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Global Heat Recovery Steam Generator Market Size, Share, Growth, Trends, Forecast: By Rated Power: Below 100 MW, 101 MW to 200 MW, 201 MW and Above; By End Use: Power Plants, Oil and Gas Facilities, Chemical and Fertiliszer Plants, Other; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Heat Recovery Steam Generator Market Outlook
The global heat recovery steam generator market size reached a value of approximately USD 1.20 billion in 2023. The market is further projected to grow at a CAGR of 4.60% between 2024 and 2032, reaching a value of USD 1.81 billion by 2032.
Key Trends in the Market
Heat recovery steam generator is a type of heat exchanger that is responsible for generating electric power by steam turbine by recovering heat from gas turbine waste. This heat generator produces minimal carbon dioxide emission and boasts a high thermal efficiency.
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- Rising requirement for combined cycle power plants due to their higher efficiency as compared to conventional power plants is one of the major heat recovery steam generator market trends. Additionally, the rising demand for electricity and sustainable generation of power are also boosting the deployment of combined cycle power plants. This, in turn, is boosting the demand for heat recovery steam generators as they play a crucial role in combined cycle power plants.
- Growing trend of sustainability and energy efficiency is boosting the utilisation of heat recovery steam generators across various sectors as they aid in decreasing consumption of fuel and carbon dioxide emissions.
- Increasing technological advancements for development of heat recovery steam generators with enhanced efficiency is expected to aid the market expansion. Additionally, research and development in materials and manufacturing processes, among others is resulting in optimisation of flow patterns and advanced thermal insulation.
Global Heat Recovery Steam Generator Market Analysis
On the basis of rated power, the market is segregated into below 100 MW, 101 MW to 200 MW, and 201 MW and above. Based on end use, the market is divided into power plants, oil and gas facilities, and chemical and fertiliser plants, among others. On the basis of region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global heat recovery steam generator market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- 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.
- Other
Market Share by Rated Power
The below 100 MW segment is anticipated to witness significant growth over the forecast period due to the increasing utilisation of cogeneration power plants across various small sectors. Additionally, rising technological advancements with regards to development of combined-cycle power plants for overcoming low heat necessities across various sectors is further expected to aid the segment growth. The deployment of below 100 MW heat recovery steam generator is also increasing for small power generation applications.
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Market Share by Region
The market for heat recovery steam generator is expected to witness significant growth in the Asia Pacific region in the coming years. This growth can be attributed to the increasing investments and demand for clean energy sources and the rising adoption of combined cycle power plants. The utilisation of heat recovery steam generators is increasing in countries including Japan, China, and India, among others, due to their growing efforts towards reducing emission levels, thus aiding the heat recovery steam generator market growth.
Competitive Landscape
Thermax Limited is an industrial machinery manufacturing company that was founded in 1980 and is headquartered in Pune, India. The products manufactured by the company helps industries in achieving better resource productivity and maintain clean environment.
John Wood Group PLC is known for providing services and products for oil and gas, power generation, and refining sectors, among others. The company was established in 1982 and is based in Aberdeen, Scotland.
Kawasaki Heavy Industries, Ltd. is an industrial machinery manufacturing company that was founded in 1896 and is headquartered in Tokyo, Japan. The company is known for manufacturing defence and aerospace equipment, engines, ships, and motorcycles, among others.
Other major players in the heat recovery steam generator market include Mitsubishi Hitachi Power Systems Ltd, General Electric Company, Babcock & Wilcox Enterprises, Inc., Belleli Energy, Spa, Cleaver-Brooks, Inc., and Clayton Industries Inc., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Rated Power |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 (2018-2023)
8.3 Global Heat Recovery Steam Generator Market Forecast (2024-2032)
8.4 Global Heat Recovery Steam Generator Market by Rated Power
8.4.1 Below 100 MW
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 101 MW to 200 MW
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 201 MW and Above
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Heat Recovery Steam Generator Market by End Use
8.5.1 Power Plants
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Oil and Gas Facilities
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Chemical and Fertiliszer Plants
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
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 (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Heat Recovery Steam Generator Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Heat Recovery Steam Generator Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Heat Recovery Steam Generator Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Heat Recovery Steam Generator Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Heat Recovery Steam Generator Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
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
List of Key Figures and Tables
1. Global Heat Recovery Steam Generator Market: Key Industry Highlights, 2018 and 2032
2. Global Heat Recovery Steam Generator Historical Market: Breakup by Rated Power (USD MillionBillion), 2018-2023
3. Global Heat Recovery Steam Generator Market Forecast: Breakup by Rated Power (USD MillionBillion), 2024-2032
4. Global Heat Recovery Steam Generator Historical Market: Breakup by End Use (USD MillionBillion), 2018-2023
5. Global Heat Recovery Steam Generator Market Forecast: Breakup by End Use (USD MillionBillion), 2024-2032
6. Global Heat Recovery Steam Generator Historical Market: Breakup by Region (USD MillionBillion), 2018-2023
7. Global Heat Recovery Steam Generator Market Forecast: Breakup by Region (USD MillionBillion), 2024-2032
8. North America Heat Recovery Steam Generator Historical Market: Breakup by Country (USD MillionBillion), 2018-2023
9. North America Heat Recovery Steam Generator Market Forecast: Breakup by Country (USD MillionBillion), 2024-2032
10. Europe Heat Recovery Steam Generator Historical Market: Breakup by Country (USD MillionBillion), 2018-2023
11. Europe Heat Recovery Steam Generator Market Forecast: Breakup by Country (USD MillionBillion), 2024-2032
12. Asia Pacific Heat Recovery Steam Generator Historical Market: Breakup by Country (USD MillionBillion), 2018-2023
13. Asia Pacific Heat Recovery Steam Generator Market Forecast: Breakup by Country (USD MillionBillion), 2024-2032
14. Latin America Heat Recovery Steam Generator Historical Market: Breakup by Country (USD MillionBillion), 2018-2023
15. Latin America Heat Recovery Steam Generator Market Forecast: Breakup by Country (USD MillionBillion), 2024-2032
16. Middle East and Africa Heat Recovery Steam Generator Historical Market: Breakup by Country (USD MillionBillion), 2018-2023
17. Middle East and Africa Heat Recovery Steam Generator Market Forecast: Breakup by Country (USD MillionBillion), 2024-2032
18. Global Heat Recovery Steam Generator Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 1.20 billion in 2023.
The market is projected to grow at a CAGR of 4.60% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 1.81 billion by 2032.
The major market drivers include introduction of stringent environmental regulations by various governments and growing demand for electricity due to increasing global population.
The key trends fuelling the growth of the market include rising requirement for combined cycle power plants, growing trend of sustainability and energy efficiency, and increasing research and development activities.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The various end uses of heat recovery steam generators include power plants, oil and gas facilities, and chemical and fertiliser plants, among others.
The key players in the market are 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., and Clayton Industries Inc., among others.
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