Heat Recovery Steam Generator Market Size

Heat Recovery Steam Generator Market Size

Heat Recovery Steam Generator Market size exceeded USD 1.2 billion in 2021 and is projected to expand at more than 5% CAGR from 2022 to 2030. Growing adoption of cogeneration technology to boost industry growth.

Heat recovery systems like cogeneration technology are known for high levels of efficiency while using less fuel in comparison to conventional systems. This makes them a viable eco-friendly alternative for fuel optimization. While a traditional combustion system has an efficiency of 40%-50%, cogeneration systems can provide up to 80% efficiency. Furthermore, the technology works with a variety of fuels such as natural gas, biodiesel, LPG gases, and methane, among others. Environment-friendly technological benefits such as these will, in consequence, augment the industry expansion.

It is anticipated that the high investments required for developing and implementing heat recovery steam generation projects could act as a roadblock to the market growth to some extent. These costs include engineering, procurement and construction investments. However, a surge in awareness regarding the technology and continuous focus on the adoption of efficient cogeneration systems will stimulate the industry demand.