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.
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 $238.8 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Heat Recovery Steam Generators Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Heat Recovery Steam Generators Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Heat Recovery Steam Generators Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ 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.
Select Competitors (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
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISCANADAITALYSPAINRUSSIAREST OF EUROPESOUTH KOREAREST OF ASIA-PACIFICARGENTINABRAZILMEXICOREST OF LATIN AMERICAIRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EASTIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
UNITED KINGDOM
ASIA-PACIFIC
AUSTRALIA
INDIA
LATIN AMERICA
MIDDLE EAST
AFRICA
Companies Mentioned
- 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
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 491 |
| Published | December 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 865 Million |
| Forecasted Market Value ( USD | $ 1100 Million |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
