Europe Heat Recovery Steam Generator Market Size

Europe Heat Recovery Steam Generator Market Size

Europe Heat Recovery Steam Generator market size crossed USD 381.9 million in 2022 and is anticipated to record at a CAGR of 4.8% from 2023 to 2032. The global heat recovery steam generator market is set to cross USD 2 billion by 2030. The HRSG is typically a large pressure vessel that consists of a series of heat exchangers, including a boiler, superheater, economizer, and other components. The industry has witnessed a steady upsurge in recent years on account of shifting trends toward renewable energy sources, energy efficiency regulations, and growing need to reduce carbon emissions.

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Shifting focus on improving the efficiency and performance of HRSGs through the use of advanced technologies including advanced materials, coatings, and control systems have led the positive impact on product adoption across the region. Supportive environment regulation, increasing costs of electricity, and a decrease in the capital costs of the systems will influence the product penetration across the industrial activities including manufacturing facilities, refineries, petrochemical plants, and power generation. In addition, rapid industrialization, growing energy demand along with government initiatives aimed at improving energy efficiency will complement the heat recovery steam generator market landscape.