Heat Recovery Steam Generator Market is expected to grow at a steady 5.7% CAGR by the end of 2031

In 2021, the Heat Recovery Steam Generator Market will exceed US$ 1.1 billion. The main growth drivers are identified as the demand for energy-efficient power generation solutions and rising investments in improving power plant efficiency.

These factors are expected to propel the market at a steady CAGR of 5.7 percent, with the United Kingdom, the United States, Germany, and Japan emerging as major producers.

The global heat recovery steam generator market is expected to reach US 1.1 billion by 2021, according to ESOMAR-certified consulting firm Future Market Insights (FMI). With the United States, the United Kingdom, Germany, and Japan emerging as key producers, the market is expected to grow at a 5.7% CAGR through 2031.

Furthermore, government initiatives in countries such as the United States, the United Kingdom, India, and China to promote renewable energy will drive demand for heat recovery steam generators in the coming years.

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Further, sophisticated customization and innovative product solutions offered by OEM’s and heat recovery steam generator players will continue providing tailwinds to sales.

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.

Competitive Landscape

Cleaver-Brooks, Siemens AG, General Electric, CMI Group, John Wood Group PLC, Cannon S.p.A., Mitsubishi Hitachi Power Systems, Ltd., Rentech Boilers Systems Inc., Hamon Deltak, Inc., AC BOILERS SpA, SES Tlmače, a.s., and Xizi United Holdings Limited are some players operating in the heat recovery steam generator market profiled by FMI.

Top 5 players in the market include General Electric, Siemens AG, CMI Group, John Wood Group plc, and Mitsubishi Hitachi Power Systems Ltd., accounting for 75.5% of the total market share.

Leading players, as a part of their growth strategies, are focusing on strategic collaborations, mergers, and acquisitions to expand their global footprint and improve their product portfolios. For instance:

  • In August 2021, Siemens Energy and state-owned Egyptian Electricity Holding Co. have signed a memorandum of understanding to develop a hydrogen-based, including a 100-200 MW pilot electrolyzer facility for the clean energy industry.
  • In August 2021, Mitsubishi Power’s Philippines unit secured a three-year term service agreement to maintain boilers of the Davao coal plant of Aboitiz Power Corp. The agreement is intended to maintain reliable energy access in Mindanao.

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Heat Recovery Steam Generator Market by Category

By Design Type: 

  • Modular Construction
  • C-Section Construction
  • Bundle Construction
  • Fully Assembled

By Configuration Type:

  • Horizontal Drum Units
  • Vertical Drum Units
  • Horizontal-Once Through Units

By Output Power Type:

  • 0-60 MW
  • 60-100 MW
  • 100 MW & Above

By Application Type:

  • Co-generation (Process Heating)
  • Combined Cycle
  • Combined Heat & Power (CHP)

By Region, Heat Recovery Steam Generator Market is segmented as: 

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • China
  • Japan
  • India
  • South East Asia & Others (SEA)
  • Middle East & Africa (MEA)

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

Contact Us:

Future Market Insights, Inc.
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Suite 401, Newark,
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T: +1-845-579-5705
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