Europe Heat Recovery Steam Generator Market
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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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Europe Heat Recovery Steam Generator Market size in 2024: | USD 427.2 million |
| Forecast Period: | 2025 - 2034 |
| Forecast Period 2023 - 2032 CAGR: | 4.5 |
| 2023 Value Projection: | USD 674.2 million |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 100 |
| Tables, Charts & Figures: | 12 |
| Segments Covered: | Design, Rated Power, Mode of Operation, Application and Countries |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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 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.
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.
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.
Major players operating across the industry include:
Market, By Design
Market, By Rated Power
Market, By Mode of Operation
Market, By Application
The above information has been provided for the following countries:
Major players in 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, and Thermax.
The Germany heat recovery steam generator market is projected to surpass USD 100 million by 2034, driven by government regulations aimed at reducing coal-based power plants and the expansion of cogeneration technologies.
The Europe market size for heat recovery steam generator was valued at USD 427.2 million in 2024 and is expected to reach USD 674.2 million by 2034, driven by a CAGR of 4.5% from 2025 to 2034.
The horizontal drum segment is anticipated to exceed USD 350 million by 2034, driven by its ease of compatibility and lower capital expenditure.