Global Heat Recovery Steam Generators Market Expands at Steady CAGR of 5.4% to Touch USD 531 Million by 2030

Published | 25 September 2024

Global Heat Recovery Steam Generators Market is thriving due to an increasing demand for energy efficiency, growth in combined cycle power plants, stricter emission regulations, and rising investments in renewable energy projects.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Heat Recovery Steam Generators Market size by value at USD 367.59 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global Heat Recovery Steam Generators Market size to expand at a CAGR of 5.40% reaching a value of USD 530.82 million in 2030. Global Heat Recovery Steam Generators (HRSG) Market is driven by increasing demand for energy efficiency in power generation, stringent environmental regulations, and the rising adoption of combined cycle power plants. The shift towards renewable energy sources and the need for effective waste heat utilization in industrial processes further propel market growth. Additionally, advancements in HRSG technology, offering improved performance and lower operational costs, contribute to the market's expansion. The growing industrialization in emerging economies also fuels demand for heat recovery steam generators.

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Opportunity – Growing Demand for Cogeneration

Global Heat Recovery Steam Generators (HRSG) Market is experiencing growth due to the increasing demand for cogeneration, or combined heat and power (CHP) systems. Cogeneration efficiently utilizes waste heat from industrial processes and power plants to produce additional electricity and thermal energy, enhancing overall energy efficiency. As industries and utilities seek to optimize energy use and reduce operational costs, the adoption of HRSG systems for cogeneration applications is expanding, driving Global Heat Recovery Steam Generators (HRSG) Market.

Impact of Escalating Geopolitical Tensions on Global Heat Recovery Steam Generators Market

Escalating geopolitical tensions can significantly impact Global Heat Recovery Steam Generators (HRSG) Market. Political, economic, and trade tensions among the countries often lead to disruptions in global supply chains, causing delays in the production and delivery of HRSG components. Increased uncertainty can also result in higher costs for raw materials and transportation, affecting project budgets and timelines. Moreover, geopolitical instability in energy-rich regions can affect investments in power generation infrastructure, including HRSG systems, as investors may become more risk-averse. Additionally, shifting political alliances and trade policies can lead to changes in export-import regulations, further complicating market dynamics. Overall, these tensions can create a challenging environment for HRSG manufacturers, affecting market growth and stability.

Combined Cycle Application Holds Larger Share of Global HRSG Market

The combined cycle segment is typically a larger application in Global Heat Recovery Steam Generators (HRSG) Market by application. The segment’s dominance is due to the high efficiency and widespread adoption of combined cycle power plants, which utilize HRSGs to recover waste heat from gas turbines and convert it into additional power, significantly boosting overall plant efficiency. The demand for energy efficiency and lower emissions in power generation continues to drive the growth of the combined cycle segment over the cogeneration segment.

Competitive Landscape

Global Heat Recovery Steam Generators (HRSG) Market is fiercely competitive, with numerous companies vying for a larger market share. Major companies in the market include Thermax Limited, Siemens AG, Mitsubishi Hitachi Power Systems Ltd, AC BOILERS SpA, General Electric Company, Sofinter SpA, Babcock & Wilcox, Clayton Industries, Cleaver-Brooks, Victory Energy Operations, Etech Heat Recovery System, and Rentech Boilers. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Global Heat Recovery Steam Generators (HRSG) Market.

Don’t miss the business opportunity Global Heat Recovery Steam Generators Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Heat Recovery Steam Generators Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Heat Recovery Steam Generators Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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