As per ESOMAR-certified consulting firm Future Market Insights (FMI), the global heat recovery steam generator market is anticipated to reach US 1.1 Bn in 2021. With the U.S., the U.K., Germany, and Japan emerging as key producers, the market is poised to grow at a 5.7% CAGR through 2031.

Increasing applications of heat recovery steam generators in combined cycle plants will continue driving sales during the assessment period. Heat recovery steam generators supply steam to steam turbine cycles, which is emerging as the most effective way to generate electricity in recent years.

In addition, government initiatives in counties such as the U.S., the U.K., India, and China regarding the promotion of renewable energy will spur demand for heat recovery steam generators in the forthcoming years.

Further, sophisticated customization and innovative product solutions offered by OEM’s and heat recovery steam generator players will continue providing tailwinds to sales.

As per FMI’s regional analysis, the U.K. is anticipated to lead the European heat recovery generator market. Stringent regulations regarding carbon emissions in the European Union, coupled with increasing adoption of renewable energy sources will enhance growth prospects through 2031.

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“Increasing investments in the power generation sector to improve efficiency, coupled with inorganic growth strategies adopted by OEMs for better market reach will continue augmenting growth in the forthcoming years,” says the FMI analyst.

Key Takeaways:

• Fully assembled heat recovery steam generators will remain the most preferred type of design.
• In terms of configuration, horizontal drums will account for maximum sales.
• Based on output power, 0-60 MW segment is poised to experience high demand.
• Combined heat and power plants will dominate the application segment.
• The U.S. is anticipated to witness high demand for heat recovery steam generators, owing to increasing energy production and need for sustainable methods. The North American market is poised to grow at a 4.4% CAGR.
• The U.K. will continue leading the European heat recovery steam generator market, expanding at a 4.6% CAGR.
• Demand for heat recovery steam generators will continue rising in China, due to rising adoption of combined cycle plants.
• India will emerge as a lucrative market, owing to government-backed initiatives promoting renewable energy production.
• Japan and South Korea will collectively account for 5% of the total market share.

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Competitive Landscape

Cleaver-Brooks, Siemens AG, General Electric, CMI Group, John Wood Group PLC, Cannon S.p.A., Mitsubishi Hitachi Power Systems, Ltd., Rentech Boilers Systems Inc., Hamon Deltak, Inc., AC BOILERS SpA, SES Tlmače, a.s., and Xizi United Holdings Limited are some players operating in the heat recovery steam generator market profiled by FMI.

Top 5 players in the market include General Electric, Siemens AG, CMI Group, John Wood Group plc, and Mitsubishi Hitachi Power Systems Ltd., accounting for 75.5% of the total market share.

Leading players, as a part of their growth strategies, are focusing on strategic collaborations, mergers, and acquisitions to expand their global footprint and improve their product portfolios. For instance:

• In August 2021, Siemens Energy and state-owned Egyptian Electricity Holding Co. have signed a memorandum of understanding to develop a hydrogen-based, including a 100-200 MW pilot electrolyzer facility for the clean energy industry.
• In August 2021, Mitsubishi Power’s Philippines unit secured a three-year term service agreement to maintain boilers of the Davao coal plant of Aboitiz Power Corp. The agreement is intended to maintain reliable energy access in Mindanao.

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Key Questions Answered in the Report

• What is the current heat recovery steam generator market value?

  The heat recovery steam generator market will reach US$ 1.1 Bn in 2021.

• At what rate did the heat recovery steam generator market grow between 2016 and 2020?

  The heat recovery steam generator market experience sluggish growth at a 3.9% CAGR between 2016 and 2020.

• What are the key trends driving heat recovery steam generator sales?

  Growing demand for cost-effective energy production solutions, coupled with increasing product developments and customization offered by OEMs will continue driving heat recovery steam generator sales.

• Who are the leading players in the heat recovery steam generator market?

  General Electric, Siemens AG, CMI Group, John Wood Group plc, and Mitsubishi Hitachi Power Systems Ltd. are the leading players operating in the heat recovery steam generator market.

• What will be the demand outlook for North America heat recovery steam generator market?

  The North American heat recovery steam generator market is poised to expand at a 4.4% CAGR.

• What is the market share of leading players in the heat recovery steam generator market?

  Leading heat recovery steam generator market players are estimated to account for 75.5% of the total market share.

• What will be the heat recovery steam generator market share in Europe?

  The European heat recovery steam generator market is projected to grow at a 4.6% CAGR through 2031.

• What is the current market share of Japan and South Korea in the global heat recovery steam generator market?

  Japan and South Korea will account for 5% of the total market share collectively.