Heat Recovery Steam Generator Market Trends, Growth Drivers, Industry Share, Size, Outlook 2023-2028

How Big is the Heat Recovery Steam Generator Market ? :

The latest research study “Heat Recovery Steam Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” the global heat recovery steam generator market size reached US$ 1.22 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.53% during 2023-2028.

What is Heat Recovery Steam Generator ? :

A heat recovery steam generator (HRSG) is a crucial component in many industrial and power generation processes. It is a specialized heat exchanger that recovers waste heat from a gas turbine or an internal combustion engine and converts it into usable steam. The primary purpose of an HRSG is to maximize the overall efficiency of a system by extracting as much energy as possible from exhaust gases. The HRSG operates through a series of heat transfer processes. Hot exhaust gases from the turbine or engine pass through tubes, while water flows over these tubes. HRSGs are commonly used in combined cycle power plants, where they are integrated with gas turbines to increase overall plant efficiency. They also find applications in various industries, including oil and gas, chemical processing, and cogeneration systems.

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Who are the key Players Operating in the Industry ? :

• AC Boilers S.P.A (Sofinter S.p.A.)
• Babcock & Wilcox Enterprises Inc
• Cleaver-Brooks Inc
• Clayton Industries Inc
• General Electric Company
• John Cockerill
• Kawasaki Heavy Industries Ltd
• Mitsubishi Heavy Industries Ltd
• Nooter/Eriksen Inc. (CIC Group Inc.)
• Rentech Boilers Systems Inc
• Thermax Limited

What are the Growth Prospects and Trends in the Heat Recovery Steam Generator Industry ? :

The increasing demand for electricity, coupled with a growing emphasis on energy efficiency, is driving the global market. Additionally, the rising awareness of environmental sustainability and stringent government regulations aimed at reducing carbon emissions have fueled the adoption of HRSGs in various industries. Also, HRSGs help in reducing greenhouse gas emissions by recovering waste heat and converting it into useful energy, thereby reducing the reliance on fossil fuels and decreasing overall carbon footprints.

Moreover, HRSGs find extensive applications in industries such as oil and gas, chemical, and manufacturing, where high-temperature waste gases are produced. This is creating a positive market outlook. Besides, major companies are focusing on developing advanced materials, improved heat transfer surfaces, and enhanced control systems to maximize the performance and lifespan of HRSGs, thus providing a boost to the demand.

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Key Market Segmentation:

Design Insights:

• Horizontal Drum
• Vertical Drum

Power Rating Insights:

• 30 MW
• 31 MW - 100 MW
• 100 MW

Application Insights:

• Cogeneration
• Combined Cycle

End User Insights:

• Utility
• Chemicals
• Refineries
• Pulp and Paper
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key Highlights of the Report: 

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape 

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization. 

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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