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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:
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.
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.
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.