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The heat recovery steam generation market is set to grow owing to increasing focus on efficient cogeneration systems, increased energy efficiency needs and renewable energy integration. Paradigm shift towards development of combined cycle power plants coupled with rising electricity demand and renewable power generation will positively influence the business dynamics. Additionally, the replacement of coal with gas in small-scale industries and increased use in process industries are opening new progression opportunities contributing to the industry progress.
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.