Heat Recovery Steam Generator (HRSG) Is Set To Reach 2370.3 million By 2033, Growing At A CAGR Of XX

Key Insights

The global Heat Recovery Steam Generator (HRSG) market size was valued at USD 2370.3 million in 2025 and is projected to expand at a CAGR of XX% during the forecast period from 2025 to 2033. The rising demand for energy-efficient solutions in various industries, including power plants and industrial production, is driving the growth of the HRSG market. HRSGs enable the recovery of waste heat from exhaust gases, which would otherwise be lost, and convert it into steam that can be used for power generation or industrial processes.

The growing emphasis on reducing carbon emissions and meeting environmental regulations is another factor contributing to the increasing adoption of HRSGs. Governments worldwide are implementing strict emission standards, leading to increased demand for technologies that minimize environmental impact. Additionally, advancements in materials and manufacturing processes have resulted in the development of more efficient and cost-effective HRSGs, making them a viable option for various applications. Key players in the HRSG market include BHI, Foster Wheeler, Nooter Eriksen, CMI Energy, Alstom Power, Doosan E&C, Siemens (NEM Energy), VOGT Power, STF, Babcock & Wilcox, Mitsubishi, Hangzhou Boiler, Bharat Heavy Electricals, Wuxi Huaguang, among others.

The global Heat Recovery Steam Generator (HRSG) market is expected to reach USD 10.4 billion by 2027, growing at a CAGR of 4.5% over the forecast period. The growing demand for energy efficiency and the need for reducing greenhouse gas emissions are driving the growth of the HRSG market.

Key Market Insights

• The increasing adoption of combined heat and power (CHP) systems is expected to drive the growth of the HRSG market. CHP systems generate both electricity and heat from a single fuel source, which improves energy efficiency and reduces emissions.
• The rising demand for steam in industrial processes, such as food processing, papermaking, and petrochemicals, is also contributing to the growth of the HRSG market.
• The development of new technologies, such as high-efficiency HRSGs and advanced control systems, is further expected to drive the growth of the market.

Driving Forces: What's Propelling the Heat Recovery Steam Generator (HRSG) Market

• Growing Demand for Energy Efficiency: HRSGs help industrial facilities to recover energy from waste heat sources, reducing their energy consumption and operating costs.
• Government Regulations: Stringent environmental regulations and carbon emission targets are driving industries to adopt energy-efficient technologies like HRSGs.
• Technological Advancements: Innovations in HRSG design and materials have improved efficiency and reliability, enhancing their appeal to industrial users.

Challenges and Restraints in Heat Recovery Steam Generator (HRSG) Market

• High Initial Investment: The upfront cost of installing HRSGs can be substantial, which may deter some companies from investing.
• Space Requirements: HRSGs require significant space, which can be a limitation for facilities with limited space availability.
• Maintenance and Operating Costs: While HRSGs improve energy efficiency, they require regular maintenance and can increase operating expenses.

Key Region or Country & Segment to Dominate the Market

Key Regions:

• North America is expected to dominate the HRSG market, driven by strong demand from the power generation and industrial sectors.
• Asia-Pacific is expected to experience significant growth, due to rapid industrialization and increasing energy demand.

Key Segment:

• The over 300MW segment is expected to dominate the market, as these HRSGs are typically used in large power plants and industrial facilities.

Growth Catalysts in Heat Recovery Steam Generator (HRSG) Industry

• Government incentives and tax credits for energy-efficient technologies
• Rising awareness of the environmental benefits of HRSGs
• Development of innovative HRSG designs and technologies

Leading Players in the Heat Recovery Steam Generator (HRSG) Market

BHI Foster Wheeler Nooter Eriksen CMI Energy Alstom Power Doosan E&C Siemens VOGT Power STF Babcock & Wilcox Mitsubishi Hangzhou Boiler Bharat Heavy Electricals Wuxi Huaguang

Significant Developments in Heat Recovery Steam Generator (HRSG) Sector

• BHI has introduced a new high-efficiency HRSG design that reduces energy consumption by up to 15%.
• Alstom Power has developed a new control system for HRSGs that improves reliability and efficiency.
• Siemens has acquired NEM Energy, a leading provider of HRSG technologies, to expand its portfolio.

Comprehensive Coverage Heat Recovery Steam Generator (HRSG) Report

This report provides comprehensive coverage of the Heat Recovery Steam Generator (HRSG) market, including:

• Market size and growth rates
• Market segmentation by application, type, and region
• Key market drivers and challenges
• Analysis of leading companies and their market strategies
• Industry trends and future outlook

Heat Recovery Steam Generator (HRSG) Segmentation

• 1. Application
  • 1.1. Power Station
  • 1.2. Industrial Production
• 2. Type
  • 2.1. Below 50MW
  • 2.2. 50MW-100MW
  • 2.3. 100MW-300MW
  • 2.4. Over 300MW
  • 2.5. World Heat Recovery Steam Generator (HRSG) Production

Heat Recovery Steam Generator (HRSG) Segmentation By Geography

• 1. North America
  • 1.1. United States
  • 1.2. Canada
  • 1.3. Mexico
• 2. South America
  • 2.1. Brazil
  • 2.2. Argentina
  • 2.3. Rest of South America
• 3. Europe
  • 3.1. United Kingdom
  • 3.2. Germany
  • 3.3. France
  • 3.4. Italy
  • 3.5. Spain
  • 3.6. Russia
  • 3.7. Benelux
  • 3.8. Nordics
  • 3.9. Rest of Europe
• 4. Middle East & Africa
  • 4.1. Turkey
  • 4.2. Israel
  • 4.3. GCC
  • 4.4. North Africa
  • 4.5. South Africa
  • 4.6. Rest of Middle East & Africa
• 5. Asia Pacific
  • 5.1. China
  • 5.2. India
  • 5.3. Japan
  • 5.4. South Korea
  • 5.5. ASEAN
  • 5.6. Oceania
  • 5.7. Rest of Asia Pacific