Global Heat Recovery Steam Generator Market Outlook 2025-2034: Growth Drivers, Share, Segments & Trends

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The Business Research Company's Heat Recovery Steam Generator Global Market Report 2025 – Market Size, Trends, And Global Forecast 2025-2034

LONDON, GREATER LONDON, UNITED KINGDOM, February 25, 2025 /EINPresswire / -- The heat recovery steam generator market size has been exhibiting strong growth over the recent years. As it heads from $1.71 billion in 2024 to an estimated $1.82 billion in 2025 at a compound annual growth rate CAGR of 6.2%, a look back reveals that this progress owes much to rising demand for energy efficiency, increased adoption of combined cycle power plants, stringent environmental regulations, and global power generation capacity growth. These factors, along with the expansion of industrial sectors particularly oil and gas and manufacturing, have significantly contributed to the increasing market momentum.

What Is The Future Outlook And Potential Of The Heat Recovery Steam Generator Market ?

Building on this momentum, the heat recovery steam generator market is projected to continue its growth trajectory in the next few years, aiming to reach $2.29 billion by 2029 at a compound annual growth rate CAGR of 6.0%. This growth will largely be underpinned by an increase in investments in renewable energy integration, a growing emphasis on reducing operational costs, rising demand from emerging economies, and expanding applications beyond utilities.

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How Is The Market Going To Be Shaped By Emerging Trends?

Key market trends and advancements to look out for include a shift towards more compact and modular designs, greater adoption of digital twin technology for performance optimization, development of next-generation materials for higher temperature tolerance, and a focus on reducing carbon footprints through advanced emission control solutions. Additionally, the adoption of advanced automation and AI-driven maintenance strategies is also projected to have considerable impact on the market's future landscape.

Who Are The Major Players In The Heat Recovery Steam Generator Market?

Leading companies operating in the heat recovery steam generator market encompass Hitachi Ltd., General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd., ABB Ltd., Alstom SA, Kawasaki Heavy Industries Ltd., Sumitomo Heavy Industries Ltd., John Wood Group PLC, Bharat Heavy Electricals Limited, SPX Flow Inc., Thermax Limited, Spirax Group plc, Babcock & Wilcox Enterprises Inc., Nooter/Eriksen Inc., Hamon & Cie International, Rentech Boilers Systems Inc., Clyde Bergemann Power Group, Bosch Industriekessel GmbH, Doosan Heavy Industries & Construction, John Cockerill, and Aalborg Industries.

These market leaders are developing innovative products such as heat recovery power generation systems to establish a competitive edge in the market. For instance, in October 2022, Kawasaki Heavy Industries Ltd. delivered its new high-efficiency waste heat recovery power generation system, the VEGA boiler, to Taiheiyo Cement. This was the first installation of the VEGA boiler in Japan, underscoring Kawasaki's commitment to enhancing energy efficiency in the cement industry.

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How Is The Global Heat Recovery Steam Generator Market Segmented?

1 By Design Type: Modular Construction; C-Section Construction; Bundle Construction; Fully Assembled
2 By Configuration Type: Horizontal Drum Units; Vertical Drum Units; Horizontal-Once Through Units
3 By Output Power Type: 0 To 60 Megawatt MW; 60 To 100 Megawatt MW; 100 Megawatt MW And Above
4 By Application Type: Co-Generation Process Heating; Combined Cycle; Combined Heat And Power CHP
5 By End User: Utility; Chemicals; Refineries; Pulp And Paper; Other End Users

Moreover, by contributing to increased energy efficiency and reduced fuel consumption through the capture and conversion of waste heat from industrial processes into steam, heat recovery steam generators in expanding industrial sectors are anticipated to propel market growth.

What Are The Regional Insights Into The Heat Recovery Steam Generator Market?
North America held the largest market share in 2024. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. The market report includes the in-depth analysis of Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa regions.

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