배열회수보일러 시장 규모, 점유율, 성장, 세계 산업 분석, 지역별 인사이트 및 예측(2026-2034년)

Growth Factors of Heat Recovery Steam Generator (HRSG) Market

The global Heat Recovery Steam Generator (HRSG) Market size was valued at USD 1.61 billion in 2025 and is projected to reach USD 1.71 billion in 2026 and USD 2.83 billion by 2034, exhibiting a CAGR of 6.47% during 2026-2034. North America dominated the global market with a 27.27% market share in 2025. The market is gaining momentum due to increasing demand for efficient power generation, clean energy technologies, greenhouse gas reduction, and the growing adoption of combined cycle power plants.

An HRSG captures waste heat from gas turbine exhaust and converts it into steam for additional electricity generation through a steam turbine. This technology improves overall plant efficiency while reducing fuel consumption and emissions. Combined cycle power plants can achieve thermal efficiency of around 60% to 64%, while cogeneration systems can reach significantly higher efficiency.

Heat Recovery Steam Generator Market Trends

The increasing focus on reducing greenhouse gas emissions is one of the major Market Trends shaping the HRSG industry. Governments and power producers are increasingly replacing conventional thermal generation technologies with combined cycle and cogeneration systems. HRSG technology enables power producers to recover otherwise wasted exhaust heat, improving energy utilization.

Growing investments in clean and flexible power generation are also creating opportunities for advanced HRSG systems. Increasing deployment of natural gas-fired combined cycle plants, along with technological developments in monitoring and optimization, is expected to strengthen market growth.

Market Drivers

Growing Demand for Clean and Efficient Power Generation: Rising electricity consumption and environmental regulations are encouraging utilities to adopt technologies that provide higher efficiency with comparatively lower emissions. HRSG systems are essential components of combined cycle power plants and therefore benefit directly from this transition.

Increasing Adoption of Combined Cycle Power Plants: Combined cycle plants generate additional electricity by utilizing waste heat from gas turbines. This improves plant efficiency and supports lower operating emissions, making HRSG systems increasingly important in modern power infrastructure.

Market Restraints and Challenges

High Initial Investment and Maintenance Costs: HRSG systems contain multiple heat-transfer components, including economizers, evaporators, and superheaters. Additional pressure levels can improve power output but also increase system complexity and maintenance requirements. High capital expenditure and maintenance costs may therefore restrict adoption, particularly among smaller industrial users.

Segmentation Analysis

By Design: The market is segmented into horizontal drum and vertical drum HRSGs. The horizontal drum segment accounted for the largest market share because of its efficient circulation characteristics, high reliability, and suitability for power generation, oil & gas, and refinery applications.

By Application: The market includes combined cycle and cogeneration applications. Combined cycle is expected to maintain the leading position because of its widespread deployment in utility-scale power generation.

By Power Rating: Segments include up to 30 MW, 31 MW-100 MW, and above 100 MW. The above 100 MW segment is expected to dominate due to extensive deployment in large power plants and industrial facilities.

By End User: The market covers utility, chemicals, refineries, pulp & paper, and others. The utility segment holds the largest share because of extensive HRSG deployment in combined cycle power plants.

Regional Analysis

North America: North America led the market with a 27.27% share in 2025, with a market value of approximately USD 0.24 billion. Strong deployment of HRSG systems in U.S. combined cycle and cogeneration facilities supports regional growth.

Europe: Europe is expected to remain the second-largest regional market. Clean energy initiatives and investments in combined cycle power plants are supporting demand across Germany and other European countries.

Asia Pacific: Asia Pacific is expected to register significant growth during the forecast period. China, Japan, and India are investing in cleaner power generation and gas-fired combined cycle infrastructure, creating strong Market Opportunities.

Key Industry Players

Major companies operating in the HRSG industry include GE Power, Siemens, ABB, Babcock & Wilcox, Amec Foster Wheeler, Cleaver-Brooks, Nooter/Eriksen, Alstom, Mitsubishi Heavy Industries, Bharat Heavy Electricals Limited, Sofinter, Technology Transfer Services, and Coepro.

Recent Industry Developments

In May 2021, GE signed an EPC contract with Summit Meghnaghat-II Power Company Limited to provide gas turbine, HRSG, steam turbine, and balance-of-plant solutions. In January 2021, GE secured an order to supply equipment, including two HRSG systems, for the Tongyeong combined cycle power plant in South Korea. In November 2020, BHI Co. Ltd completed the acquisition of Forster HRSG technology.

Future Outlook

The Heat Recovery Steam Generator Market Outlook remains positive as countries seek efficient and lower-emission electricity generation. Conversion of aging thermal facilities into combined cycle plants, increasing investment in natural gas power generation, and technological improvements in HRSG monitoring and optimization are expected to create sustained Market Growth through 2034.

Conclusion

The global Heat Recovery Steam Generator Market is positioned for steady expansion from USD 1.61 billion in 2025 to USD 1.71 billion in 2026 and USD 2.83 billion by 2034. Rising electricity demand, clean energy investments, stricter emission regulations, and increasing adoption of combined cycle power plants are the major factors supporting market development. North America currently leads the market, while Asia Pacific offers significant future Market Opportunities. Continued technological innovation, higher efficiency, and the transition toward cleaner power generation are expected to strengthen the HRSG industry's long-term growth.

SEGMENTATION DETAILS

Unit Value (USD Billion)

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 Region

• North America (U.S. and Canada)
• Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe)
• Asia-Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia-Pacific)
• Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)
• Latin America (Brazil, Mexico, and Rest of Latin America)

Table of Content

1. Introduction

• 1.1. Research Scope
• 1.2. Market Segmentation
• 1.3. Research Methodology
• 1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

• 3.1. Market Drivers
• 3.2. Market Restraints
• 3.3. Market Opportunities

4. Key Insights

• 4.1. Key Emerging Trends - For Major Countries
• 4.2. Latest Technological Advancement
• 4.3. Regulatory Landscape
• 4.4. Industry SWOT Analysis
• 4.5. Porters Five Forces Analysis

5. Global Heat Recovery Steam Generator Market Analysis (USD Billion), Insights and Forecast, 2021-2034

• 5.1. Key Findings / Summary
• 5.2. Market Analysis, Insights and Forecast - By Design
  • 5.2.1. Horizontal Drum
  • 5.2.2. Vertical Drum
• 5.3. Market Analysis, Insights and Forecast - By Application
  • 5.3.1. Cogeneration
  • 5.3.2. Combined Cycle
• 5.4. Market Analysis, Insights and Forecast - By Power Rating
  • 5.4.1. Up to 30 MW
  • 5.4.2. 31 MW - 100 MW
  • 5.4.3. Above 100 MW
• 5.5. Market Analysis, Insights and Forecast - By End-User
  • 5.5.1. Utility
  • 5.5.2. Chemicals
  • 5.5.3. Refineries
  • 5.5.4. Pulp & Paper
  • 5.5.5. Others
• 5.6. Market Analysis, Insights and Forecast - By Region
  • 5.6.1. North America
  • 5.6.2. Europe
  • 5.6.3. Asia Pacific
  • 5.6.4. Middle East & Africa
  • 5.6.5. Latin America

6. North America Heat Recovery Steam Generator Market Analysis (USD Billion), Insights and Forecast, 2021-2034

• 6.1. Key Findings / Summary
• 6.2. Market Analysis, Insights and Forecast - By Design
  • 6.2.1. Horizontal Drum
  • 6.2.2. Vertical Drum
• 6.3. Market Analysis, Insights and Forecast - By Application
  • 6.3.1. Cogeneration
  • 6.3.2. Combined Cycle
• 6.4. Market Analysis, Insights and Forecast - By Power Rating
  • 6.4.1. Up to 30 MW
  • 6.4.2. 31 MW - 100 MW
  • 6.4.3. Above 100 MW
• 6.5. Market Analysis, Insights and Forecast - By End-User
  • 6.5.1. Utility
  • 6.5.2. Chemicals
  • 6.5.3. Refineries
  • 6.5.4. Pulp & Paper
  • 6.5.5. Others
• 6.6. Market Analysis, Insights and Forecast - By Country
  • 6.6.1. U.S.
  • 6.6.2. Canada

7. Europe Heat Recovery Steam Generator Market Analysis (USD Billion), Insights and Forecast, 2021-2034

• 7.1. Key Findings / Summary
• 7.2. Market Analysis, Insights and Forecast - By Design
  • 7.2.1. Horizontal Drum
  • 7.2.2. Vertical Drum
• 7.3. Market Analysis, Insights and Forecast - By Application
  • 7.3.1. Cogeneration
  • 7.3.2. Combined Cycle
• 7.4. Market Analysis, Insights and Forecast - By Power Rating
  • 7.4.1. Up to 30 MW
  • 7.4.2. 31 MW - 100 MW
  • 7.4.3. Above 100 MW
• 7.5. Market Analysis, Insights and Forecast - By End-User
  • 7.5.1. Utility
  • 7.5.2. Chemicals
  • 7.5.3. Refineries
  • 7.5.4. Pulp & Paper
  • 7.5.5. Others
• 7.6. Market Analysis, Insights and Forecast - By Country
  • 7.6.1. U.K.
  • 7.6.2. Germany
  • 7.6.3. France
  • 7.6.4. Italy
  • 7.6.5. Spain
  • 7.6.6. Russia
  • 7.6.7. Rest of Europe

8. Asia Pacific Heat Recovery Steam Generator Market Analysis (USD Billion), Insights and Forecast, 2021-2034

• 8.1. Key Findings / Summary
• 8.2. Market Analysis, Insights and Forecast - By Design
  • 8.2.1. Horizontal Drum
  • 8.2.2. Vertical Drum
• 8.3. Market Analysis, Insights and Forecast - By Application
  • 8.3.1. Cogeneration
  • 8.3.2. Combined Cycle
• 8.4. Market Analysis, Insights and Forecast - By Power Rating
  • 8.4.1. Up to 30 MW
  • 8.4.2. 31 MW - 100 MW
  • 8.4.3. Above 100 MW
• 8.5. Market Analysis, Insights and Forecast - By End-User
  • 8.5.1. Utility
  • 8.5.2. Chemicals
  • 8.5.3. Refineries
  • 8.5.4. Pulp & Paper
  • 8.5.5. Others
• 8.6. Market Analysis, Insights and Forecast - By Country
  • 8.6.1. China
  • 8.6.2. India
  • 8.6.3. Japan
  • 8.6.4. Australia
  • 8.6.5. Southeast Asia
  • 8.6.6. Rest of Asia Pacific

9. Middle East & Africa Heat Recovery Steam Generator Market Analysis (USD Billion), Insights and Forecast, 2021-2034

• 9.1. Key Findings / Summary
• 9.2. Market Analysis, Insights and Forecast - By Design
  • 9.2.1. Horizontal Drum
  • 9.2.2. Vertical Drum
• 9.3. Market Analysis, Insights and Forecast - By Application
  • 9.3.1. Cogeneration
  • 9.3.2. Combined Cycle
• 9.4. Market Analysis, Insights and Forecast - By Power Rating
  • 9.4.1. Up to 30 MW
  • 9.4.2. 31 MW - 100 MW
  • 9.4.3. Above 100 MW
• 9.5. Market Analysis, Insights and Forecast - By End-User
  • 9.5.1. Utility
  • 9.5.2. Chemicals
  • 9.5.3. Refineries
  • 9.5.4. Pulp & Paper
  • 9.5.5. Others
• 9.6. Market Analysis, Insights and Forecast - By Country
  • 9.6.1. GCC
  • 9.6.2. South Africa
  • 9.6.3. Rest of Middle East & Africa

10. Latin America Heat Recovery Steam Generator Market Analysis (USD Billion), Insights and Forecast, 2021-2034

• 10.1. Key Findings / Summary
• 10.2. Market Analysis, Insights and Forecast - By Design
  • 10.2.1. Horizontal Drum
  • 10.2.2. Vertical Drum
• 10.3. Market Analysis, Insights and Forecast - By Application
  • 10.3.1. Cogeneration
  • 10.3.2. Combined Cycle
• 10.4. Market Analysis, Insights and Forecast - By Power Rating
  • 10.4.1. Up to 30 MW
  • 10.4.2. 31 MW - 100 MW
  • 10.4.3. Above 100 MW
• 10.5. Market Analysis, Insights and Forecast - By End-User
  • 10.5.1. Utility
  • 10.5.2. Chemicals
  • 10.5.3. Refineries
  • 10.5.4. Pulp & Paper
  • 10.5.5. Others
• 10.6. Market Analysis, Insights and Forecast - By Country
  • 10.6.1. Brazil
  • 10.6.2. Mexico
  • 10.6.3. Rest of Latin America

11. Competitive Analysis

• 11.1. Company Market Share Analysis, 2025
• 11.2. Company Profile
  • 11.2.1. GE Power
    • 11.2.1.1. Business Overview
    • 11.2.1.2. Product & Service Offering
    • 11.2.1.3. Overall Revenue
    • 11.2.1.4. Geographic Presence
    • 11.2.1.5. Recent Development
  • 11.2.2. Siemens
    • 11.2.2.1. Business Overview
    • 11.2.2.2. Product & Service Offering
    • 11.2.2.3. Overall Revenue
    • 11.2.2.4. Geographic Presence
    • 11.2.2.5. Recent Development
  • 11.2.3. ABB
    • 11.2.3.1. Business Overview
    • 11.2.3.2. Product & Service Offering
    • 11.2.3.3. Overall Revenue
    • 11.2.3.4. Geographic Presence
    • 11.2.3.5. Recent Development
  • 11.2.4. Babcock & Wilcox
    • 11.2.4.1. Business Overview
    • 11.2.4.2. Product & Service Offering
    • 11.2.4.3. Overall Revenue
    • 11.2.4.4. Geographic Presence
    • 11.2.4.5. Recent Development
  • 11.2.5. Amec Foster Wheeler
    • 11.2.5.1. Business Overview
    • 11.2.5.2. Product & Service Offering
    • 11.2.5.3. Overall Revenue
    • 11.2.5.4. Geographic Presence
    • 11.2.5.5. Recent Development
  • 11.2.6. Cleaver-Brooks
    • 11.2.6.1. Business Overview
    • 11.2.6.2. Product & Service Offering
    • 11.2.6.3. Overall Revenue
    • 11.2.6.4. Geographic Presence
    • 11.2.6.5. Recent Development
  • 11.2.7. Nooter/Eriksen, Inc.
    • 11.2.7.1. Business Overview
    • 11.2.7.2. Product & Service Offering
    • 11.2.7.3. Overall Revenue
    • 11.2.7.4. Geographic Presence
    • 11.2.7.5. Recent Development
  • 11.2.8. Alstom
    • 11.2.8.1. Business Overview
    • 11.2.8.2. Product & Service Offering
    • 11.2.8.3. Overall Revenue
    • 11.2.8.4. Geographic Presence
    • 11.2.8.5. Recent Development
  • 11.2.9. Mitsubishi Heavy Industries
    • 11.2.9.1. Business Overview
    • 11.2.9.2. Product & Service Offering
    • 11.2.9.3. Overall Revenue
    • 11.2.9.4. Geographic Presence
    • 11.2.9.5. Recent Development
  • 11.2.10. Bharat Heavy Electricals Limited
    • 11.2.10.1. Business Overview
    • 11.2.10.2. Product & Service Offering
    • 11.2.10.3. Overall Revenue
    • 11.2.10.4. Geographic Presence
    • 11.2.10.5. Recent Development
  • 11.2.11. Sofinter
    • 11.2.11.1. Business Overview
    • 11.2.11.2. Product & Service Offering
    • 11.2.11.3. Overall Revenue
    • 11.2.11.4. Geographic Presence
    • 11.2.11.5. Recent Development
  • 11.2.12. Technology Transfer Services
    • 11.2.12.1. Business Overview
    • 11.2.12.2. Product & Service Offering
    • 11.2.12.3. Overall Revenue
    • 11.2.12.4. Geographic Presence
    • 11.2.12.5. Recent Development
  • 11.2.13. Coepro
    • 11.2.13.1. Business Overview
    • 11.2.13.2. Product & Service Offering
    • 11.2.13.3. Overall Revenue
    • 11.2.13.4. Geographic Presence
    • 11.2.13.5. Recent Development