Heat Recovery Steam Generator Market
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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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Heat Recovery Steam Generator Market size in 2024: | USD 1.4 Billion |
| Forecast Period: | 2025 – 2034 |
| Forecast Period 2023 - 2032 CAGR: | 4.8 |
| 2023 Value Projection: | USD 2.4 Billion |
| Historical Data for: | 2021 – 2024 |
| No of Pages: | 105 |
| Tables, Charts & Figures: | 32 |
| Segments Covered: | Design, Rated Power, Mode of Operation, Application, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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.
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.
≤ 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.
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.
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 regions and countries:
Key players in 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, and Rentech Boilers.
The global heat recovery steam generator industry was valued at USD 1.4 billion in 2024 and is set to grow at a 4.8% CAGR from 2025 to 2034, driven by a shift towards renewable energy and energy efficiency regulations.
The U.S. heat recovery steam generator market is projected to exceed USD 450 million by 2034, driven by investments in power infrastructure and advanced distributed generation technologies.
The ≤ 30 MW segment is anticipated to surpass USD 700 million by 2034, supported by its widespread use in small-scale generation plants and industrial sectors.