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Europe Heat Recovery Steam Generator Market Size

Report ID: GMI5728
Published Date: Dec 2024
Report Format: PDF

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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.

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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.

Europe Heat Recovery Steam Generator Market Report Attributes
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 2025 - 2034 CAGR:	4.5%
2034 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:	Increasing utilization of cogeneration technology Focus on combined cycle generation
Pitfalls & Challenges:	High initial investment

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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.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

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.

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.

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.