Heat Recovery Steam Generator (HRSG) Market by Product and Geography - Forecast and Analysis 2020-2024

The heat recovery steam generator (HRSG) market size has the potential to grow by USD 189.65 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by product (horizontal HRSG and vertical HRSG) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including Babcock & Wilcox Enterprises Inc., Clayton Industries, Doosan Heavy Industries & Construction Co. Ltd., General Electric Co., John Wood Group Plc, Kawasaki Heavy Industries Ltd., Kelvion Holding GmbH, Mitsubishi Heavy Industries Ltd., Siemens AG, and Thermax Ltd.

Market Overview

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Market Competitive Analysis

The HRSG market is fragmented with the presence of several vendors. The vendors in the market differentiate their product offerings based on the designs and features of the products. They are also investing in developing products that are more energy-efficient than the previous models. Babcock & Wilcox Enterprises Inc., Clayton Industries, and Doosan Heavy Industries & Construction Co. Ltd. are some of the major market participants. Although the increase in energy efficiency will offer immense growth opportunities, the volatility in prices of natural gas will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this heat recovery steam generator market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this heat recovery steam generator market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• Babcock & Wilcox Enterprises Inc.
• Clayton Industries
• Doosan Heavy Industries & Construction Co. Ltd.
• General Electric Co.
• John Wood Group Plc
• Kawasaki Heavy Industries Ltd.
• Kelvion Holding GmbH
• Mitsubishi Heavy Industries Ltd.
• Siemens AG
• Thermax Ltd.

Heat Recovery Steam Generator (HRSG) Market: Segmentation by Geography

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APAC was the largest heat recovery steam generator market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increased adoption of natural gas power plants will significantly drive HRSG market growth in this region over the forecast period.

54% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for heat recovery steam generators in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Heat Recovery Steam Generator (HRSG) Market: Segmentation by Product

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Horizontal HRSG units are the most popular type of HRSG. They account for most HRSG installations worldwide. In horizontal HRSG, the flow of gas is horizontal while the water is heated in vertically arranged evaporator tubes. They do not require heavy-duty circulating pumps, thereby avoiding the operating and maintenance costs associated with such pumps and producing a natural, cost-effective circulation effect. Horizontal HRSG units have low installation period and design complexities as compared to vertical HRSG units. These factors are expected to fuel the growth of the heat recovery steam generator market in the horizontal HRSG segment.

Market growth in the horizontal HRSG segment will be faster than the growth of the market in the vertical HRSG segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the heat recovery steam generator market size.

Heat Recovery Steam Generator (HRSG) Market: Key Drivers and Trends

The increased demand for efficient power generation is driving the growth of the heat recovery steam generator market. The rising global population is generating a strong need for power production. As demand for energy grows and the increasing number of stringent regulations are laid down for carbon emissions, production of clean energy is forecasted to gain prominence over the next few years. HSRG technology facilitates the efficient production of power by using waste heat energy to generate power at no additional cost. The growing concerns about the effects of carbon emissions on the environment will further boost the growth prospects of heat recovery steam generator manufacturers over the next five years. The HRSG market is expected to grow at a CAGR of over 3% during the forecast period.

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Heat Recovery Steam Generator (HRSG) Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive heat recovery steam generator market growth during the next five years
• Precise estimation of the HRSG market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the heat recovery steam generator industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of heat recovery steam generator market vendors

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