Europe Heat Recovery Steam Generator Market - By Design, By Rated Power, By Mode of Operation, By Application and Forecast, 2025 - 2034

Europe Heat Recovery Steam Generator Market Size

The Europe heat recovery steam generator market size in 2024 was valued at USD 427.2 million and is estimated to grow at a CAGR of 4.5% from 2025 to 2034. Increasing energy demand, paradigm shift towards renewable energy integration, stringent energy efficiency regulations, and need to reduce carbon emissions is influencing the business dynamics. The focus on enhancing HRSG performance and efficiency through enhanced technologies including improved coatings, materials and control systems will augment the product adoption.
 

The heat recovery steam generator is a complex pressure vessel comprising various heat exchangers, including a boiler, superheater, and economizer. Environmental regulations, increasing electricity costs, and declining capital expenses for HRSG systems are promoting their adoption across diverse industrial applications. Additionally, rapid industrialization, escalating energy demand, and government initiatives focused on enhancing energy efficiency will complement the industry landscape.
 

For instance, in February 2024, the European Commission introduced its 2040 climate target assessment. The plan calls for a 90% reduction in EU net greenhouse gas emissions compared to 1990 levels. This goal aligns with the EU's 2050 climate neutrality objective, as mandated by the European Climate Law and central to the European Green Deal.
 

Europe Heat Recovery Steam Generator Market Trends

Europe heat recovery steam generator industry is anticipated to witness significant growth owing to focus on integrating renewable energy sources along with substitution of coal with gas in small-scale industrial applications. Rising energy requirements and substantial investments in advanced turbine systems along with energy efficiency policies have encouraged the expansion of these plants, contributing to industry growth. For instance, In November 2023, NEM received certification for H2-Readiness in power plants for its products from TÜV SÜD. The certification confirms that NEM's HRSG can handle up to 100% hydrogen fuel, aligning with hydrogen use in energy systems.
 

Europe Heat Recovery Steam Generator Market Analysis

Horizontal drum segment is anticipated to grow over USD 350 million by 2034. These units are gaining popularity owing to their ease of compatibility and lower capital expenditure. These systems feature horizontal exhaust gas fans and vertically arranged heat exchanger tube bundles, and its design promotes natural circulation of water and steam mixture through the evaporator tubes. Ongoing technological advancements and the expansion of combined cycle power plants are set to positively influence the business dynamics.
 

Europe heat recovery steam generator market from ≤ 30 MW segment is anticipated to witness a CAGR of over 4% till 2034. Growing adoption rate across small-scale generation plants and various industrial applications along with adoption of these units for process heating and commercial spaces in cold climates will complement the industry landscape. The increasing demand for micro gas turbines and the continuous deployment of cogeneration systems have enabled an encouraging business scenario for industry players.
 

Germany heat recovery steam generator market is set to grow over USD 100 million by 2034. Government regulations aimed at reducing coal-based power plants, significant increase in energy demand, ongoing expansion and development of cogeneration technologies, is complementing the business landscape. For instance, in September 2024, Germany's National Energy and Climate Plan maps out the country's strategy to meet EU 2030 energy and climate goals. This decade-long plan aims to cut emissions and boost clean energy. Despite setting high renewable targets, the NECP reveals Germany's ongoing reliance on foreign fossil fuels and a limited clean energy technology portfolio.
 

Europe Heat Recovery Steam Generator Market Share

In the Europe heat recovery steam generator compressor market, industry leaders are prioritizing innovation and sustainability. These companies face a competitive landscape marked by rapid technological shifts and regulatory challenges. Key players like Kawasaki Heavy Industries, GE, John Wood Group, Mitsubishi, Thermax and Siemens Energy are focusing on developing efficient, cost-effective solutions to maintain their market positions. The industry's focus remains on advancing technology while meeting stringent environmental and operational standards.
 

Europe Heat Recovery Steam Generator Market Companies

Major players operating across the industry include:

• Babcock & Wilcox
• Boustead International Heaters
• CF Struthers
• CIC Group
• Clyde Bergemann
• Clayton Industries
• GE Vernova
• Harris Pye
• John Cockerill
• John Wood Group
• Kawasaki Heavy Industries
• Mitsubishi Heavy Industries
• NEM
• Siemens Energy
• Sofinter
• Thermax
   

Europe Heat Recovery Steam Generator Industry News

• In October 2024, Polska Grupa Energetyczna (PGE) has inaugurated its Gryfino Dolna Odra power plant with a capacity of 1.4-GW, located in Western Pomerania, Poland. Constructed by Polimex Mostostal, the facility employs GE Vernova's HA combined-cycle technology. This state-of-the-art plant has the capacity to provide electricity to approximately three million Polish households. GE Vernova has committed to a 12-year service agreement for maintenance and operational support. The power plant consists of two 683-MW blocks, each equipped with a gas turbine, steam turbine, generator, and heat recovery steam generator.
   
• In January 2024, John Cockerill has won a contract from Siemens Energy to provide a Benson-type HRSG for a new power plant in Adamow, Poland. The 600 MW combined cycle facility, owned by ZE PAK SA, will replace an old coal-fired plant near Warsaw. This project supports Poland's efforts to reduce its heavy reliance on coal for electricity generation, aligning with the country's energy transition goals. The new power station, developed in partnership with Siemens Energy and MYTILINEOS, represents a significant step towards lower-emission energy sources in Poland.
   

The Europe heat recovery steam generator market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2034, for the following segments:

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Market, By Design

• Horizontal Drum
• Vertical Drum

Market, By Rated Power

• ≤ 30 MW
• ≥ 30 - 50 MW
• ≥ 50 - 100 MW
• ≥ 100 - 200 MW
• ≥ 200 MW

Market, By Mode of Operation

• Cogeneration
• Combined Cycle

Market, By Application

• Utilities
• Commercial
• Chemicals
• Refineries
• Pulp & Paper
• Others

The above information has been provided for the following countries:

• UK
• France
• Russia
• Germany
• Italy