The expanding venture's use of cogeneration to boost generation capacity will promote heat recovery steam generator business growth. When considering ongoing technological advancements, the most important factors that will increase the heat recovery steam generator exchange extension are rising power costs, favorable administrative conditions, and declining resource costs. Over the next few years, the International Energy Agency (IEA) anticipates a 3% CAGR for the power generation sector, where heat recovery steam generators are frequently used. The demand for global heat recovery steam generators (HRSG) is expected to rise as a result in the coming years.
According to Data Bridge Market Research, Heat Recovery Steam Generator Market is 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.
"Growing demand for energy efficiency surge market demand"
The growing demand for energy efficiency is a significant driver of adopting heat recovery steam generator (HRSG) systems. With an increasing emphasis on energy conservation and sustainability, industries seek ways to optimize their energy utilization. HRSGs play a crucial role in this regard by capturing waste heat from industrial processes and converting it into sound energy in the form of steam. This helps to improve overall energy efficiency and reduce energy wastage, making HRSG systems an attractive solution for industries worldwide.
What restraints the growth of the heat recovery steam generator market?
"High upfront cost can impede the market growth”
The high upfront cost of heat recovery steam generator (HRSG) systems is a significant restraint in their adoption. The cost includes the equipment and the expenses related to installation and integration into existing infrastructure. This substantial capital investment can be challenging, especially for smaller enterprises with limited budgets. The upfront cost may deter these businesses from considering HRSG systems, hindering their widespread adoption in the market.
Segmentation: Global Heat Recovery Steam Generator Market
The heat recovery steam generator market is segmented on the basis of design, configuration type, rated power, mode of operation, application and end- user
- On the basis of design, the heat recovery steam generator market is segmented into modular construction, c-section construction, bundle construction, fully assembled.
- On the basis of configuration type, the heat recovery steam generator market is segmented into horizontal drum, vertical drum, horizontal once through units.
- On the basis of rated power, the heat recovery steam generator market is segmented into 0-30 mw, >30-50 mw, >50-100 mw, >100-200 mw, >200 mw.
- On the basis of mode of operation, the heat recovery steam generator market is segmented into cogeneration, combined cycle.
- On the basis of application, the heat recovery steam generator market is segmented into utilities, chemical, refineries, pulp and paper, cogeneration process heating.
- On the basis of combined heat and power (chp), the heat recovery steam generator market is segmented into combined cycle, power and utility, industrial, commercial, others.
- On the basis of end-user, the heat recovery steam generator market is segmented into power plants, oil and gas facilities, chemical and fertilizer plants, other.
Regional Insights: Germany dominates the Global Heat Recovery Steam Generator Market
Germany's dominance in the Asia-Pacific heat recovery steam generator (HRSG) market is driven by various factors. Firstly, the region's increasing energy needs and goals to reduce greenhouse gas emissions demand efficient power generation technologies like HRSGs. Germany, known for its advanced engineering and focus on sustainability, offers high-quality HRSG systems that align with these requirements. As a result, Germany is poised to expand its market share and flourish as the region's leading HRSG provider in the forecast period.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-heat-recovery-steam-generator-market
Recent Developments in Global Heat Recovery Steam Generator Market
- In 2022, The heat transfer technology from Siemens Energy B.V. was successfully acquired by Mutates. Siemens Energy B.V., a business formerly known by the brand name NEM, is engaged in the development, design, procurement, and supply of steam generators for a range of heat transfer applications, from large heat recovery steam generators for gas-fired power plants to industrial-sized water heat boilers.
- In 2021, An EPC agreement was reached at the summit of General Electric and Meghanghat-II Power Company Limited. General Electric will provide a gas turbine, three-phase level with reheater drum type heat recovery steam generators, steam and gas turbine, as well as balance of plant solutions, under the terms of the Turnkey EPC contract.
- In 2021, A subsidiary of the Mitsubishi Heavy Industries (MHI) Group called Mitsubishi Power recently announced plans to develop combustion burners that use ammonia (NH3) as fuel to generate electricity without releasing any carbon into the atmosphere. By using ammonia instead of other fossil fuels, this system will assist in decarbonizing the production of thermal energy.
- In 2021, John Wood Group PLC announced a partnership with AIG, a significant insurance company, and the University of Strathclyde's Institute of Future Cities to help businesses and cities adapt to the effects of varying climate changes and archival decarbonization. The three organizations will work together to create a roadmap for greener infrastructure.
The Prominent Key Players Operating in the Global Heat Recovery Steam Generator Market Include:
- 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)
Above are the key players covered in the report, to know about more and exhaustive list of heat recovery steam generator market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Heat Recovery Steam Generator Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
