Global Heat Recovery Steam Generator Market – Industry Trends and Forecast to 2030

Heat Recovery Steam Generator Market Analysis and Size

The growing use of the cogeneration technique within the expanding venture to increase generation capacity will encourage business expansion. When considering ongoing technological advancements, rising power costs, favorable administrative circumstances, and declining resource costs are the most significant factors that will increase the heat recovery steam generator exchange extension. The International Energy Agency (IEA) projects a 3% CAGR for the power generation sector, where heat recovery steam generators are widely used, over the next few years. This is anticipated to increase demand for gobal heat recovery steam generators (HRSG) in the upcoming years.

Data Bridge Market Research analyses that the heat recovery steam generator market, valued at USD 1.13 billion in 2022, will reach USD 1.51 billion by 2030, growing at a CAGR of 3.67% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Heat Recovery Steam Generator Market Scope and Segmentation  

Market Definition

Heat is extracted from a hot gas stream, such as one produced by a combustion turbine or another waste gas stream, by an energy recovery heat exchanger known as a heat recovery steam generator (HRSG). It has steam, which can run a steam turbine or power a process (cogeneration). Steam is produced and used to run a steam turbine. A combined-cycle power plant (CC) frequently employs a heat recovery steam generator (HRSG), where hot exhaust gas from a gas turbine is fed into the component to produce steam that powers a steam turbine.

Heat Recovery Steam Generator Market Dynamics

Drivers

• The extensive development of commercial infrastructure drives the market.

The commercial applications of the heat recovery steam generator are anticipated to generate revenue. Heat enhancers can be used to operate air conditioning systems throughout commercial infrastructures such as shopping malls. Governments are also contributing financially to infrastructure expansion across their jurisdictions. For instance, Shanghai announced eight infrastructure projects for 2022, totaling billions of dollars in investment. The industry outlook will improve due to the increased development of heat recovery steam generators due to the strong emphasis on infrastructure expansion.

• Promoting the use of cogeneration technology

By 2030, the cogeneration operation is anticipated to grow by 5.5%, with the growing regulatory support for creating cogeneration systems. For instance, the U.S. Department of Energy has transitioned to a clean energy economy by implementing the CHP deployment program. The combined heat and power (CHP) for resiliency accelerator, combined heat and power (CHP) technical assistance partnerships, and the packaged combined heat and power catalog are some significant services made available through the program.

• The growing use of vertical drum design in food processing facilities

Through 2030, vertical drum design segments of the market for heat recovery steam generators will grow at a rate greater than 6%. Design is now used more frequently in food processing facilities, which is responsible for this growth. It needs a significant amount of heat energy. Additionally, a substantial amount of this energy is lost once the process is finished. As a result, systems for recovering heat can be created to reuse the recovered heat. Additionally, compared to a horizontal design, vertical generators' vertical gas flow to coils placed horizontally require less floor space.

Opportunities

• Limiting greenhouse gas emissions will boost industrial development.

Global warming and increased greenhouse gas emissions result from increased power production due to increased demand for electricity. Strict regulations, government initiatives, and significant investments have been made to reduce emissions worldwide. Cogeneration and combined cycle power plants are the most effective and dependable energy sources to eliminate greenhouse gas emissions. A combined cycle power plant's heat recovery steam generator extracts heat from a hot gas stream. Therefore, using a combined cycle power plant in greenhouse gas reduction is driving up demand.

• Increasing the use of cycled power plants creates expansion.

Around 50% more electricity is produced by the combined cycle power plant, and the steam turbine, which also has more power, receives waste heat from the gas turbine. The main steps in recovering heat from gas turbine exhaust gases. When combined cycle power plants are used, simple cycle plants become less efficient. For instance, an engineering procurement and construction contract was awarded to Shandong Electric Power Construction Corporation III in 2016. As a result, increased adoption of cycled power plants accelerates demand and market growth.

• Increasing interest in investing in clean energy creates growth.

Clean energy is making significant headway in the power industry. A clean energy source is more flexible in terms of power systems, extremely efficient, reliable, and cutting-edge technology. Global warming and rising carbon emissions from thermal plant power generation have significantly harmed the environment. Thus, the significant increase in energy made it possible for combined cycle power plants and cogeneration to be used to produce electricity. As a result, growing market demand is fueled by investments in clean energy sources.

Restraints/Challenges

• High initial investment and maintenance costs will constrain growth.

A heat recovery generator includes heat exchangers such as economizers, which heat water almost to saturation; super heaters, which produce superheated steam, and evaporators, which have saturated steam. One or two higher-pressure circuits are added to the system to get the most energy out of the gas turbine exhaust gas, which raises the cost of maintaining the heat recovery steam generator (HRSG) system. Therefore, higher maintenance costs could limit the market's ability to expand. These agreements are becoming more important for cross-border energy-efficient trade because they can reduce carbon footprints and promote organized energy use. The high initial costs will stifle the market's growth.

• The availability of substitutes can limit growth.

The development of CCPP and CHP plants may directly relate to the demand for heat recovery steam generators. Some operators still prefer pen cycle or single cycle plants despite their simplicity, affordability, and speed of construction. Compared to CCPP, they also require less room and equipment to operate. They don't need heat recovery system generators, which is more important, which might break further and result in restricting.

This heat recovery steam generator market  report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the heat recovery steam generator market contact Data Bridge Market Research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In 2022, Mutates successfully acquired Siemens Energy B.V.'s heat transfer technology. Siemens Energy B.V. The company, which was formerly known by the brand name NEM, is active on a global scale in the development, design, procurement, and supply of steam generators for a variety of heat transfer applications, ranging from large heat recovery steam generators for gas-fired power plants to industrial-sized water heat boilers.
• In 2021, the summit of General Electric and Meghanghat-II Power Company Limited reached an EPC agreement. Under the Turnkey EPC contract, General Electric will supply a gas turbine, three-phase level with reheater drum type heat recovery steam generators, steam, and gas turbine, as well as a balance of plant solutions.
• In 2021, a Mitsubishi Heavy Industries (MHI) Group subsidiary called Mitsubishi Power announced plans to create combustion burners using ammonia (NH3) as fuel and producing electricity without emitting any carbon. This system will aid in decarbonizing thermal power generation using ammonia rather than other fossil fuels.
• In 2021, to assist businesses and cities in adapting to the effects of varying climate changes and archival decarbonization, John Wood Group PLC announced a partnership with AIG, a major insurance company, and the University of Strathclyde's Institute of future cities. The three organizations will collaborate to develop a more environmentally friendly infrastructure roadmap.

Global Heat Recovery Steam Generator Market Scope

The heat recovery steam generator market is segmented on the basis of design, configuration type, rated power, mode of operation, application and end- user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Design

• Modular Construction
• C-section Construction
• Bundle Construction
• Fully assembled

Configuration Type

• Horizontal Drum
• Vertical Drum
• Horizontal once through units

Rated Power

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

Mode of Operation

• Cogeneration
• Combined Cycle

Application

• Utilities
• Chemical
• Refineries
• Pulp and Paper
• Cogeneration (Process Heating)
• Combined heat and power (CHP)
• Combined cycle
• Power and Utility
• Industrial
• Commercial
• Others

End-User

• Power Plants
• Oil and Gas Facilities
• Chemical and Fertilizer Plants
• Other

Heat Recovery Steam Generator Market Regional Analysis/Insights

The heat recovery steam generator market is analysed and market size insights and trends are provided by country, design, configuration type, rated power, mode of operation, application and end-user as referenced above.

The countries covered in the heat recovery steam generator market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Germany dominates the market and will continue to flourish its trend of dominance during the forecast period in the Asia-Pacific region. The major factors attributable to the region’s dominance are the need for more energy and targets for reducing greenhouse gas emissions. Furthermore, is anticipated to significantly expand the market for heat recovery steam generators during the forecast period.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Heat Recovery Steam Generator Market Share Analysis

The heat recovery steam generator market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to heat recovery steam generator market.

• Some of the major players operating in the heat recovery steam generator market are:
• VALEO (France)
• International Submarine Engineering Limited (Canada)
• MAHLE GmbH (Germany)
• Siemens Energy (Germany)
• Bosch Industriekessel GmbH(Germany)
• Honeywell International Inc. (U.S.)
• Mitsubishi Electric Corporation (Japan)
• Kawasaki Heavy Industries, Ltd. (Japan)
• John Wood Group PLC  (U.K.)
• LARSEN and TOUBRO LIMITED. (India)
• Bharat Heavy Electricals Limited (India)
• Cleaver-Brooks (U.S.)
• Clayton Industries (U.S.)
• John Cockerill. (Belgium)
• General Electric (U.S.)
• Sofinter S.p.a (Italy)
• Rentech Boilers (U.S.)
• Thermax Limited. (India)
• Kelvion Holding GmbH (Germany)
• S.A. HAMON. (Belgium)

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