Heat Recovery Steam Generator Market Analysis

Heat Recovery Steam Generator Market Analysis

The heat recovery steam generator market from vertical drum design segment is predicted to exhibit a growth rate of over 6% through 2030. This growth is attributed to the increased adoption of the design across food processing facilities.

Food processing requires a large supply of heat energy. In addition, much of this energy is wasted once the process is complete. Therefore, heat recovery systems can be deployed to recycle the recovered heat. Moreover, vertical generators provide a vertical gas flow to horizontally placed coils which requires less floor area in comparison to the horizontal design.

The heat recovery steam generator market from ≥ 50 - 100 MW rated power segment will be worth more than USD 220 million by 2030. Growing concerns surrounding the environment have pushed companies to adopt sustainable solutions such as the purchase of carbon credits and earning renewable energy certificates. This fosters the integration of eco-friendly components such as heat recovery steam generators across facilities as they can offset carbon footprint and bolster clean energy.
 

The cogeneration operation segment is poised to register 5.5% gains through 2030, credited to increasing regulatory support for the deployment of cogeneration systems. For instance, the U.S. Department of Energy has implemented the CHP Deployment Program to initiate the transition to a clean energy economy. Some of the key services offered through the program include the CHP for Resiliency Accelerator, CHP Technical Assistance Partnerships (CHP TAPs), the Packaged Combined Heat and Power Catalog (eCatalog, and Packaged CHP Accelerator.
 

Heat recovery steam generator market value from the commercial applications is expected to record remuneration of USD 300 million by 2030. Commercial structures such as shopping malls can use heat exchangers to operate the air conditioning system functioning throughout the establishment. Additionally, governments are providing financial assistance for expanding infrastructure throughout their constituencies.
 

For instance, Shanghai announced eight infrastructural projects in September 2022 with an overall investment of around USD 257 billion. This strong focus on infrastructural expansion will increase deployment of heat recovery steam generators over the years, in turn strengthening the industry outlook.
 

The Asia Pacific heat recovery steam generator market is estimated to attain a CAGR of over 5.5% through 2022-2030, owing to advancements in power infrastructure across the region through investments in heat exchanger systems. Furthermore, development of advanced distributed generation technologies are observed in the region. The refurbishment of existing T&D systems will help transform regional industry dynamics. The European market for heat recovery steam generator is likely to cross USD 618.5 million by 2032 driven by increasing focus on combined cycle generation.