Heat Recovery Steam Generator Market Segmentation By Design (Horizontal Drum & Vertical Drum); By Rated Power (0-30 MW, 30-50 MW, 50-100 MW, 100-200 MW and More than 200 MW); By Mode of Operation (Cogeneration HRSG & Combined Cycle Plants); By Application (Chemical, Refineries, Utilities, Pulp & Paper, Commercial and Others) - Global Demand Analysis & Opportunity Outlook 2027

Introduction to Heat Recovery Steam Generator

Heat recovery steam generator is energy recovery heat exchanger which recovers heat from a hot gas stream such as combustion turbine or other waste gas stream. It produces steam that can be used in a process or is used to drive steam turbine. They help in converting water into superheated steam in four different segments: evaporator, economizer, super heater & water preheater. Different components are put together in order to meet the operating requirements of the unit. Moreover, they provide thermodynamic link between gas and steam turbines in order to achieve optimum performance in a combined cycle power plant. It can be used widely in energy projects.

Market Size and Forecast

Increase in the utilization of cogeneration technology with growing investment in generation capacity expansion is expected to stimulate the growth of the market, for instance, according to the U.S. Energy Information Administration, the contribution of coal in total U.S. energy consumption had declined by 4% in 2018 as compared to 2017. Moreover, expanding industrial sector with shifting trend towards non-conventional energy utilization is anticipated to positively influence the market growth. Rise in the cost of electricity, support of regulatory environment and decline in the capital costs are the factors augmenting the growth of the market. These systems have gained importance in the recent years across energy-efficient industries on account of their ability to minimize carbon footprints and support clean energy initiatives.

The global heat recovery steam generator market is estimated to surpass more than USD 9 Billion by 2027 and is anticipated to record a CAGR of around 4.5% over the forecast period i.e. 2019-2027. The market is segmented by design, rated power, mode of operation & application. The market is segmented by design into horizontal drum and vertical drum, out of which, the horizontal drum segment is anticipated to have significant growth owing to ease of compatibility and low capital expenditure. These systems have compact and flexible designs and are used in gas turbines. They consist of horizontal exhaust fans with heat exchanger tubes that are organized vertically. 

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The market is further segmented by rated power into 0-30 MW, 30-50 MW, 50-100 MW, 100-200 MW, more than 200 MW, out of which, 0-30 MW capacity heat recovery steam generator is expected to witness growth attributing to expansion of cogenerating units in order to sustain energy and heat consumption in small industrial, commercial and isolated grid networks. Increasing implementation of distributed generation technologies in static energy applications is expected to stimulate the market growth.

On the basis of mode of operation, the market is segmented into cogeneration HRSG and combined cycle plants, out of which, cogeneration heat recovery steam generator is anticipated to grow at a significant rate owing to the technology widely used with cogeneration application in U.S. and in European countries on account of growing adoption of gas-fired technology. Combined cycle plants are anticipated to have growing demand on account of effective design, easy configuration and high efficiency as compared to other alternatives. Moreover, these plants generate heat energy and electricity in one cycle enabling more efficient energy usage than in traditional cycle plant. By application, the market is segmented into chemical, refineries, utilities, pulp & paper, commercial and others.

Growth Drivers

Increase in Energy Efficiency

Energy generation from steam has wide scope of efficiency improvement as the energy loss can be reduced by the implementation of heat recovery steam generator. With rising challenges from the contemporary generation technologies, the efficiency improvement has led to the reduction in the cost of unit energy production and this is expected to boost the market growth.

Restraints

High Investments and Lack of Skilled Labor

The installation of HRSG requires huge investment and maintenance of the product requires huge costs. This factor is expected to restrain the market growth during the forecast period. Additionally, the labor is not skilled enough to operate HRSG which may further hinder the growth of the market.

Market Segmentation

Our-in depth analysis of the global heat recovery steam generator market includes the following segments:

By Design

• Horizontal Drum
• Vertical Drum

By Rated Power

• 0-30 MW
• 30-50 MW
• 50-100 MW
• 100-200 MW
• More than 200 MW

By Mode of Operation

• Cogeneration HRSG
• Combined Cycle Plants

By Application

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

By Region

On the basis of regional analysis, the global heat recovery steam generator market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

Asia Pacific region is expected to witness significant growth owing to hastening investments towards the development of industrial base with government policies and regulations in order to minimize the carbon footprint, for instance, in 2018, Asia Pacific estimated for 50% of global manufacturing value addition with increase in FDI inflows across the sector. Europe region is anticipated to have leading shares on account of European Union guidelines, for cleaner energy, to be followed by countries in the region. International bodies, such as, international energy agency has supported the research project and technical assistance for HRSG and other initiatives for the companies in the world. Moreover, the presence of large number of CHP plants in Europe that offer huge opportunities to the companies in the market have contributed to the growth of the market in the region.

The global heat recovery steam generator market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

• Siemens AG
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis
• General Electric
• Mitsubishi Hitachi Power Systems Ltd.
• Rentech Boilers Systems Inc.
• Innova Global Limited