Get a free sample of Heat Recovery Steam Generator Market
Thank you!
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Get a free sample of Heat Recovery Steam Generator Market
Thank you!
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Heat Recovery Steam Generator Market Size
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.
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.
What is the growth forecast for the ≤ 30 MW segment?
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.
How big is the heat recovery steam generator market?
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.
How much is the U.S. heat recovery steam generator industry worth?
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.
Who are some of the prominent players in the heat recovery steam generator industry?
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.