Heat Recovery Steam Generator Market – By Design, By Rated Power, By Mode of Operation, By Application, Analysis, Share, Growth Forecast, 2025 - 2034

Heat Recovery Steam Generator Market Size

The global heat recovery steam generator market size in 2024 was evaluated at USD 1.4 billion and is set to grow at a growth rate of 4.8% from 2025 to 2034. Growing inclination towards renewable energy sources, implementation of energy efficiency regulations, and the increasing need to reduce carbon emissions will complement the industry landscape.
 

Shifting focus on improving HRSG efficiency and performance through advanced technologies, such as innovative materials, coatings, and control systems, will positively impact the business outlook.
 

Supportive environmental regulations, rising electricity costs, and decreasing capital costs of HRSG systems are influencing their adoption in various industrial sectors, including refineries, manufacturing facilities, power generation and petrochemical plants. Furthermore, growing energy demand coupled with initiatives aimed at improving energy efficiency and emission reduction are contributing to the industry expansion.
 

For instance, in May 2024, the U.S. EPA is implementing several measures under the Clean Air Act to regulate GHG emissions from power plants. These actions include repealing the Affordable Clean Energy Rule, setting new guidelines for existing coal and oil/gas-fired units, revising standards for new and modified turbines, and updating requirements for steam generators undergoing major changes.
 

Heat Recovery Steam Generator Market Trends

The heat recovery steam generation market is set to grow owing to increasing focus on efficient cogeneration systems, increased energy efficiency needs and renewable energy integration. Paradigm shift towards development of combined cycle power plants coupled with rising electricity demand and renewable power generation will positively influence the business dynamics. Additionally, the replacement of coal with gas in small-scale industries and increased use in process industries are opening new progression opportunities contributing to the industry progress.
 

Heat Recovery Steam Generator Market Analysis

≤ 30 MW segment is anticipated to grow over USD 700 million by 2034. Widespread use in small-scale generation plants and industrial sectors along with ongoing adoption of these units in process heating and commercial applications in cold regions is complementing the industry landscape. Increasing micro gas turbine demand and cogeneration system adoption, development for small industrial, commercial, and isolated grid networks and investments in efficient combined cycle plants for low heat requirements are also contributing to industry evolution.
 

Heat recovery steam generator market from utilities segment is anticipated to witness a CAGR of over 4.5% by 2034. Increasing adoption of combined-cycle power plants, shifting focus to reduce carbon emissions and flourishing investments for integration of renewable energy will augment the industry landscape. Respective authorities are offering financial support to expand infrastructure coupled with growing emphasis on infrastructure development is expected to increase the deployment of heat recovery steam generators in the coming years, the industry outlook.
 

The U.S. heat recovery steam generator market is set to grow over USD 450 million by 2034. Ongoing developments in power infrastructure through investments in heat exchanger systems along with the expansion of advanced distributed generation technologies will complement the industry landscape. Ongoing upgrades to power systems, in waste heat recovery and shifting focus toward adoption of clean energy generation technologies stimulating the business dynamics.
 

For instance, in May 2024, U.S. regulators have approved Venture Global LNG's plans to fix issues at its Calcasieu Pass facility in Louisiana. The company is working to repair the heat recovery steam generator, with completion expected on schedule. Moreover, supportive regulations, ongoing technological advancements and government backing for cogeneration energy solutions, augmenting the industry outlook.
 

Heat Recovery Steam Generator Market Share

Major players in the heat recovery steam generator compressor industry are refining their research and development strategies, expanding their product portfolios, and incorporating advanced, sustainable technologies. Key manufacturers face intense competition, rapid technological advancements, and stringent regulatory requirements.
 

Companies such as Kawasaki Heavy Industries, GE Vernova, Siemens Energy, Thermax, Mitsubishi Heavy Industries, and John Wood Group hold significant market share and are focused on developing cost-effective and reliable solutions.
 

Heat Recovery Steam Generator Market Companies

Major players operating across the industry include:

• Babcock & Wilcox
• CIC Group
• Clayton Industries
• Cleaver-Brooks
• GE Vernova
• Hamon
• John Cockerill
• John Wood Group
• Kawasaki Heavy Industries
• Kelvion Holding
• Larsen & Toubro
• Mitsubishi Heavy Industries
• NEM
• Rentech Boilers
• Siemens Energy
• Sofinter
• Thermax
• Vogt Power
   

Heat Recovery Steam Generator Industry News

• In August 2024, SEPCOIII has selected John Cockerill to provide two large recovery boilers for a new power plant in Uzbekistan. The 1600 MW combined cycle facility, located in Surkhandarya and owned by Quvvat LLC, will feature Siemens 9000H-L turbines. John Cockerill's heat recovery steam generators will meet local regulations and use advanced technology to boost efficiency and reduce emissions. This Stone City Energy project, the first in Uzbekistan to use H-Class gas turbines, aims to produce 12 billion kWh annually, serving about 3.5 million households and supporting the country's energy transition.
   
• In April 2024, NEM Energy will provide a DrumPlus Heat Recovery Steam Generator with an Exhaust Gas Bypass System (EGBS) for a new Combined Cycle Power Plant (CCPP) in Uzbekistan. The power plant is projected to have an output of approximately 520 MW and is expected to be operational by late 2025. NEM has contracted directly with the end-customer and operator, Cengiz Enerji from Turkey. The steam generator will feature fast start and cycling capabilities, utilizing NEM's patented second-generation DrumPlus technology.
   

The 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 regions and countries:

• North America
  • U.S
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Russia
  • Germany
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Egypt
  • South Africa
• Latin America
  • Brazil
  • Argentina