1 Global Heat Recovery Steam Generator (HRSG) Market Size (Revenue) and CAGR (2024-2033)
Global Heat Recovery Steam Generator (HRSG) market generated revenue of USD 962.55 Million in 2024 with a CAGR of 4.67% during 2024 to 2033.
The current situation of the Heat Recovery Steam Generator (HRSG) market reflects a dynamic industry that is responding to various global factors. The market is characterized by a range of product types, including natural Heat Recovery Steam Generator (HRSG) and nitrile gloves, catering to different applications such as healthcare, industrial use, and household purposes. The market has been influenced by the growing needs of the healthcare industry, the advantages of Heat Recovery Steam Generator (HRSG) in terms of comfort, affordability, and environmental friendliness, and the increasing global demand for personal protective equipment.
Figure Global Heat Recovery Steam Generator (HRSG) Market Size (M USD) Outlook (2024-2033)
2 Influence of COVID-19 Outbreak on Heat Recovery Steam Generator (HRSG) Industry Development
Table Influence of COVID-19 Outbreak on Heat Recovery Steam Generator (HRSG) Industry Development
Item | Description |
Affect the normal operation of the industry | The raging COVID-19 has plunged the global economic environment into depression. The influence of COVID-19 on Heat Recovery Steam Generator (HRSG) industry will involve all major links and entities in the industrial chain. The management efficiency of the company declined, commuting was hindered, production plans were hindered, and the company’s development strategy and marketing methods were forced to adjust. In addition, during the COVID-19 period, the logistics speed slowed down or even stopped, and the supply of raw materials for Heat Recovery Steam Generator (HRSG) production was tight. The company’s production is limited to some extent, and the production of related enterprises in the hardest hit areas is greatly affected. In addition, due to the rapid spread of the epidemic, in the factory environment, employees need greater physical distance and more personal protective equipment (PPE), which increases the financial expenditure of enterprises. |
Affect product export | COVID-19 epidemic has swept the world, and the inspection standards of imported products by customs of various countries have been significantly improved. At the same time, restrictions on the movement of people have also increased. Restricting people’s entry and exit will lead to the sales staff of export enterprises unable to attend foreign exhibitions. There is a risk of decreasing the order quantity of enterprises. In areas with severe epidemic situation, some employees of enterprises can’t go to work due to epidemic situation, which may cause product production stagnation or delayed completion. The shortage of personnel leads to the long-term overload of on-the-job personnel at present, which puts great pressure on the safe and stable operation of enterprises. |
3 Global Heat Recovery Steam Generator (HRSG) Market by Type in 2024
In 2024, the Heat Recovery Steam Generator (HRSG) market was characterized by two primary product types: vertical and horizontal HRSGs.
Vertical HRSGs are designed with a vertical gas flow over horizontal tubes. This configuration allows for a compact design and is particularly suitable for applications where space is limited. Vertical HRSGs are often used in smaller-scale industrial processes and cogeneration plants. In 2024, the market size for vertical HRSGs was significant, accounting for a substantial portion of the overall HRSG market. Their market share was approximately 45.4%, reflecting their widespread use in various industrial sectors.
Horizontal HRSGs, on the other hand, feature a horizontal gas flow over vertical tubes. This design is typically larger and is more commonly used in larger power generation facilities and combined cycle plants. Horizontal HRSGs are known for their high efficiency and ability to handle larger volumes of exhaust gases. In 2024, horizontal HRSGs dominated the market, with a market share of around 54.6%. Their larger size and efficiency make them the preferred choice for many power generation applications, contributing to their larger market share.
In terms of market growth rate, horizontal HRSGs also exhibited the fastest growth rate in 2024. This growth can be attributed to the increasing demand for efficient power generation solutions, particularly in regions with expanding industrial and energy needs. The ability of horizontal HRSGs to integrate seamlessly with larger power systems and their proven reliability in high-capacity operations have driven their rapid adoption.
Table Global Heat Recovery Steam Generator (HRSG) Market Size and Share by Type in 2024
Type | Market Size (M USD) | Market Share |
|---|---|---|
Vertical | 436.92 | 45.40% |
Horizontal | 525.63 | 54.60% |
4 Global Heat Recovery Steam Generator (HRSG) Market by Application in 2024
The Heat Recovery Steam Generator (HRSG) market in 2024 was driven by various applications, each with its unique definition, market size, and share. The primary applications include power generation, heating, desalination, and others.
Power Generation is the most prominent application of HRSGs, accounting for the largest market share in 2024. This application involves using HRSGs to recover waste heat from gas turbines or other combustion processes to produce steam, which is then used to generate electricity. The power generation sector’s significant market share can be attributed to the increasing demand for efficient and sustainable energy solutions. In 2024, power generation applications constituted approximately 51.0% of the HRSG market. The growth in this segment is driven by the expansion of combined cycle power plants and the need to enhance energy efficiency in existing power facilities.
Heating applications of HRSGs involve using the recovered steam for industrial processes or district heating systems. This application is particularly important in regions with cold climates and high industrial heat demands. In 2024, heating applications held a market share of around 28.6%, reflecting their widespread use in industrial processes and urban heating systems. The growth in this segment is driven by the increasing focus on energy conservation and the need for reliable heat sources in industrial operations.
Desalination is another significant application of HRSGs, where the recovered steam is used to produce fresh water from seawater or brackish water. This application is crucial in water-scarce regions and is gaining importance due to the growing global water crisis. In 2024, desalination applications accounted for approximately 11.5% of the HRSG market. The growth in this segment is driven by the increasing demand for fresh water in arid regions and the need for sustainable water supply solutions.
In conclusion, while power generation remains the largest application of HRSGs in 2024, desalination is emerging as the fastest-growing application. The diverse applications of HRSGs reflect their versatility and importance in addressing global energy and environmental challenges. As the demand for efficient and sustainable solutions continues to grow, the HRSG market is poised for further expansion and innovation.
Table Global Heat Recovery Steam Generator (HRSG) Market Sales and Share by Application in 2024
Application | Market Sales (Units) | Market Share |
|---|---|---|
Power Generation | 98 | 51.0% |
Heating | 55 | 21.6% |
Desalination | 22 | 11.5% |
Others | 17 | 6.79% |
5 Global Heat Recovery Steam Generator (HRSG) Market by Region in 2024
In 2024, the global Heat Recovery Steam Generator (HRSG) market exhibited significant growth, driven by increasing demand for energy efficiency and sustainable power solutions. The market was segmented into several major regions, each contributing uniquely to the overall revenue and growth dynamics.
North America emerged as the largest regional market by revenue in 2024, with a total revenue of $346.7 million. This region’s dominance can be attributed to its advanced industrial infrastructure, stringent environmental regulations, and a strong focus on improving energy efficiency. The United States, in particular, played a pivotal role, with its extensive power generation sector and ongoing investments in combined cycle power plants. Canada and Mexico also contributed significantly, with growing industrial and power demands driving the adoption of HRSGs.
East Asia was another significant contributor to the global HRSG market, with a revenue of $232.6 million in 2024. China, Japan, and South Korea were the key markets in this region. China’s rapid industrialization and expansion of its power sector, coupled with its commitment to reducing carbon emissions, fueled the demand for HRSGs. Japan and South Korea also experienced growth, driven by their focus on energy efficiency and the integration of HRSGs in various industrial applications.
Europe held a substantial market share, generating $291.6 million in revenue in 2024. The region’s commitment to renewable energy and sustainable practices, along with its advanced manufacturing capabilities, supported the growth of the HRSG market. Germany, the United Kingdom, and France were among the leading countries, with their robust industrial sectors and investments in energy infrastructure driving demand.
South Asia and Southeast Asia also showed promising growth, with revenues of $13.1 million and $12.7 million, respectively. India was the primary driver in South Asia, with its expanding industrial sector and increasing power generation capacity. Southeast Asia’s growth was driven by countries like Indonesia and Thailand, which are investing in energy infrastructure to meet growing demands.
The Middle East and Africa contributed $11.8 million and $9.2 million in revenue, respectively. The Middle East’s growth was driven by its oil and gas industries, which are increasingly adopting HRSGs for enhanced energy efficiency. Africa’s market was supported by its growing industrial sector and the need for reliable power solutions.
Oceania and South America had smaller market shares, with revenues of $9.0 million and $30.0 million, respectively. Australia was the main market in Oceania, while Brazil led in South America. Both regions are focusing on expanding their energy infrastructure, which will likely drive future growth.
In terms of growth rate, South America emerged as the fastest-growing region in 2024. This growth can be attributed to the region’s expanding industrial and power sectors, as well as increasing investments in energy infrastructure. Countries like Brazil and Argentina are actively adopting HRSGs to improve energy efficiency and meet growing energy demands.
Table Global Heat Recovery Steam Generator (HRSG) Market Size, Region Wise in 2024
Region | Market Size (M USD) | Market Share |
|---|---|---|
North America | 346.7 | 35.99% |
East Asia | 232.6 | 24.17% |
Europe | 291.6 | 30.28% |
South Asia | 13.1 | 1.36% |
Southeast Asia | 12.7 | 1.32% |
Middle East | 11.8 | 1.23% |
Africa | 9.2 | 0.96% |
Oceania | 9.0 | 0.94% |
South America | 30.0 | 3.12% |
Figure Global Heat Recovery Steam Generator (HRSG) Revenue Market Share by Region in 2024
6 Global Heat Recovery Steam Generator (HRSG) Market Top 3 Players
Company Introduction and Business Overview: Nooter Eriksen is a leading supplier of HRSGs, with a strong focus on custom-designed solutions. The company is part of the CIC Group and has over 100 years of experience in designing and manufacturing steel products. Nooter Eriksen’s HRSGs are known for their reliability and efficiency, catering to a wide range of industrial and power generation applications.
Products Offered: Nooter Eriksen offers a variety of HRSGs, including natural circulation designs with horizontal exhaust flow and vertical tube designs. Their products are designed to meet specific project requirements, ensuring optimal performance and reliability. They also provide innovative solutions to address thermal performance, sound, and emissions challenges.
Revenue in 2021: In 2021, Nooter Eriksen generated a revenue of $148.44 million, reflecting their strong market position and continued growth.
Company Introduction and Business Overview: General Electric (GE) is a global industrial giant with a diverse portfolio of businesses, including power generation. GE’s HRSG division focuses on providing integrated solutions for combined cycle power plants. With over 100 years of experience in boiler technology, GE has installed more than 1,300 HRSGs worldwide.
Products Offered: GE offers a range of HRSG configurations, including their Once Through technology and various modular construction options. Their products are designed to deliver optimized performance, operating flexibility, and improved reliability. GE’s HRSGs are suitable for a wide range of applications, from power generation to industrial processes.
Revenue in 2021: In 2021, GE’s HRSG division achieved a revenue of $155.33 million, showcasing their continued dominance in the market.
Company Introduction and Business Overview: Vogt Power International Inc. is a world leader in the design, manufacture, and supply of HRSGs. With over 135 years of experience, Vogt Power has a global installed base of more than 600 HRSGs. The company is known for its Excellence-In-Heat-Recovery® solutions, catering to various industries and applications.
Products Offered: Vogt Power offers HRSGs with horizontal or vertical gas paths, available in one, two, or three pressure levels. Their products are designed for specific site requirements, ensuring constructibility and cost-effectiveness. Vogt Power also provides auxiliary-fired units, selective catalytic reduction systems, and other design features to enhance performance and reliability.
Revenue in 2021: In 2021, Vogt Power reported a revenue of $74.26 million, reflecting their strong market presence and ongoing growth.
Table Global Heat Recovery Steam Generator (HRSG) Revenue of Top3 Players in 2021
Company | Size (M USD) |
Nooter Eriksen | 148.44 |
GE | 155.33 |
VOGT Power | 74.26 |