Heat Recovery Steam Generator Market Outlook:
Heat Recovery Steam Generator Market size was over USD 1.56 billion in 2025 and is anticipated to cross USD 2.45 billion by 2035, witnessing more than 4.6% CAGR during the forecast period i.e., between 2026-2035. In the year 2026, the industry size of heat recovery steam generator is assessed at USD 1.62 billion.
In the power industry, there is a strong momentum towards cleaner energy sources. Carbon emissions and global warming are significantly exacerbated by the generation of electricity from thermal power plants, causing considerable damage to the environment. According to the World Nuclear Association, the combustion of fossil fuels for the production of electricity is responsible for more than 40% of energy-related carbon dioxide (CO2) emissions. Therefore, the adoption of cogeneration for electricity generation has led to a significant increase in renewable energy resources.
