What is Global Heat Recovery Steam Generator (HRSG) Market?
The Global Heat Recovery Steam Generator (HRSG) Market is a vast and complex field that encompasses a wide range of technologies and applications. At its core, the HRSG market is all about the production and use of heat recovery steam generators, which are specialized energy recovery heat exchangers that convert water into superheated steam by capturing waste heat from gas turbine exhaust. This steam is then used to drive a steam turbine generator to produce electricity, making HRSGs a key component in combined cycle power plants. The global HRSG market is a significant one, with a value of US$ 1991 million in 2022. It is projected to grow at a steady pace, reaching an estimated value of US$ 2324.6 million by 2029. This represents a compound annual growth rate (CAGR) of 2.2% during the forecast period of 2023-2029.
Below 50MW, 50MW-100MW, 100MW-300MW, Over 300MW in the Global Heat Recovery Steam Generator (HRSG) Market:
The Global Heat Recovery Steam Generator (HRSG) Market is segmented based on power capacity into four categories: Below 50MW, 50MW-100MW, 100MW-300MW, and Over 300MW. Each of these segments has its own unique characteristics and market dynamics. The Below 50MW segment includes small-scale HRSGs used in industrial applications and small power plants. The 50MW-100MW segment represents medium-scale HRSGs, which are commonly used in larger industrial facilities and mid-sized power plants. The 100MW-300MW segment is the largest of the four, accounting for over 55% of the total market. These large-scale HRSGs are typically used in major power plants and represent the cutting edge of HRSG technology. The Over 300MW segment includes the largest and most powerful HRSGs, which are used in the largest power plants and represent the pinnacle of HRSG technology.
Power Station, Industrial Production in the Global Heat Recovery Steam Generator (HRSG) Market:
The Global Heat Recovery Steam Generator (HRSG) Market finds its applications in two major areas: Power Station and Industrial Production. In Power Stations, HRSGs are used to generate electricity by capturing waste heat from gas turbine exhaust. This not only increases the efficiency of the power station but also reduces its environmental impact by reducing the amount of waste heat released into the atmosphere. In Industrial Production, HRSGs are used to provide process steam for various industrial processes. This steam can be used for heating, cooling, or as a direct input into industrial processes. The use of HRSGs in industrial production not only increases the efficiency of the industrial process but also reduces its environmental impact by reducing the amount of waste heat released into the atmosphere.
Global Heat Recovery Steam Generator (HRSG) Market Outlook:
The global Heat Recovery Steam Generator (HRSG) market is a dynamic and evolving field. As of 2022, the market was valued at US$ 1991 million. Looking ahead, it is expected to grow to US$ 2324.6 million by 2029, representing a compound annual growth rate (CAGR) of 2.2% during the forecast period of 2023-2029. This growth is driven by a variety of factors, including increasing demand for energy-efficient solutions, advancements in HRSG technology, and growing awareness of the environmental benefits of HRSGs. In terms of product segmentation, the 100MW-300MW segment is the largest, accounting for over 55% of the total market. This segment includes large-scale HRSGs that are typically used in major power plants and represent the cutting edge of HRSG technology.
| Report Metric | Details |
| Report Name | Heat Recovery Steam Generator (HRSG) Market |
| Accounted market size in 2023 | US$ 2040.1 million |
| Forecasted market size in 2029 | US$ 2324.6 million |
| CAGR | 2.2 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | BHI, Foster Wheeler, Nooter Eriksen, CMI Energy, Alstom Power, Doosan E&C, Siemens (NEM Energy), VOGT Power, STF, Babcock & Wilcox, Mitsubishi, Hangzhou Boiler, Bharat Heavy Electricals, Wuxi Huaguang |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
