1. What is the projected Compound Annual Growth Rate (CAGR) of the Heat Recovery Steam Generator Market?
The projected CAGR is approximately 5.4%.
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Heat Recovery Steam Generator MarketHeat Recovery Steam Generator Market by Design (Horizontal Drum, Vertical Drum), by Application (Cogeneration, Combined Cycle), by Power Rating (Up to 30 MW, 31 MW - 100 MW, Above 100 MW), by End-User (Utility, Chemicals, Refineries, Pulp & Paper, Others), by North America (United States, Canada, Mexico), by South America (Brazil, Argentina, Rest of South America), by Europe (United Kingdom, Germany, France, Italy, Spain, Russia, Benelux, Nordics, Rest of Europe), by Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, Rest of Middle East & Africa), by Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania, Rest of Asia Pacific) Forecast 2026-2034
The Heat Recovery Steam Generator Market size was valued at USD 0.88 USD Billion in 2023 and is projected to reach USD 1.27 USD Billion by 2032, exhibiting a CAGR of 5.4 % during the forecast period. Heat Recovery Steam Generator or HRSG refers to an equipment used to recover heat from the exhaust of gas turbines or other process heat conversion cycle to make steam. Some uses of HRSGs include power generation, combined cycle plants and also other industries and processes. There are basically four types of HRSG based on the number of pressure stages for producing steam: single-pressure, dual-pressure, triple-pressure, and combined-cycle. Many essential parts of an HRSG include the economizer, evaporator, superheater, and the steam drum. HRSGs have certain advantages such as increased energy effectiveness, lower fuel consumption and lower emissions of greenhouse gases. Current developments present that there is a higher demand for HRSGs in association with decarbonization and RE integration, with improvement made to increase effectiveness and versatility in view of monumental operational loads.
By Design:
By Application:
By Power Rating:
By End-User:
Recent Mergers & Acquisitions:
New Product Launches:
The report provides an in-depth analysis of the heat recovery steam generator market, covering:
The report analyzes the political, economic, social, technological, legal, and environmental factors impacting the heat recovery steam generator market.
The report examines the competitive dynamics using Porter's five-force model, including rivalry among competitors, bargaining power of buyers, bargaining power of suppliers, threat of new entrants, and threat of substitutes.
The report categorizes key players in the market using the Boston Consulting Group (BCG) matrix, highlighting their market share and growth potential.
The report provides data on the global import and export trends of heat recovery steam generators.
The report analyzes the global production and consumption of heat recovery steam generators, providing insights into key production hubs and consuming regions.
The report examines the regulatory frameworks and environmental standards governing the heat recovery steam generator market, including emission control regulations and incentives for clean energy technologies.
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 5.4% from 2020-2034 |
| Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 5.4%.
Key companies in the market include GE Power (U.S.), Siemens (Germany), ABB (Switzerland), Babcock & Wilcox (U.S.), Amec Foster Wheeler (UK), Cleaver-Brooks (U.S.), Nooter/Eriksen, Inc. (U.S.), Alstom (France), Mitsubishi Heavy Industries (Japan), Bharat Heavy Electricals Limited (India), Sofinter (Italy), Technology Transfer Services (U.S.), Coepro (Portugal).
The market segments include Design, Application, Power Rating, End-User.
The market size is estimated to be USD 0.88 USD Billion as of 2022.
Growing Focus on Safety and Organization to Fuel Market Growth.
Continuous Efforts To Reduce Greenhouse Gas Emissions Will Lead To The Industry Growth.
Complex Planning and Delay in Authorization Procedures Can Hamper the Market Growth.
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The market size is provided in terms of value, measured in USD Billion and volume, measured in Million Units.
Yes, the market keyword associated with the report is "Heat Recovery Steam Generator Market," which aids in identifying and referencing the specific market segment covered.
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