Heat Recovery Steam Generator Market Analysis | 2023-2028

Market Insights

The heat recovery steam generator market was estimated at USD 1.3 billion in 2022 and is likely to grow at a CAGR of 4.7% during 2023-2028 to reach USD 1.8 billion in 2028.

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Market Dynamics

Introduction

A heat recovery steam generator is an energy recovery heat exchanger used to recover heat from a hot gas stream such as a combustion turbine or waste gas stream. The market is segmented by Design Type into the horizontal drum and vertical drum; by rated power into 0-30 MW, >30-50 MW, >50-100 MW, and >200 MW; by mode of operation into cogeneration and combined cycle; and by application type into utilities, commercial, chemicals, and refineries.

Market Drivers

The surge in utilization of cogeneration technology along with growing investment towards generation capacity expansion is likely to drive the market growth.

Segment Analysis

By Application Type

The market is segmented as utilities, commercial, chemicals, refineries, pulp & paper, and others. The utilities segment is projected to remain the largest segment of the market. The development of thermal power generating stations, along with increased focus on sustainable energy sources, is likely to drive the market growth.

By Design Type

The market is segmented into horizontal drums and vertical drums. The vertical drum design is projected to be the largest segment with a CAGR of nearly 5.8% during the forecast period, driven by ease of compatibility and lower capital expenditure. Continuous technological development, along with healthy growth in combined cycle plants, will drive the market for the horizontal drum segment.

Regional Insights

Asia-Pacific is estimated to be the most lucrative market with a CAGR of more than 5.4% during the forecast period. The expanding industrial sector, rapid urbanization, significant economic development in the region, and increased focus on sustainable sources of energy are the major factors driving the growth of the Asia-Pacific market. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Key Players

Some of the key players in the market are:

• John Wood
• Kawasaki
• B&W
• Larsen & Turbo
• BHEL
• Cleaver-Brooks
• Clayton
• John Cockerill
• Mitsubishi
• GE
• Siemens
• AC Boilers
• Rentech
• Thermax
• Kelvion
• Hamon.

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s heat recovery steam generator market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our heat recovery steam generator market report from the industry stakeholders, we have tried to further accentuate our research scope to the heat recovery steam generator market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Feature

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The heat recovery steam generator market is segmented into the following categories:

By Design Type

• Horizontal Drum
• Vertical Drum

By Rated Power Type

• 0-30 MW
• >30-50 MW
• >50-100 MW
• >100-200 MW
• >200 MW

By Mode of Operation Type

• Cogeneration
• Combined Cycle

By Application Type

• Utilities
• Chemical
• Refineries
• Pulp & Paper
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the design types by rated power type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].