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.