Global Heat Recovery Steam Generator Market is expected to grow at a robust CAGR.
Global Heat Recovery Steam Generator Market is expected to grow
owing to growing awareness and strict regulation for greenhouse gas emissions throughout
the forecast period.
According to TechSci Research report, “Heat Recovery Steam Generator Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”,
the Global Heat Recovery Steam Generator Market is expected to register robust growth during the forecast period owing to
increasing awareness and stringent regulations regarding greenhouse gas
emissions, coupled with the rising adoption of CCPP (combined cycle power
plants), will contribute to the growing demand for power plants in the
projected period. Substantial investments and the escalating need for clean
energy sources are anticipated to propel the Heat Recovery Steam Generator
Market.
As the world continues to
prioritize the reduction of greenhouse gas emissions and the transition to
cleaner energy sources, Heat Recovery Steam Generators (HRSGs) have emerged as
crucial components in enhancing the efficiency of natural gas-fired power plants.
These plants often serve as backup or balancing facilities, supporting
intermittent renewable energy sources such as wind and solar. Regulatory
pressures and the demand for greater efficiency have spurred the development of
advanced HRSG designs that maximize waste heat recovery and enhance overall
energy conversion efficiency. These designs are focused on extracting the
maximum amount of energy from the exhaust gases of gas turbines.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Heat Recovery Steam Generator Market"
The Global Heat
Recovery Steam Generator Market is segmented based on design, application,
power rating, end-user and region.
Based on design, the market is bifurcated into horizontal drum units, vertical
drum units. Based on application, the market is bifurcated into cogeneration,
combined heat & power. Based on power rating, the market is bifurcated into
up to 30 mw, 31 mw - 100 mw. Based on end-user, the market is bifurcated into utility,
chemicals. Based on region, the market is further bifurcated into North
America, Asia-Pacific, Europe, South America, Middle East & Africa.
Based on design, Horizontal Drum Units segment is expected to dominate the market during the forecast period. Heat
Recovery Steam Generators (HRSGs) play a vital role in combined cycle power
plants and industrial processes. They recover heat from exhaust gases emitted
by gas turbines and convert it into steam. This steam can then be utilized to
generate additional power or for various industrial applications. The selection
of HRSG configurations, such as horizontal drum units, is influenced by factors
like technological advancements, regulatory requirements, efficiency
considerations, and market demand for combined cycle power generation.
Horizontal drum HRSGs offer maintenance accessibility advantages due to the
horizontal arrangement of drums and tubes, facilitating easier access and
maintenance of various components.
Based on end-user, Utility
segment is projected to dominate the market throughout the forecast period. The
demand for Heat Recovery Steam Generators (HRSGs) in the utility segment is
influenced by various factors, including energy demand, fuel prices,
environmental regulations, and the imperative for reliable and efficient power
generation. As the global transition to cleaner energy sources continues, HRSGs
play a significant role in utility-scale plants. The HRSG market, encompassing
the utility segment, is driven by ongoing technological advancements that
enhance efficiency, reliability, and flexibility. These advancements encompass
innovations in materials, design, control systems, and integration with
renewable energy sources. The trends and demand for HRSGs in the utility
segment can vary based on regional energy policies, energy mix, and economic
factors. Regions with a strong emphasis on clean energy and emissions reduction
are expected to propel the demand for efficient technologies like HRSGs.
Key market players in the Global Heat
Recovery Steam Generator Market are:-
- Thermax
Limited
- Siemens
AG
- Mitsubishi
Hitachi Power Systems Ltd
- AC
BOILERS SpA
- Kelvion
Holding GmbH
- General
Electric Company
- Alfa
Laval AB
- Mersen
SA
- Sofinter
SpA
- Alstom
SA
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“Natural
gas is expected to dominate the market as it has emerged as a prominent fuel
source for electricity generation in North America, owing to its
cost-effectiveness and lower emissions as compared to coal. Consequently,
combined cycle power plants have experienced significant growth, with Heat
Recovery Steam Generators (HRSGs) playing a pivotal role in enhancing overall
plant efficiency. The implementation of stringent environmental regulations and
emissions reduction targets has further incentivized the adoption of cleaner
technologies. HRSGs contribute to power plants' compliance with these regulations
by capturing waste heat and augmenting the overall efficiency of the power
generation process.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Heat Recovery Steam Generator Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast 2018-2028 Segmented By Design (Horizontal
Drum Units, Vertical Drum Units), By Application (Cogeneration, Combined Heat
& Power), By Power Rating (Up to 30 MW, 31 MW - 100 MW), By End-user
(Utility, Chemicals), By Region,” has evaluated the future growth
potential of Global Heat Recovery Steam Generator Market and provides statistics & information
on market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Heat
Recovery Steam Generator Market.
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