열회수 증기 발생기(HRSG) 시장 : 산업 규모, 점유율, 동향, 기회, 예측 - 설계별, 용도별, 출력별, 최종 사용자별, 지역별 및 경쟁(2021-2031년)

The Global Heat Recovery Steam Generator (HRSG) Market is expected to increase from USD 1.56 Million in 2025 to USD 2.12 Million by 2031, reflecting a 5.25% CAGR. An HRSG functions as a heat exchanger, recovering thermal energy from hot exhaust gases-mostly from industrial processes or gas turbines-to produce steam for heating, electricity, and various other uses. Market growth is propelled by the rising global need for energy-efficient power production, particularly in combined cycle systems, along with the industrial push to cut operational expenses. Furthermore, the escalating mandate to decrease carbon emissions via better energy use bolsters the implementation of HRSGs.

Based on COGEN Europe's 2024 Snapshot Survey, renewables accounted for more than 25% of the primary energy consumed in cogeneration plants across the European Union. However, a major obstacle hindering market growth is the hefty initial capital cost necessary to install HRSG systems. This steep financial requirement often acts as a hurdle for industrial operators and project developers, which can delay or completely halt new installations, especially in areas experiencing economic instability.

Market Driver

The rising implementation of Combined Cycle Power Plants (CCPPs) aimed at improving efficiency serves as a primary catalyst for the global Heat Recovery Steam Generator market. Acting as essential elements within CCPPs, HRSGs capture waste heat from gas turbines to create supplementary steam for generating electricity, drastically improving total plant efficiency and lowering fuel usage. This functional strength positions HRSGs at the heart of contemporary, highly efficient power production. Consequently, the strong demand for new CCPP facilities leads directly to a surge in worldwide HRSG orders. As noted in GE Vernova's December 2025 investor update, the firm expects to close 2025 with an 80-gigawatt gas turbine backlog stretching to 2029, pointing to continuous expansion in a sector deeply dependent on HRSG systems.

At the same time, rising global funding for clean energy and decarbonization programs heavily drives the HRSG market. With governments and industries stepping up their campaigns to cut greenhouse gas emissions and shift to low-carbon operations, HRSGs serve a vital function by optimizing energy recovery in power generation and industrial activities, thus reducing overall carbon footprints. Such efforts frequently entail upgrading current sites or building new, highly efficient facilities integrated with modern heat recovery technologies. Emphasizing this massive financial dedication to greener industries, the European Commission distributed EUR 2.9 billion in Innovation Fund grants in February 2026 to back decarbonization efforts. Additionally, in March 2026, Doosan Skoda Power announced a 2026 backlog of roughly 13 billion CZK-a rise of more than a third from the previous year-highlighting the wider growth of the power generation equipment market, which encompasses HRSGs.

Market Challenge

A major obstacle hindering the growth of the Global Heat Recovery Steam Generator (HRSG) Market is the massive upfront capital investment necessary for installation. This steep financial requirement poses a direct hurdle for industrial operators and project developers. Consequently, it often causes postponed investment choices or completely blocks new system rollouts, especially in economically vulnerable areas where access to capital is heavily restricted.

The exorbitant expense of obtaining project funding severely compounds this issue. As reported by the International Energy Agency in 2025, capital costs for renewable power initiatives in developing economies and emerging markets were at least twice as high as those in developed nations. These soaring financing expenses directly weaken the economic feasibility and appeal of new projects, subsequently retarding the implementation of highly efficient HRSG systems. Ultimately, this uneven financial strain limits market expansion, particularly in regions where funding for fresh power generation and industrial capabilities is vital.

Market Trends

The rise of standardized and modular HRSG designs represents a major industry trend, directly meeting the market's need for rapid deployment and minimized on-site construction complications. Such pre-engineered systems streamline both manufacturing and installation, which ultimately shortens project schedules and reduces related labor costs. This method provides enhanced scalability and adaptability, allowing operators to react more swiftly to shifting energy requirements. Highlighting the growing industrial approval and real-world utility of this design approach across various power generation environments, leading supplier NEM Energy Group has successfully supplied dozens of modular HRSG systems for industrial gas turbines.

Another crucial trend involves broadening HRSG uses within green hydrogen generation, where capturing waste heat is vital for boosting the economic feasibility and total efficiency of electrolysis. With the worldwide push for decarbonization gaining momentum, green hydrogen plants are routinely incorporating heat recovery mechanisms to maximize the energy efficiency of electrolyzers, which produce significant amounts of heat. By doing so, this integration actively helps reduce the levelized cost of hydrogen. Showcasing the massive and expanding scope of this emerging market application for HRSG systems, a February 2026 analysis by the International Energy Agency (IEA) indicated that global low-emissions hydrogen output approached 1 million tons in 2025.

Key Market Players

• Thermax Limited
• Siemens AG
• Mitsubishi Hitachi Power Systems Ltd
• AC BOILERS SpA
• Kelvion Holding GmbH
• General Electric Company
• Alfa Laval AB
• Mersen SA
• Sofinter SpA
• Alstom SA

Report Scope

In this report, the Global Heat Recovery Steam Generator Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Heat Recovery Steam Generator Market, By Design

• Horizontal Drum Units
• Vertical Drum Units

Heat Recovery Steam Generator Market, By Application

• Cogeneration
• Combined Heat & Power

Heat Recovery Steam Generator Market, By Power Rating

• Up to 30 MW
• 31 MW - 100 MW

Heat Recovery Steam Generator Market, By End-user

• Utility
• Chemicals

Heat Recovery Steam Generator Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Heat Recovery Steam Generator Market.

Available Customizations:

Global Heat Recovery Steam Generator Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
  • 1.2.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Key Industry Partners
• 2.4. Major Association and Secondary Sources
• 2.5. Forecasting Methodology
• 2.6. Data Triangulation & Validation
• 2.7. Assumptions and Limitations

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Heat Recovery Steam Generator Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Design (Horizontal Drum Units, Vertical Drum Units)
  • 5.2.2. By Application (Cogeneration, Combined Heat & Power)
  • 5.2.3. By Power Rating (Up to 30 MW, 31 MW - 100 MW)
  • 5.2.4. By End-user (Utility, Chemicals)
  • 5.2.5. By Region
  • 5.2.6. By Company (2025)
• 5.3. Market Map

6. North America Heat Recovery Steam Generator Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Design
  • 6.2.2. By Application
  • 6.2.3. By Power Rating
  • 6.2.4. By End-user
  • 6.2.5. By Country
• 6.3. North America: Country Analysis
  • 6.3.1. United States Heat Recovery Steam Generator Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Design
      • 6.3.1.2.2. By Application
      • 6.3.1.2.3. By Power Rating
      • 6.3.1.2.4. By End-user
  • 6.3.2. Canada Heat Recovery Steam Generator Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Design
      • 6.3.2.2.2. By Application
      • 6.3.2.2.3. By Power Rating
      • 6.3.2.2.4. By End-user
  • 6.3.3. Mexico Heat Recovery Steam Generator Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Design
      • 6.3.3.2.2. By Application
      • 6.3.3.2.3. By Power Rating
      • 6.3.3.2.4. By End-user

7. Europe Heat Recovery Steam Generator Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Design
  • 7.2.2. By Application
  • 7.2.3. By Power Rating
  • 7.2.4. By End-user
  • 7.2.5. By Country
• 7.3. Europe: Country Analysis
  • 7.3.1. Germany Heat Recovery Steam Generator Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Design
      • 7.3.1.2.2. By Application
      • 7.3.1.2.3. By Power Rating
      • 7.3.1.2.4. By End-user
  • 7.3.2. France Heat Recovery Steam Generator Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Design
      • 7.3.2.2.2. By Application
      • 7.3.2.2.3. By Power Rating
      • 7.3.2.2.4. By End-user
  • 7.3.3. United Kingdom Heat Recovery Steam Generator Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Design
      • 7.3.3.2.2. By Application
      • 7.3.3.2.3. By Power Rating
      • 7.3.3.2.4. By End-user
  • 7.3.4. Italy Heat Recovery Steam Generator Market Outlook
    • 7.3.4.1. Market Size & Forecast
      • 7.3.4.1.1. By Value
    • 7.3.4.2. Market Share & Forecast
      • 7.3.4.2.1. By Design
      • 7.3.4.2.2. By Application
      • 7.3.4.2.3. By Power Rating
      • 7.3.4.2.4. By End-user
  • 7.3.5. Spain Heat Recovery Steam Generator Market Outlook
    • 7.3.5.1. Market Size & Forecast
      • 7.3.5.1.1. By Value
    • 7.3.5.2. Market Share & Forecast
      • 7.3.5.2.1. By Design
      • 7.3.5.2.2. By Application
      • 7.3.5.2.3. By Power Rating
      • 7.3.5.2.4. By End-user

8. Asia Pacific Heat Recovery Steam Generator Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Design
  • 8.2.2. By Application
  • 8.2.3. By Power Rating
  • 8.2.4. By End-user
  • 8.2.5. By Country
• 8.3. Asia Pacific: Country Analysis
  • 8.3.1. China Heat Recovery Steam Generator Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Design
      • 8.3.1.2.2. By Application
      • 8.3.1.2.3. By Power Rating
      • 8.3.1.2.4. By End-user
  • 8.3.2. India Heat Recovery Steam Generator Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Design
      • 8.3.2.2.2. By Application
      • 8.3.2.2.3. By Power Rating
      • 8.3.2.2.4. By End-user
  • 8.3.3. Japan Heat Recovery Steam Generator Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Design
      • 8.3.3.2.2. By Application
      • 8.3.3.2.3. By Power Rating
      • 8.3.3.2.4. By End-user
  • 8.3.4. South Korea Heat Recovery Steam Generator Market Outlook
    • 8.3.4.1. Market Size & Forecast
      • 8.3.4.1.1. By Value
    • 8.3.4.2. Market Share & Forecast
      • 8.3.4.2.1. By Design
      • 8.3.4.2.2. By Application
      • 8.3.4.2.3. By Power Rating
      • 8.3.4.2.4. By End-user
  • 8.3.5. Australia Heat Recovery Steam Generator Market Outlook
    • 8.3.5.1. Market Size & Forecast
      • 8.3.5.1.1. By Value
    • 8.3.5.2. Market Share & Forecast
      • 8.3.5.2.1. By Design
      • 8.3.5.2.2. By Application
      • 8.3.5.2.3. By Power Rating
      • 8.3.5.2.4. By End-user

9. Middle East & Africa Heat Recovery Steam Generator Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Design
  • 9.2.2. By Application
  • 9.2.3. By Power Rating
  • 9.2.4. By End-user
  • 9.2.5. By Country
• 9.3. Middle East & Africa: Country Analysis
  • 9.3.1. Saudi Arabia Heat Recovery Steam Generator Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Design
      • 9.3.1.2.2. By Application
      • 9.3.1.2.3. By Power Rating
      • 9.3.1.2.4. By End-user
  • 9.3.2. UAE Heat Recovery Steam Generator Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Design
      • 9.3.2.2.2. By Application
      • 9.3.2.2.3. By Power Rating
      • 9.3.2.2.4. By End-user
  • 9.3.3. South Africa Heat Recovery Steam Generator Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Design
      • 9.3.3.2.2. By Application
      • 9.3.3.2.3. By Power Rating
      • 9.3.3.2.4. By End-user

10. South America Heat Recovery Steam Generator Market Outlook

• 10.1. Market Size & Forecast
  • 10.1.1. By Value
• 10.2. Market Share & Forecast
  • 10.2.1. By Design
  • 10.2.2. By Application
  • 10.2.3. By Power Rating
  • 10.2.4. By End-user
  • 10.2.5. By Country
• 10.3. South America: Country Analysis
  • 10.3.1. Brazil Heat Recovery Steam Generator Market Outlook
    • 10.3.1.1. Market Size & Forecast
      • 10.3.1.1.1. By Value
    • 10.3.1.2. Market Share & Forecast
      • 10.3.1.2.1. By Design
      • 10.3.1.2.2. By Application
      • 10.3.1.2.3. By Power Rating
      • 10.3.1.2.4. By End-user
  • 10.3.2. Colombia Heat Recovery Steam Generator Market Outlook
    • 10.3.2.1. Market Size & Forecast
      • 10.3.2.1.1. By Value
    • 10.3.2.2. Market Share & Forecast
      • 10.3.2.2.1. By Design
      • 10.3.2.2.2. By Application
      • 10.3.2.2.3. By Power Rating
      • 10.3.2.2.4. By End-user
  • 10.3.3. Argentina Heat Recovery Steam Generator Market Outlook
    • 10.3.3.1. Market Size & Forecast
      • 10.3.3.1.1. By Value
    • 10.3.3.2. Market Share & Forecast
      • 10.3.3.2.1. By Design
      • 10.3.3.2.2. By Application
      • 10.3.3.2.3. By Power Rating
      • 10.3.3.2.4. By End-user

11. Market Dynamics

• 11.1. Drivers
• 11.2. Challenges

12. Market Trends & Developments

• 12.1. Merger & Acquisition (If Any)
• 12.2. Product Launches (If Any)
• 12.3. Recent Developments

13. Global Heat Recovery Steam Generator Market: SWOT Analysis

14. Porter's Five Forces Analysis

• 14.1. Competition in the Industry
• 14.2. Potential of New Entrants
• 14.3. Power of Suppliers
• 14.4. Power of Customers
• 14.5. Threat of Substitute Products

15. Competitive Landscape

• 15.1. Thermax Limited
  • 15.1.1. Business Overview
  • 15.1.2. Products & Services
  • 15.1.3. Recent Developments
  • 15.1.4. Key Personnel
  • 15.1.5. SWOT Analysis
• 15.2. Siemens AG
• 15.3. Mitsubishi Hitachi Power Systems Ltd
• 15.4. AC BOILERS SpA
• 15.5. Kelvion Holding GmbH
• 15.6. General Electric Company
• 15.7. Alfa Laval AB
• 15.8. Mersen SA
• 15.9. Sofinter SpA
• 15.10. Alstom SA

16. Strategic Recommendations

17. About Us & Disclaimer