 Market Size and Forecast, By Vertical
11.5.4 South Korea
11.5.4.1 Market Size and Forecast, By Design
11.5.4.2 Market Size and Forecast, By Power Rating
11.5.4.3 Market Size and Forecast, By Vertical
11.5.5 Australia
11.5.5.1 Market Size and Forecast, By Design
11.5.5.2 Market Size and Forecast, By Power Rating
11.5.5.3 Market Size and Forecast, By Vertical
11.5.6 New Zealand
11.5.6.1 Market Size and Forecast, By Design
11.5.6.2 Market Size and Forecast, By Power Rating
11.5.6.3 Market Size and Forecast, By Vertical
11.5.7 Singapore
11.5.7.1 Market Size and Forecast, By Design
11.5.7.2 Market Size and Forecast, By Power Rating
11.5.7.3 Market Size and Forecast, By Vertical
11.5.8 Malaysia
11.5.8.1 Market Size and Forecast, By Design
11.5.8.2 Market Size and Forecast, By Power Rating
11.5.8.3 Market Size and Forecast, By Vertical
11.5.9. Rest of Asia Pacific
11.5.9.1 Market Size and Forecast, By Design
11.5.9.2 Market Size and Forecast, By Power Rating
11.5.9.3 Market Size and Forecast, By Vertical
12 Latin America Heat Recovery Steam Generator Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Latin America Heat Recovery Steam Generator Market Share Analysis, By Design
12.3 Latin America Heat Recovery Steam Generator Market Share Analysis, By Power Rating
12.4 Latin America Heat Recovery Steam Generator Market Share Analysis, By Vertical
12.5 Latin America Heat Recovery Steam Generator Market Size and Forecast, Country
12.5.1. Brazil
12.5.1.1 Market Size and Forecast, By Design
12.5.1.2 Market Size and Forecast, By Power Rating
12.5.1.3 Market Size and Forecast, By Vertical
12.5.2 Argentina
12.5.2.1 Market Size and Forecast, By Design
12.5.2.2 Market Size and Forecast, By Power Rating
12.5.2.3 Market Size and Forecast, By Vertical
12.5.3 Colombia
12.5.3.1 Market Size and Forecast, By Design
12.5.3.2 Market Size and Forecast, By Power Rating
12.5.3.3 Market Size and Forecast, By Vertical
12.5.4 Peru
12.5.4.1 Market Size and Forecast, By Design
12.5.4.2 Market Size and Forecast, By Power Rating
12.5.4.3 Market Size and Forecast, By Vertical
12.5.5 Chile
12.5.5.1 Market Size and Forecast, By Design
12.5.5.2 Market Size and Forecast, By Power Rating
12.5.5.3 Market Size and Forecast, By Vertical
12.5.6 Venezuela
12.5.6.1 Market Size and Forecast, By Design
12.5.6.2 Market Size and Forecast, By Power Rating
12.5.6.3 Market Size and Forecast, By Vertical
12.5.7 Rest of Latin America
12.5.7.1 Market Size and Forecast, By Design
12.5.7.2 Market Size and Forecast, By Power Rating
12.5.7.3 Market Size and Forecast, By Vertical
13 Middle East Heat Recovery Steam Generator Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Middle East Heat Recovery Steam Generator Market Share Analysis, By Design
13.3 Middle East Heat Recovery Steam Generator Market Size and Forecast, By Power Rating
13.4 Middle East Heat Recovery Steam Generator Market Size and Forecast, By Vertical
13.5 Middle East Heat Recovery Steam Generator Market Size and Forecast, By Country
13.5.1 Saudi Arabia
13.5.1.1 Market Size and Forecast, By Design
13.5.1.2 Market Size and Forecast, By Power Rating
13.5.1.3 Market Size and Forecast, By Vertical
13.5.2 UAE
13.5.2.1 Market Size and Forecast, By Design
13.5.2.2 Market Size and Forecast, By Power Rating
13.5.2.3 Market Size and Forecast, By Vertical
13.5.3 Egypt
13.5.3.1 Market Size and Forecast, By Design
13.5.3.2 Market Size and Forecast, By Power Rating
13.5.3.3 Market Size and Forecast, By Vertical
13.5.4 Kuwait
13.5.4.1 Market Size and Forecast, By Design
13.5.4.2 Market Size and Forecast, By Power Rating
13.5.4.3 Market Size and Forecast, By Vertical
13.5.5 South Africa
13.5.5.1 Market Size and Forecast, By Design
13.5.5.2 Market Size and Forecast, By Power Rating
13.5.5.3 Market Size and Forecast, By Vertical
13.5.6 Tanzania
13.5.6.1 Market Size and Forecast, By Design
13.5.6.2 Market Size and Forecast, By Power Rating
13.5.6.3 Market Size and Forecast, By Vertical
13.5.7 Rest of Middle East & Africa
13.5.7.1 Market Size and Forecast, By Design
13.5.7.2 Market Size and Forecast, By Power Rating
13.5.7.3 Market Size and Forecast, By Vertical
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market Share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Siemens AG
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Mitsubishi Hitachi Power Systems Ltd.
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 Sofinter SpA
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 General Electric Company
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Thermax Limited
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Robert Bosch GmbH
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Schaeffler AG
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Cummins Inc.
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 IHI Corporation
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 Tenneco Inc.
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
