Heat Recovery Steam Generator Market Demand, Supply, and Trend Forecast

Heat Recovery Steam Generator Market Size & Forecasts

The Heat Recovery Steam Generator market has witnessed steady growth over the past few years, driven by increasing demand across multiple end-use industries. Rising investments, technological advancements, and supportive government policies are expected to further boost the Heat Recovery Steam Generator Market Trend expansion. Forecasts indicate that the Heat Recovery Steam Generator market will continue to grow at a moderate-to-high CAGR over the coming years, with emerging economies contributing significantly to future revenue streams.

The global heat recovery steam generator market size was valued at USD 0.88 billion in 2018 and is projected to reach USD 1.61 billion by 2032, exhibiting a CAGR of 4.45% during the forecast period of 2019-2032. North America dominated the global market with a share of 27.27% in 2018. The growing demand and significant investments for clean sources of energy will drive the heat recovery steam generator market growth globally.

Heat Recovery Steam Generator Market Segmentation & Key Trends

Heat Recovery Steam Generator Market Size, Share and Industry Analysis, By Design (Horizontal Drum and Vertical Drum), By Application (Cogeneration, and Combined Cycle), By Power Rating (Up to 30 MW, 31 MW - 100 MW, and Above 100 MW), By End-User (Utility, Chemicals, Refineries, Pulp & Paper, and Others), and Regional Forecast, 2019-2032

The market can be segmented based on product type, application, technology, and region.

By Type:

• Horizontal HRSG

• Vertical HRSG

• By Application:

  • Combined Cycle Power Plants

  • Cogeneration Plants

• By End-User:

  • Power Generation

  • Oil & Gas

  • Chemical

Key trends shaping the market include digital transformation, sustainability initiatives, product customization, and the integration of advanced technologies such as automation, AI, and IoT. Consumer preference is also shifting toward eco-friendly, efficient, and cost-effective solutions.

Drivers, Restraints & Opportunities

• Drivers: The primary drivers include rising demand from end-use industries, technological innovation, supportive regulations, and growing investment in infrastructure.

• Restraints: High initial costs, supply chain disruptions, regulatory hurdles, and limited awareness in certain regions may slow adoption.

• Opportunities: Expanding into emerging markets, leveraging digital technologies, and focusing on sustainable solutions provide significant growth avenues. Partnerships, mergers, and R&D activities are also creating new opportunities for market players.

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Key Players & Innovations

The Heat Recovery Steam Generator market is moderately consolidated, with leading players focusing on product innovation, strategic collaborations, and geographic expansion to strengthen their Heat Recovery Steam Generator market presence. Key companies are investing heavily in research and development to introduce advanced solutions that enhance efficiency, reduce costs, and address evolving customer needs. Recent innovations highlight the integration of digital technologies, sustainable materials, and smarter business models. Start-ups and niche players are also gaining traction by offering disruptive solutions and challenging traditional approaches.

Heat Recovery Steam Generator (HRSG) Market Key Players

• Key Players:

  • General Electric (GE)

  • Siemens Energy AG

  • Mitsubishi Heavy Industries, Ltd.

  • Babcock & Wilcox Enterprises, Inc.

  • Nooter/Eriksen, Inc.

  • CMI Group

  • Rentech Boiler Systems, Inc.

  • Thermax Limited

  • Doosan Heavy Industries & Construction Co., Ltd.

  • Foster Wheeler AG

Geographically, this report is segmented into several key regions, with sales, revenue, market share, and growth Rate of Heat Recovery Steam Generator in these regions, from 2025 to 2032, covering

• North America (United States, Canada and Mexico)

• Europe (Germany, UK, France, Italy, Russia, and Turkey etc.)

• Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)

• South America (Brazil etc.)

• Middle East and Africa 

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