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Global Heat Recover Steam Generator Market Research Report 2025
Synopsis
A heat recovery steam generator or HRSG is an energy recovery heat exchanger that recovers heat from a hot gas stream. It produces steam that can be used in a process (cogeneration) or used to drive a steam turbine (combined cycle).
The global Heat Recover Steam Generator market was valued at US$ 2140.5 million in 2023 and is anticipated to reach US$ 2789.3 million by 2030, witnessing a CAGR of 3.8% during the forecast period 2024-2030.
Globally, the HRSG industry market is not that concentrated as the manufacturing technology of HRSG is relatively much more mature than some high-tech equipment. But some enterprises are still well-known for the wonderful performance of their HRSG and related services. At the same time, some countries such as South Korea, Italy and USA are remarkable in the global HRSG industry because of their market share and technology status of HRSG.
The consumption volume of HRSG is related to downstream industries and global economy. As there will always be some uncertain in the global economy in the following years, the growth rate of HRSG industry may not keep stable. But it is surely forecasted that the market of HRSG is still promising.
The product average price declined in the past few years due to the market competition, the average price will keep the trend in the few future years due to most of Chinese manufacturers will enter the industry.
The key drivers identified in heat recovery steam generator market are the growing need for energy efficient sources, allocation of government incentives for achieving better energy efficiency levels, reduction in carbon emissions, proposed investment plans in energy sector by government and major companies. However, high capital cost and limited product differentiation are the key challenges faced by manufacturers in heat recovery steam generator market.
Although the market competition of HRSG is fierce globally, there are many enterprises can obtain considerable profit form the manufacturing and marketing of HRSG and that is the reason that we believe there will also be enterprises enter this market. But it is suggested that enterprises those have plans to enter this industry have careful analysis of this market and the advantages or disadvantages of themselves.
This report aims to provide a comprehensive presentation of the global market for Heat Recover Steam Generator, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Heat Recover Steam Generator.
Report Scope
The Heat Recover Steam Generator market size, estimations, and forecasts are provided in terms of output/shipments (K Units) and revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Heat Recover Steam Generator market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Heat Recover Steam Generator manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, production, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.
Market Segmentation
By Company
BHI
Foster Wheeler
Nooter Eriksen
CMI Energy
Alstom Power
Doosan E&C
NEM Energy
VOGT Power
STF
Babcock & Wilcox
Mitsubishi
Hangzhou Boiler
703 Institute
Wuxi Huaguang
Segment by Type
Vertical
Horizontal
Segment by Application
Utilities
Chemicals
Refineries
Pulp & Paper
Others
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
China Taiwan
Southeast Asia
India
Latin America, Middle East & Africa
Mexico
Brazil
Turkey
GCC Countries
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, by Type, by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Detailed analysis of Heat Recover Steam Generator manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Production/output, value of Heat Recover Steam Generator by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 4: Consumption of Heat Recover Steam Generator in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 5: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 6: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 10: The main points and conclusions of the report.
A heat recovery steam generator or HRSG is an energy recovery heat exchanger that recovers heat from a hot gas stream. It produces steam that can be used in a process (cogeneration) or used to drive a steam turbine (combined cycle).
The global Heat Recover Steam Generator market was valued at US$ 2140.5 million in 2023 and is anticipated to reach US$ 2789.3 million by 2030, witnessing a CAGR of 3.8% during the forecast period 2024-2030.
Globally, the HRSG industry market is not that concentrated as the manufacturing technology of HRSG is relatively much more mature than some high-tech equipment. But some enterprises are still well-known for the wonderful performance of their HRSG and related services. At the same time, some countries such as South Korea, Italy and USA are remarkable in the global HRSG industry because of their market share and technology status of HRSG.
The consumption volume of HRSG is related to downstream industries and global economy. As there will always be some uncertain in the global economy in the following years, the growth rate of HRSG industry may not keep stable. But it is surely forecasted that the market of HRSG is still promising.
The product average price declined in the past few years due to the market competition, the average price will keep the trend in the few future years due to most of Chinese manufacturers will enter the industry.
The key drivers identified in heat recovery steam generator market are the growing need for energy efficient sources, allocation of government incentives for achieving better energy efficiency levels, reduction in carbon emissions, proposed investment plans in energy sector by government and major companies. However, high capital cost and limited product differentiation are the key challenges faced by manufacturers in heat recovery steam generator market.
Although the market competition of HRSG is fierce globally, there are many enterprises can obtain considerable profit form the manufacturing and marketing of HRSG and that is the reason that we believe there will also be enterprises enter this market. But it is suggested that enterprises those have plans to enter this industry have careful analysis of this market and the advantages or disadvantages of themselves.
This report aims to provide a comprehensive presentation of the global market for Heat Recover Steam Generator, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Heat Recover Steam Generator.
Report Scope
The Heat Recover Steam Generator market size, estimations, and forecasts are provided in terms of output/shipments (K Units) and revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Heat Recover Steam Generator market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Heat Recover Steam Generator manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, production, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.
Market Segmentation
By Company
BHI
Foster Wheeler
Nooter Eriksen
CMI Energy
Alstom Power
Doosan E&C
NEM Energy
VOGT Power
STF
Babcock & Wilcox
Mitsubishi
Hangzhou Boiler
703 Institute
Wuxi Huaguang
Segment by Type
Vertical
Horizontal
Segment by Application
Utilities
Chemicals
Refineries
Pulp & Paper
Others
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
China Taiwan
Southeast Asia
India
Latin America, Middle East & Africa
Mexico
Brazil
Turkey
GCC Countries
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, by Type, by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Detailed analysis of Heat Recover Steam Generator manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Production/output, value of Heat Recover Steam Generator by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 4: Consumption of Heat Recover Steam Generator in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 5: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 6: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 10: The main points and conclusions of the report.
Index1 Heat Recover Steam Generator Market Overview
1.1 Product Definition
1.2 Heat Recover Steam Generator Segment by Type
1.2.1 Global Heat Recover Steam Generator Market Value Growth Rate Analysis by Type 2023 VS 2030
1.2.2 Vertical
1.2.3 Horizontal
1.3 Heat Recover Steam Generator Segment by Application
1.3.1 Global Heat Recover Steam Generator Market Value Growth Rate Analysis by Application: 2023 VS 2030
1.3.2 Utilities
1.3.3 Chemicals
1.3.4 Refineries
1.3.5 Pulp & Paper
1.3.6 Others
1.4 Global Market Growth Prospects
1.4.1 Global Heat Recover Steam Generator Production Value Estimates and Forecasts (2019-2030)
1.4.2 Global Heat Recover Steam Generator Production Capacity Estimates and Forecasts (2019-2030)
1.4.3 Global Heat Recover Steam Generator Production Estimates and Forecasts (2019-2030)
1.4.4 Global Heat Recover Steam Generator Market Average Price Estimates and Forecasts (2019-2030)
1.5 Assumptions and Limitations
2 Market Competition by Manufacturers
2.1 Global Heat Recover Steam Generator Production Market Share by Manufacturers (2019-2024)
2.2 Global Heat Recover Steam Generator Production Value Market Share by Manufacturers (2019-2024)
2.3 Global Key Players of Heat Recover Steam Generator, Industry Ranking, 2022 VS 2023 VS 2024
2.4 Global Heat Recover Steam Generator Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
2.5 Global Heat Recover Steam Generator Average Price by Manufacturers (2019-2024)
2.6 Global Key Manufacturers of Heat Recover Steam Generator, Manufacturing Base Distribution and Headquarters
2.7 Global Key Manufacturers of Heat Recover Steam Generator, Product Offered and Application
2.8 Global Key Manufacturers of Heat Recover Steam Generator, Date of Enter into This Industry
2.9 Heat Recover Steam Generator Market Competitive Situation and Trends
2.9.1 Heat Recover Steam Generator Market Concentration Rate
2.9.2 Global 5 and 10 Largest Heat Recover Steam Generator Players Market Share by Revenue
2.10 Mergers & Acquisitions, Expansion
3 Heat Recover Steam Generator Production by Region
3.1 Global Heat Recover Steam Generator Production Value Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
3.2 Global Heat Recover Steam Generator Production Value by Region (2019-2030)
3.2.1 Global Heat Recover Steam Generator Production Value Market Share by Region (2019-2024)
3.2.2 Global Forecasted Production Value of Heat Recover Steam Generator by Region (2025-2030)
3.3 Global Heat Recover Steam Generator Production Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
3.4 Global Heat Recover Steam Generator Production by Region (2019-2030)
3.4.1 Global Heat Recover Steam Generator Production Market Share by Region (2019-2024)
3.4.2 Global Forecasted Production of Heat Recover Steam Generator by Region (2025-2030)
3.5 Global Heat Recover Steam Generator Market Price Analysis by Region (2019-2024)
3.6 Global Heat Recover Steam Generator Production and Value, Year-over-Year Growth
3.6.1 North America Heat Recover Steam Generator Production Value Estimates and Forecasts (2019-2030)
3.6.2 Europe Heat Recover Steam Generator Production Value Estimates and Forecasts (2019-2030)
3.6.3 China Heat Recover Steam Generator Production Value Estimates and Forecasts (2019-2030)
3.6.4 Japan Heat Recover Steam Generator Production Value Estimates and Forecasts (2019-2030)
4 Heat Recover Steam Generator Consumption by Region
4.1 Global Heat Recover Steam Generator Consumption Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
4.2 Global Heat Recover Steam Generator Consumption by Region (2019-2030)
4.2.1 Global Heat Recover Steam Generator Consumption by Region (2019-2024)
4.2.2 Global Heat Recover Steam Generator Forecasted Consumption by Region (2025-2030)
4.3 North America
4.3.1 North America Heat Recover Steam Generator Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.3.2 North America Heat Recover Steam Generator Consumption by Country (2019-2030)
4.3.3 U.S.
4.3.4 Canada
4.4 Europe
4.4.1 Europe Heat Recover Steam Generator Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.4.2 Europe Heat Recover Steam Generator Consumption by Country (2019-2030)
4.4.3 Germany
4.4.4 France
4.4.5 U.K.
4.4.6 Italy
4.4.7 Russia
4.5 Asia Pacific
4.5.1 Asia Pacific Heat Recover Steam Generator Consumption Growth Rate by Region: 2019 VS 2023 VS 2030
4.5.2 Asia Pacific Heat Recover Steam Generator Consumption by Region (2019-2030)
4.5.3 China
4.5.4 Japan
4.5.5 South Korea
4.5.6 China Taiwan
4.5.7 Southeast Asia
4.5.8 India
4.6 Latin America, Middle East & Africa
4.6.1 Latin America, Middle East & Africa Heat Recover Steam Generator Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.6.2 Latin America, Middle East & Africa Heat Recover Steam Generator Consumption by Country (2019-2030)
4.6.3 Mexico
4.6.4 Brazil
4.6.5 Turkey
5 Segment by Type
5.1 Global Heat Recover Steam Generator Production by Type (2019-2030)
5.1.1 Global Heat Recover Steam Generator Production by Type (2019-2024)
5.1.2 Global Heat Recover Steam Generator Production by Type (2025-2030)
5.1.3 Global Heat Recover Steam Generator Production Market Share by Type (2019-2030)
5.2 Global Heat Recover Steam Generator Production Value by Type (2019-2030)
5.2.1 Global Heat Recover Steam Generator Production Value by Type (2019-2024)
5.2.2 Global Heat Recover Steam Generator Production Value by Type (2025-2030)
5.2.3 Global Heat Recover Steam Generator Production Value Market Share by Type (2019-2030)
5.3 Global Heat Recover Steam Generator Price by Type (2019-2030)
6 Segment by Application
6.1 Global Heat Recover Steam Generator Production by Application (2019-2030)
6.1.1 Global Heat Recover Steam Generator Production by Application (2019-2024)
6.1.2 Global Heat Recover Steam Generator Production by Application (2025-2030)
6.1.3 Global Heat Recover Steam Generator Production Market Share by Application (2019-2030)
6.2 Global Heat Recover Steam Generator Production Value by Application (2019-2030)
6.2.1 Global Heat Recover Steam Generator Production Value by Application (2019-2024)
6.2.2 Global Heat Recover Steam Generator Production Value by Application (2025-2030)
6.2.3 Global Heat Recover Steam Generator Production Value Market Share by Application (2019-2030)
6.3 Global Heat Recover Steam Generator Price by Application (2019-2030)
7 Key Companies Profiled
7.1 BHI
7.1.1 BHI Heat Recover Steam Generator Corporation Information
7.1.2 BHI Heat Recover Steam Generator Product Portfolio
7.1.3 BHI Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.1.4 BHI Main Business and Markets Served
7.1.5 BHI Recent Developments/Updates
7.2 Foster Wheeler
7.2.1 Foster Wheeler Heat Recover Steam Generator Corporation Information
7.2.2 Foster Wheeler Heat Recover Steam Generator Product Portfolio
7.2.3 Foster Wheeler Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.2.4 Foster Wheeler Main Business and Markets Served
7.2.5 Foster Wheeler Recent Developments/Updates
7.3 Nooter Eriksen
7.3.1 Nooter Eriksen Heat Recover Steam Generator Corporation Information
7.3.2 Nooter Eriksen Heat Recover Steam Generator Product Portfolio
7.3.3 Nooter Eriksen Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.3.4 Nooter Eriksen Main Business and Markets Served
7.3.5 Nooter Eriksen Recent Developments/Updates
7.4 CMI Energy
7.4.1 CMI Energy Heat Recover Steam Generator Corporation Information
7.4.2 CMI Energy Heat Recover Steam Generator Product Portfolio
7.4.3 CMI Energy Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.4.4 CMI Energy Main Business and Markets Served
7.4.5 CMI Energy Recent Developments/Updates
7.5 Alstom Power
7.5.1 Alstom Power Heat Recover Steam Generator Corporation Information
7.5.2 Alstom Power Heat Recover Steam Generator Product Portfolio
7.5.3 Alstom Power Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.5.4 Alstom Power Main Business and Markets Served
7.5.5 Alstom Power Recent Developments/Updates
7.6 Doosan E&C
7.6.1 Doosan E&C Heat Recover Steam Generator Corporation Information
7.6.2 Doosan E&C Heat Recover Steam Generator Product Portfolio
7.6.3 Doosan E&C Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.6.4 Doosan E&C Main Business and Markets Served
7.6.5 Doosan E&C Recent Developments/Updates
7.7 NEM Energy
7.7.1 NEM Energy Heat Recover Steam Generator Corporation Information
7.7.2 NEM Energy Heat Recover Steam Generator Product Portfolio
7.7.3 NEM Energy Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.7.4 NEM Energy Main Business and Markets Served
7.7.5 NEM Energy Recent Developments/Updates
7.8 VOGT Power
7.8.1 VOGT Power Heat Recover Steam Generator Corporation Information
7.8.2 VOGT Power Heat Recover Steam Generator Product Portfolio
7.8.3 VOGT Power Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.8.4 VOGT Power Main Business and Markets Served
7.7.5 VOGT Power Recent Developments/Updates
7.9 STF
7.9.1 STF Heat Recover Steam Generator Corporation Information
7.9.2 STF Heat Recover Steam Generator Product Portfolio
7.9.3 STF Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.9.4 STF Main Business and Markets Served
7.9.5 STF Recent Developments/Updates
7.10 Babcock & Wilcox
7.10.1 Babcock & Wilcox Heat Recover Steam Generator Corporation Information
7.10.2 Babcock & Wilcox Heat Recover Steam Generator Product Portfolio
7.10.3 Babcock & Wilcox Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.10.4 Babcock & Wilcox Main Business and Markets Served
7.10.5 Babcock & Wilcox Recent Developments/Updates
7.11 Mitsubishi
7.11.1 Mitsubishi Heat Recover Steam Generator Corporation Information
7.11.2 Mitsubishi Heat Recover Steam Generator Product Portfolio
7.11.3 Mitsubishi Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.11.4 Mitsubishi Main Business and Markets Served
7.11.5 Mitsubishi Recent Developments/Updates
7.12 Hangzhou Boiler
7.12.1 Hangzhou Boiler Heat Recover Steam Generator Corporation Information
7.12.2 Hangzhou Boiler Heat Recover Steam Generator Product Portfolio
7.12.3 Hangzhou Boiler Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.12.4 Hangzhou Boiler Main Business and Markets Served
7.12.5 Hangzhou Boiler Recent Developments/Updates
7.13 703 Institute
7.13.1 703 Institute Heat Recover Steam Generator Corporation Information
7.13.2 703 Institute Heat Recover Steam Generator Product Portfolio
7.13.3 703 Institute Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.13.4 703 Institute Main Business and Markets Served
7.13.5 703 Institute Recent Developments/Updates
7.14 Wuxi Huaguang
7.14.1 Wuxi Huaguang Heat Recover Steam Generator Corporation Information
7.14.2 Wuxi Huaguang Heat Recover Steam Generator Product Portfolio
7.14.3 Wuxi Huaguang Heat Recover Steam Generator Production, Value, Price and Gross Margin (2019-2024)
7.14.4 Wuxi Huaguang Main Business and Markets Served
7.14.5 Wuxi Huaguang Recent Developments/Updates
8 Industry Chain and Sales Channels Analysis
8.1 Heat Recover Steam Generator Industry Chain Analysis
8.2 Heat Recover Steam Generator Key Raw Materials
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.3 Heat Recover Steam Generator Production Mode & Process
8.4 Heat Recover Steam Generator Sales and Marketing
8.4.1 Heat Recover Steam Generator Sales Channels
8.4.2 Heat Recover Steam Generator Distributors
8.5 Heat Recover Steam Generator Customers
9 Heat Recover Steam Generator Market Dynamics
9.1 Heat Recover Steam Generator Industry Trends
9.2 Heat Recover Steam Generator Market Drivers
9.3 Heat Recover Steam Generator Market Challenges
9.4 Heat Recover Steam Generator Market Restraints
10 Research Finding and Conclusion
11 Methodology and Data Source
11.1 Methodology/Research Approach
11.1.1 Research Programs/Design
11.1.2 Market Size Estimation
11.1.3 Market Breakdown and Data Triangulation
11.2 Data Source
11.2.1 Secondary Sources
11.2.2 Primary Sources
11.3 Author List
11.4 Disclaimer
Published By : QY Research
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