Heat Recovery Steam Generator Market Analysis

Design (Horizontal Drum, Vertical Drum)

Horizontal drum segment is set to capture over 57% heat recovery steam generator market share by 2037. The segment growth is impelled by the growing use of horizontal drums in the oil & gas industry. Higher tensile strength materials such as titanium, Cu-alloy, clad steel, and carbon steel are typically used to make horizontal drums.

The water is heated in vertically placed evaporator tubes, creating a natural and economical circulation effect, while the gas flow is horizontal. Its improved efficiency and 0% failure rate make it more advantageous for the refinery, and power generation sectors.

Application (Cogeneration, Combined Cycle)

Cogeneration segment in the heat recovery steam generator market is poised to witness significant growth rate through 2037. The segment’s expansion can be attributed to the increase in governmental support for the deployment of cogeneration systems. For instance, a variety of fiscal and financial assistance methods have been implemented by the UK government to enhance the economics of developing and running CHP plants that have been partially or fully certified as "Good Quality" by the CHP Quality Assurance program.

Power Rating (0-30MW, >30-50 MW, >50-100 MW, >100-200 MW, >200 MW)

The >50-100 MW segment in the heat recovery steam generator market is estimated to observe lucrative CAGR till 2037. The segment is expanding because companies and international organizations are increasingly concerned about the environment, which has led them to adopt sustainability solutions like purchasing carbon credits or obtaining Renewable Energy Certificates. For instance, as stated by World Bank, an international organization announced ambitious ambitions to develop high-integrity global carbon businesses in which 15 countries will profit from the sale of carbon credits resulting from forest protection. These nations will have created more than 24 million credits by the next year, and up to 126 million by 2028. Therefore, this contributes to the integration of environmentally friendly components such as heat recovery steam generators into facilities, which can offset their carbon footprint and boost clean energy production.

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