The Heat Recovery Steam Generator market is set to grow at a 5.7% CAGR through 2031, driven by renewable energy initiatives and demand in key regions like the U.S. and U.K.
As per ESOMAR-certified consulting firm Future Market Insights (FMI), the global heat recovery steam generator market is expected to reach US 1.1 Bn in 2021. With the U.S., the U.K., Germany, and Japan emerging as key producers, the market is poised to grow at a 5.7% CAGR through 2031.
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Increasing applications of heat recovery steam generators in combined cycle plants will continue driving sales during the assessment period. Heat recovery steam generators supply steam to steam turbine cycles, which is emerging as the most effective way to generate electricity in recent years.
In addition, government initiatives in counties such as the U.S., the U.K., India, and China regarding the promotion of renewable energy will spur demand for heat recovery steam generators in the forthcoming years.
As per FMI’s regional analysis, the U.K. is expected 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 by 2031.
Further, sophisticated customization and innovative product solutions offered by OEMs and heat recovery steam generator players will continue providing tailwinds to sales.
“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:
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.
The 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:
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Heat Recovery Steam Generator Market by Category
By Design Type:
By Configuration Type:
By Output Power Type:
By Application Type:
By Region, Heat Recovery Steam Generator Market is segmented as:
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More Insights into the Heat Recovery Steam Generator Market Report
In its latest report, FMI offers an unbiased analysis of the global heat recovery steam generator market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. To understand the global market potential, its growth, and scope, the market is segmented based on design type (modular construction, c-section construction, bundle construction, and fully assembled), configuration type (horizontal drum units, vertical drum units, and horizontal once-through units), application type (co-generation, combined cycle, and combined heat & power), output power type (0-60 MW, 60-100 MW, and 100 MW) and across seven regions (North America, Latin America, Eastern Europe, Western Europe, the Asia Pacific excluding Japan (APEJ), Japan, and the Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth forecast and market trends of the Heat Recovery Steam Generator industry.
Increasing applications in combined cycle plants and government renewable energy initiatives drive growth.
The U.S., U.K., Germany, and Japan are key producers, with the U.K. leading in Europe.
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