Heat Recovery Steam Generator Market Size

Heat Recovery Steam Generator Market size was over USD 1.37 billion in 2024 and is projected to reach USD 2.4 billion by 2037, witnessing around 4.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of heat recovery steam generator is assessed at USD 1.42 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.