Heat Recovery Steam Generator Market by Rated Power (Up To 30 MW & >30 MW), by End-User (Refineries, Utilities, Chemicals, Commercial, Pulp & Paper, Others), by Application (CHP & Combined Cycle), and by Region – Global Trends & Forecast to 2028

SKU: GMS1239

Format: PDF

Overall Rating
4.5/5

OVERVIEW

Research by Global Market Studies has reported a CAGR of 3 % for the Heat Recovery Steam Generator Market, expecting to expand to a value of USD 1.51  billion by 2028. 

A Heat Recovery Steam Generator (HRSG) is a specialized industrial equipment used to recover waste heat from various sources, typically from the exhaust gases of gas turbines or internal combustion engines, and convert it into usable steam energy. The generated steam can then be utilized for various purposes, such as power generation, industrial processes, district heating, or even desalination.

HRSGs are used in power generation, industrial processes, district heating, desalination, and cogeneration for electricity and heat production in buildings and industrial processes.

Market Dynamics

Drivers:

The HRSG market is driven by global focus on energy efficiency and environmental sustainability. It enables industries and power plants to convert waste heat into usable energy, reducing greenhouse gas emissions and minimizing energy wastage. As electricity demand rises, particularly in developing economies, HRSGs enhance power plant efficiency by utilizing waste heat in combined cycle systems. 

Renewable energy integration offers flexible backup power generation when renewable sources are unavailable or fluctuating. Industrial process optimization enables industries like petrochemicals, refineries, and manufacturing to recover and repurpose waste heat for various processes, reducing operational costs and increasing efficiency. 

Cogeneration and district heating systems provide combined heat and power solutions, generating electricity while meeting the heating needs of residential and commercial buildings. Government incentives and policies promote energy efficiency and the use of combined heat and power technologies, driving the adoption of HRSGs across various industries.

Opportunities:

HRSG companies offer various services to develop customized solutions for waste heat recovery, considering factors like waste heat source, capacity requirements, and operational conditions. They manufacture components and equipment for efficient heat recovery, such as heat exchangers, economizers, evaporators, superheaters, and steam drums, using materials suitable for high-temperature and high-pressure environments.

Installation and integration services ensure proper integration of HRSG systems into existing power plants, industrial processes, or cogeneration setups. Maintenance and upgrades ensure longevity and optimal performance of HRSG systems. Consulting and advisory services help clients assess their energy needs, evaluate the feasibility of implementing HRSG solutions, and provide recommendations for optimal system configurations.

Training and support programs educate clients’ personnel on the operation, maintenance, and safety aspects of HRSG systems, while technical support addresses any operational issues. Manufacturers and suppliers invest in research and development to improve efficiency, reliability, and performance of HRSG systems, including innovations in materials, design, and control systems.

Restraints:

HRSG systems face several challenges, including initial capital costs, technical complexity, maintenance challenges, material compatibility and corrosion, regulatory compliance, and integration with existing infrastructure. These factors can deter industries with limited budgets from investing in HRSG systems. 

Technical complexity requires precise design, integration, and maintenance, which can lead to system operation challenges. Maintenance requirements and associated costs can also be a concern for operators. Material compatibility and corrosion are crucial in 

HRSG systems operating under high-temperature and pressure conditions. Regulatory compliance can add complexity and cost to HRSG projects. Finally, retrofitting HRSG systems into existing power plants or industrial processes may require significant modifications, posing compatibility and downtime challenges.

Regional Information:

North America:The North American region, including the United States and Canada, has a well-established HRSG market. The focus on energy efficiency, combined cycle power generation, and stringent emission regulations has driven the adoption of HRSGs in this region.

Europe: Europe places a strong emphasis on environmental sustainability and energy efficiency. Countries in this region have been investing in HRSG technology to optimize power generation from both conventional and renewable energy sources.

Asia-Pacific: The Asia-Pacific region, including countries like China, India, Japan, and South Korea, is witnessing rapid industrialization and urbanization. This drives the demand for construction materials, coatings, and electronics, thereby boosting the fumed silica market.The Asia-Pacific region is witnessing rapid industrialization, urbanization, and increasing energy demand. Countries like China and India are investing in HRSG technology to enhance power generation efficiency and address environmental concerns.

Recent Developments:

In June 2022, Mutates successfully acquired Siemens Energy B.V.’s heat transfer technology. Siemens Energy B.V. The company, which was formerly known by the brand name NEM, is active on a global scale in the development, design, procurement, and supply of steam generators for a variety of heat transfer applications, ranging from large heat recovery steam generators for gas-fired power plants to industrial-sized water heat boilers.

In August 2021, Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries (MHI) Group, announced its plans to develop combustion burners that can utilize ammonia (NH3) as fuel and eliminate the chances of carbon emission when used for power generation. By using ammonia as opposed to other fossil fuels, this system will facilitate decarbonization in thermal power generation.

Key Players:

Mahle, Siemens, Bosch, Honeywell, Mitsubishi Electric, Kawasaki Heavy Industries, John Wood Group, Siemens Energy, Larsen and Tobo, Bharat Heavy Electricals, Clear-Brooks, Clayton Industries, John Cockerill, and General Electric.

Frequently Asked Questions

1) What is the projected market value of the Heat Recovery Steam Generator Market?

– The Heat Recovery Steam Generator Market is expected to reach a value of USD 1.51 billion by 2028.

2) What is the estimated CAGR of the Heat Recovery Steam Generator Market over the 2023 to 2028 forecast period?

– The Heat Recovery Steam Generator Market is expected to grow at a CAGR of approximately 3 % from 2023 to 2028.

3) Who are the key players in the Heat Recovery Steam Generator Market?

– Mahle, Siemens, Bosch, Honeywell, Mitsubishi Electric, Kawasaki Heavy Industries, John Wood Group, Siemens Energy, Larsen and Tobo, Bharat Heavy Electricals, Clear-Brooks, Clayton Industries, John Cockerill, and General Electric. 

4) What are the drivers for the Heat Recovery Steam Generator Market?

– HRSG market focuses on energy efficiency and environmental sustainability, converting waste heat into usable energy, reducing emissions, and enhancing power plant efficiency. Renewable energy integration, industrial process optimization, and government incentives drive adoption.

5) What are the restraints and challenges in the Heat Recovery Steam Generator Market?

– HRSG systems face challenges like capital costs, technical complexity, maintenance, material compatibility, corrosion, regulatory compliance, and infrastructure integration, deterring limited-budget industries.

6) What are the key applications and offerings of the Heat Recovery Steam Generator Market?

– HRSGs are used in power generation, industrial processes, district heating, desalination, and cogeneration for electricity and heat production in buildings and industrial processes.

7) Which region is expected to drive the market for the forecast period?

– Asia Pacific has the highest value share in the global market and is expected to dominate shares in forecast period.

Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

Share

Get A Free Sample

Take a look at this complimentary sample which comprises of a variety of market data points such as trend analyses, market estimates, and forecasts. You can explore and evaluate it on your own.

Send me Free Sample

Or View Our License Options:

$3,850.00$5,850.00

Why

Industry Coverage: Global Market Studies has a broad range of industry coverage, spanning various sectors such as healthcare, technology, retail, automotive, and many others. This means that clients can rely on us to provide valuable insights into their respective industries, helping them make informed business decisions.

Our team of experts has years of experience in the market research industry, and they have honed their skills in data analysis, market forecasting, and trend analysis. They are also adept at using advanced research tools and techniques to gather and analyze data, providing clients with accurate and reliable insights.

We understand that each client has unique research needs, and we tailor our research solutions to meet their specific requirements. We work closely with our clients to understand their objectives and provide customized research solutions that address their business challenges.

We are committed to innovation and are constantly exploring new research methods and techniques to provide our clients with cutting-edge insights. This enables us to stay ahead of the curve and deliver the best possible research outcomes.

At Global Market Studies, our clients are at the center of everything we do. We pride ourselves on providing excellent customer service and support, and we are always available to address our clients’ concerns and questions.

83422+ Reports Delivered

Accurate market data is crucial to a successful business strategy. With an 85% + accuracy in all reports, makes us one of the best and most accurate firms in the world.

Need Customized Report ?Call Now

OVERVIEW

Research by Global Market Studies has reported a CAGR of 3 % for the Heat Recovery Steam Generator Market, expecting to expand to a value of USD 1.51  billion by 2028. 

A Heat Recovery Steam Generator (HRSG) is a specialized industrial equipment used to recover waste heat from various sources, typically from the exhaust gases of gas turbines or internal combustion engines, and convert it into usable steam energy. The generated steam can then be utilized for various purposes, such as power generation, industrial processes, district heating, or even desalination.

HRSGs are used in power generation, industrial processes, district heating, desalination, and cogeneration for electricity and heat production in buildings and industrial processes.

Market Dynamics

Drivers:

The HRSG market is driven by global focus on energy efficiency and environmental sustainability. It enables industries and power plants to convert waste heat into usable energy, reducing greenhouse gas emissions and minimizing energy wastage. As electricity demand rises, particularly in developing economies, HRSGs enhance power plant efficiency by utilizing waste heat in combined cycle systems. 

Renewable energy integration offers flexible backup power generation when renewable sources are unavailable or fluctuating. Industrial process optimization enables industries like petrochemicals, refineries, and manufacturing to recover and repurpose waste heat for various processes, reducing operational costs and increasing efficiency. 

Cogeneration and district heating systems provide combined heat and power solutions, generating electricity while meeting the heating needs of residential and commercial buildings. Government incentives and policies promote energy efficiency and the use of combined heat and power technologies, driving the adoption of HRSGs across various industries.

Opportunities:

HRSG companies offer various services to develop customized solutions for waste heat recovery, considering factors like waste heat source, capacity requirements, and operational conditions. They manufacture components and equipment for efficient heat recovery, such as heat exchangers, economizers, evaporators, superheaters, and steam drums, using materials suitable for high-temperature and high-pressure environments.

Installation and integration services ensure proper integration of HRSG systems into existing power plants, industrial processes, or cogeneration setups. Maintenance and upgrades ensure longevity and optimal performance of HRSG systems. Consulting and advisory services help clients assess their energy needs, evaluate the feasibility of implementing HRSG solutions, and provide recommendations for optimal system configurations.

Training and support programs educate clients’ personnel on the operation, maintenance, and safety aspects of HRSG systems, while technical support addresses any operational issues. Manufacturers and suppliers invest in research and development to improve efficiency, reliability, and performance of HRSG systems, including innovations in materials, design, and control systems.

Restraints:

HRSG systems face several challenges, including initial capital costs, technical complexity, maintenance challenges, material compatibility and corrosion, regulatory compliance, and integration with existing infrastructure. These factors can deter industries with limited budgets from investing in HRSG systems. 

Technical complexity requires precise design, integration, and maintenance, which can lead to system operation challenges. Maintenance requirements and associated costs can also be a concern for operators. Material compatibility and corrosion are crucial in 

HRSG systems operating under high-temperature and pressure conditions. Regulatory compliance can add complexity and cost to HRSG projects. Finally, retrofitting HRSG systems into existing power plants or industrial processes may require significant modifications, posing compatibility and downtime challenges.

Regional Information:

North America:The North American region, including the United States and Canada, has a well-established HRSG market. The focus on energy efficiency, combined cycle power generation, and stringent emission regulations has driven the adoption of HRSGs in this region.

Europe: Europe places a strong emphasis on environmental sustainability and energy efficiency. Countries in this region have been investing in HRSG technology to optimize power generation from both conventional and renewable energy sources.

Asia-Pacific: The Asia-Pacific region, including countries like China, India, Japan, and South Korea, is witnessing rapid industrialization and urbanization. This drives the demand for construction materials, coatings, and electronics, thereby boosting the fumed silica market.The Asia-Pacific region is witnessing rapid industrialization, urbanization, and increasing energy demand. Countries like China and India are investing in HRSG technology to enhance power generation efficiency and address environmental concerns.

Recent Developments:

In June 2022, Mutates successfully acquired Siemens Energy B.V.’s heat transfer technology. Siemens Energy B.V. The company, which was formerly known by the brand name NEM, is active on a global scale in the development, design, procurement, and supply of steam generators for a variety of heat transfer applications, ranging from large heat recovery steam generators for gas-fired power plants to industrial-sized water heat boilers.

In August 2021, Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries (MHI) Group, announced its plans to develop combustion burners that can utilize ammonia (NH3) as fuel and eliminate the chances of carbon emission when used for power generation. By using ammonia as opposed to other fossil fuels, this system will facilitate decarbonization in thermal power generation.

Key Players:

Mahle, Siemens, Bosch, Honeywell, Mitsubishi Electric, Kawasaki Heavy Industries, John Wood Group, Siemens Energy, Larsen and Tobo, Bharat Heavy Electricals, Clear-Brooks, Clayton Industries, John Cockerill, and General Electric.

Frequently Asked Questions

1) What is the projected market value of the Heat Recovery Steam Generator Market?

– The Heat Recovery Steam Generator Market is expected to reach a value of USD 1.51 billion by 2028.

2) What is the estimated CAGR of the Heat Recovery Steam Generator Market over the 2023 to 2028 forecast period?

– The Heat Recovery Steam Generator Market is expected to grow at a CAGR of approximately 3 % from 2023 to 2028.

3) Who are the key players in the Heat Recovery Steam Generator Market?

– Mahle, Siemens, Bosch, Honeywell, Mitsubishi Electric, Kawasaki Heavy Industries, John Wood Group, Siemens Energy, Larsen and Tobo, Bharat Heavy Electricals, Clear-Brooks, Clayton Industries, John Cockerill, and General Electric. 

4) What are the drivers for the Heat Recovery Steam Generator Market?

– HRSG market focuses on energy efficiency and environmental sustainability, converting waste heat into usable energy, reducing emissions, and enhancing power plant efficiency. Renewable energy integration, industrial process optimization, and government incentives drive adoption.

5) What are the restraints and challenges in the Heat Recovery Steam Generator Market?

– HRSG systems face challenges like capital costs, technical complexity, maintenance, material compatibility, corrosion, regulatory compliance, and infrastructure integration, deterring limited-budget industries.

6) What are the key applications and offerings of the Heat Recovery Steam Generator Market?

– HRSGs are used in power generation, industrial processes, district heating, desalination, and cogeneration for electricity and heat production in buildings and industrial processes.

7) Which region is expected to drive the market for the forecast period?

– Asia Pacific has the highest value share in the global market and is expected to dominate shares in forecast period.

Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

Related Research Reports