Heat Recovery Steam Generator Market is estimated to grow at a steady 5.7% CAGR,

Owing to these factors, the market is estimated to grow at a steady 5.7% CAGR, with the U.K., the U.S., Germany, and Japan emerging as key producers.

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As per FMI’s regional analysis, the U.K. is anticipated to lead the European heat recovery generator market. Stringent regulations regarding carbon emissions in the European Union, coupled with increasing adoption of renewable energy sources will enhance growth prospects through 2031.

“Increasing investments in the power generation sector to improve efficiency, coupled with inorganic growth strategies adopted by OEMs for better market reach will continue augmenting growth in the forthcoming years,” says the FMI analyst.

Key Takeaways:

• Fully assembled heat recovery steam generators will remain the most preferred type of design.
• In terms of configuration, horizontal drums will account for maximum sales.
• Based on output power, 0-60 MW segment is poised to experience high demand.
• Combined heat and power plants will dominate the application segment.
• The U.S. is anticipated to witness high demand for heat recovery steam generators, owing to increasing energy production and need for sustainable methods. The North American market is poised to grow at a 4.4% CAGR.
• The U.K. will continue leading the European heat recovery steam generator market, expanding at a 4.6% CAGR.
• Demand for heat recovery steam generators will continue rising in China, due to rising adoption of combined cycle plants.
• India will emerge as a lucrative market, owing to government-backed initiatives promoting renewable energy production.
• Japan and South Korea will collectively account for 5% of the total market share.

Heat Recovery Steam Generator Market Historic Sales Compared to 2021-2031 Forecast Outlook

The global heat recovery steam generator market grew at a sluggish 3.9% CAGR between 2016 and 2020. The unprecedented impacts of the COVID-19 outbreak further caused a sharp decline in sales of heat recovery steam generators.

However, sales of heat recovery steam generators are anticipated to recover during the assessment period, with a year-over-year growth projection at 4.4% from 2020 to 2021.

In the view of energy crisis, heat recovery steam generators are vital in the field of energy conservation. These systems are integral components in combined cycle (gas turbine and steam power cycle) and are emerging as the most efficient energy conservation methods in recent trends.

Heat recovery steam generators also termed waste heat boilers, recover the waste heat present in the exhaust gases of the gas turbine cycle to generate steam which is used to run a steam power cycle.

Using these systems can significantly cut down greenhouse gas emissions and increase the efficacy of power plants, which in turn is driving their sales across various energy-producing industries. Product customizations in heat recovery steam generators offered by OEMs and increasing investments in clean energy generating sources will continue augmenting market growth through 2031.

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Heat Recovery Steam Generator Market Competitive Landscape

Top 5 players operating in the heat recovery steam generator market comprise General Electric, Siemens AG, CMI Group, John Wood Group plc, and Mitsubishi Hitachi Power Systems Ltd., accounting for approximately 75.5% of the total market share.

As a part of their growth strategies, prominent players are focusing on strategic collaborations, deal renewals, acquisitions, and mergers to improve sales. Apart from this, product innovations and customization will remain highly sought-after growth strategies during the assessment period. For instance:

• In August 2021, Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries (MHI) Group, announced its plans to develop combustion burners that can utilize ammonia (NH3) as fuel and eliminate the chances of carbon emission when used for power generation. By using ammonia as opposed to other fossil fuels, this system will facilitate decarbonization in thermal power generation.
• In July 2021, John Wood Group PLC announced a partnership with AIG, a leading insurance organization and the University of Strathclyde’s Institute of Future Cities, to help businesses and cities to adapt to the impacts of fluctuating climate changes and achieve decarbonization. The three organizations will work together to create a roadmap to build more sustainable infrastructure to drive down carbon emissions.