Heat Recovery Steam Generator Market Size, Share, Competitive Landscape and Trend Analysis Report, by Power Rating, by Application and, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2023-2032

A heat recovery steam generator (HRSG) is a heat exchanger that recovers heat from a hot gas stream, such as a combustion turbine or other waste gas stream. It produces steam that can be used in a co-generative process or used to drive a steam turbine for generation of electricity. Supplemental or duct firing is carried out in some systems that provides additional energy, thus increasing the output of the steam turbine. HRSG is widely applicable in chemical, refineries, and paper & pulp industries.

Market scope and structure analysis:

COVID-19 scenario analysis

The outbreak of the novel coronavirus pandemic had severe impacts on the global heat recovery steam generator market.

• The economic downfall caused by the pandemic has severely affected the power generation sector by the steep fall in the crude oil prices, which, in turn, has impacted the global HRSG market.
• Owing to the restrictions that are imposed on transportation, the supply chain of manufacturers as well as the transportation of the HRSG units are hampered. 

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Rapid increase in urbanization and growth in industrialization have escalated the demand for energy. Thus, rise in need for efficient energy management for appropriate use of the resources has acted as a major driver of the global heat recovery steam generator (HRSG) market. In addition, rise in prices of electricity and surge in need for more efficient power generation process have fueled the growth of the market. Furthermore, implementation of stringent government regulations for reduction of carbon footprint and increase in environmental awareness have boosted the adoption of HRSGs among industries. Owing to the ability to produce clean energy, HRSGs have witnessed popularity among the energy-efficient industries.

However, high cost of transportation and high procuring & maintenance cost act as the key restraining factors of the global heat recovery steam generator market. On the contrary, the compact and effective designs with efficient power generation and lower carbon emission rate of HRSGs are anticipated to offer remunerative opportunities for the expansion of the global market.

Need for energy producing technologies has been rapidly increasing in the developed regions of North America and Europe leading to a significant growth of the market. A steady market growth is further anticipated in the Asia-Pacific region, owing to increase in industrial activities in emerging economies and surge in need for energy-efficient technologies.  

Key segments covered

Key benefits of the report

• This study presents the analytical depiction of the global heat recovery steam generator industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global heat recovery steam generator market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global heat recovery steam generator market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.

  Heat Recovery Steam Generator Market Report Highlights

Aspects	Details
By Power Rating	Up to 30 MW Above 30 MW
By Application	Combined Cycle CHP
By Industry Vertical	Chemical Refineries Paper and Pulp Utilities Others
By Region	North America  (U.S., Canada, Mexico) Europe  (France, Germany, Italy, Spain, UK, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
Key Market Players	Thermax Ltd., AE&E Australia Pvt. Ltd., Foster Wheeler AG, Alstom SA, Doosan Heavy Industries & Construction Co. Ltd., Sofinter S.P.A., Bharat Heavy Electricals Ltd., CMI Group, Technology Transfer Services, Mitsubshi Heavy Industries