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Heat Recovery Steam Generator Market – Shifting preference Towards combined cycle power plants & Rise in Adoption of energy-efficiency measures To Drive the Growth: Grand View Research Inc.

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Heat Recovery Steam Generator Market – Shifting preference Towards combined cycle power plants & Rise in Adoption of energy-efficiency measures To Drive the Growth: Grand View Research Inc.

February 08
22:12 2021
Heat Recovery Steam Generator Market - Shifting preference Towards combined cycle power plants & Rise in Adoption of energy-efficiency measures To Drive the Growth: Grand View Research Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
The continued growth in clean energy demand across the globe, along with constant technological innovations, have been the major drivers for the growth of the heat recovery steam generator (HRSG) market in recent years, according to a study by Grand View Research.

The global heat recovery steam generator market size is projected to reach USD 1.6 billion by the year 2027, progressing at a CAGR of 3.2% during this period, according to a study by Grand View Research, Inc. Heat recovery steam generator (HRSG) recovers heat from a stream of hot gas, which may be a combustion turbine or other waste gas. The steam produced can then be utilized in driving a steam turbine, or in a process like Combined Heat and Power (CHP).  A growing shift towards combined cycle power plants from simple cycle power plants, with increase in adoption of energy-efficiency measures, is anticipated to drive the market for heat recovery steam generators (HRSG) during the forecast period. There have been growing concerns with regards to greenhouse gas (GHG) emissions globally, with government and private bodies working towards reduction in carbon footprint, which is expected to drive the market.

Over recent years, various countries have faced power shortage issues, which has led to regulatory bodies stressing the need for advanced infrastructure for power generation, as a way to mitigate such problems. As a result, the increasing number of power plants to compensate for the energy deficit is likely to be commissioned, which is expected to propel the demand for heat recovery steam generators. HRSGs fulfill the need to produce clean and green energy in a number of industries, which has aided the growth of the market. Furthermore, ongoing research and technological advancements in this area has led to positive developments in the North American market, which has been an early adopter. Heat Recovery Steam Generators (HRSGs) are achieving reputation among energy-efficient industries owing to their capability to curtail carbon footprints and the ability to produce clean energy.The market has been broadly segmented on the basis of power rating and application. With regards to power rating, the market has been classified into below 100 MW, 101-200 MW, and above 200 MW. The major application areas include power and utilities, and industrial, among others. Some of the major market players include Mitsubishi Heavy Industries, Ltd., Baker Hughes (a GE Company), Siemens AG, John Wood Group PLC, Larsen and Toubro Ltd., Thermax, and Bharat Heavy Electricals Limited (BHEL). These companies are adopting strategies such as mergers and partnerships, as well as introduction of innovative technologies in the HRSG space, as means of ramping up their market share.

 U.S. heat recovery steam generator market size, by power rating, 2016 - 2027 (USD Million)

Further key findings from the report suggest:

1        Implementation of numerous climate change policies as well as regulations to restrict GHG emissions are expected to lead to an increase in the potential for HRSGs over the forecast period

2        According to the U.S. Department of Energy, combustion air preheat is anticipated to optimize furnace efficiency by as much as 50.0%, which presents a positive avenue for the growth of the HRSG industry

3        The below 100 MW segment dominated the market for HRSG and accounted for a revenue share of 46.8% in 2019, due to wide application in small to medium industries such as chemical, refining, pharmaceuticals, paper, pulp, cement, and sugar

4        The industrial application segment is anticipated to be the second largest segment over the forecast period, with sectors such as refineries, pulp and paper, and chemicals being leading in terms of demand for HRSG

5        The power and utility segment is anticipated to witness the fastest CAGR of 3.7% from 2020 to 2027, owing to increasing energy demand from manufacturing and associated industrial sectors across emerging economies such as Brazil, China, and India

6        In Asia Pacific, the heat recovery steam generator market is projected to grow at a substantial rate throughout the forecast period and reach USD 586.4 million by 2027. China is expected to account for the maximum revenue share in the region

7        Enlarged demand for HRSGs for the production of effective and clean energy is stimulating the market for heat recovery steam generators in China, India, and other developing countries in Asia.

8        Both North America and Europe are anticipated to become mature markets for HRSG. Major market players located in these regions are likely to expand their geographical presence by undertaking turnkey projects and by collaborating with foreign governments to commission new projects

9        Industry players are looking towards partnerships with companies in terms of equipment and technology supply, as the primary means of increasing their overall market share

10GE announced in January 2021 that it would be supplying two Heat Recovery Steam Generators (HRSG), along with other critical equipment, to West Africa Energy’s 300 megawatt (MW) CCP project in Cap des Biches, Dakar, Senegal

11In August 2020, Siemens received an order to offer its equipment and services, which includes gas and steam turbines as well as HRSGs, from Kineticor, for the planned 900 MW Cascade Power Plant located in Alberta, Canada

“Would you Like/Try a Sample Report” Click the link below:https://www.grandviewresearch.com/industry-analysis/heat-recovery-steam-generator-market/request/rs1 

Grand View Research has segmented the global heat recovery steam generator market on the basis of power rating, application, and region:

Heat Recovery Steam Generator Power Rating Outlook (Revenue, USD Million, 2016 – 2027)

·       Below 100 MW

·       101 to 200 MW

·       Above 200 MW

Heat Recovery Steam Generator Application Outlook (Revenue, USD Million, 2016 – 2027)

·       Power & Utility

·       Industrial

·       Other

Heat Recovery Steam Generator Regional Outlook (Revenue, USD Million, 2016 – 2027)

·       North America

o   U.S.

o   Canada

o   Mexico

·       Europe

o   Germany

o   U.K.

o   Russia

·       Asia Pacific

o   China

o   Japan

o   South Korea

o   India

·       Central & South America

o   Brazil

·       Middle East & Africa

o   Saudi Arabia

o   UAE

List of Key Players of Heat Recovery Steam Generator Market

• Baker Hughes (a GE Company)
• Siemens AG
• Mitsubishi Heavy Industries Ltd
• John Wood Group PLC
• Larsen and Toubro Ltd.
• Thermax
• Bharat Heavy Electricals Limited (BHEL)

Have Any Query? Ask Our Experts for More Details on Report:https://www.grandviewresearch.com/inquiry/450256/ibb

Browse Related Report @

Combined Heat & Power Installation Market – https://www.grandviewresearch.com/industry-analysis/combined-heat-power-installation-market

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About Grand View Research

Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.

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