세계의 배열회수보일러 시장 규모 : 설계별, 용도별, 정격 출력별, 최종사용자별, 지역별 범위 및 예측

Heat Recovery Steam Generator Market Size And Forecast

Heat Recovery Steam Generator Market size was valued at USD 1.52 Billion in 2024 and is projected to reach USD 2.1 Billion by 2031, growing at a CAGR of 4.53% from 2024 to 2031.

In combined cycle power plants, a form of heat exchanger called a Heat Recovery Steam Generator (HRSG) is utilized to recover waste heat from the exhaust gases of gas turbines. This thermal energy is transformed into steam, which can subsequently be utilized to operate a steam turbine to produce more electricity. By utilizing heat that would otherwise be wasted, the HRSG is intended to increase power plants' overall efficiency by optimizing the amount of energy produced by the fuel used in the gas turbine. Modern power generation systems need this technology to function better and be more sustainable.

The growing emphasis on energy efficiency and lower carbon emissions globally makes HRSGs promising. It is anticipated that developments in materials science and engineering will improve HRSG systems' dependability and performance, allowing them to function at greater pressures and temperatures.

HRSGs will be essential in maximizing the effectiveness of combined heat and power (CHP) systems and industrial processes as enterprises and utilities work to integrate renewable energy sources and lessen their carbon footprint. New developments in HRSG application and design will be fueled in part by the advancement of smart grid technology and better monitoring systems.

Global Heat Recovery Steam Generator Market Dynamics

The key market dynamics that are shaping the global heat recovery steam generator market include:

Key Market Drivers:

Increasing Demand for Clean Energy and Reduction in Greenhouse Gas Emissions: combined cycle power plants, which use heat recovery steam generator (HRSGs), are becoming more and more popular as a result of the global movement toward greener energy sources. The International Energy Agency (IEA) projects that, until 2040, the world's energy demand will increase by 2.1% per year, with low-carbon sources contributing to more than half of this rise.

Rising Focus on Energy Efficiency in Industrial Processes: To reduce costs and increase overall energy efficiency, industries are implementing waste heat recovery systems more frequently. According to the U.S. Department of Energy, waste heat accounts for 20% to 50% of industrial energy use, which means there is an exceptional opportunity to apply HRSG.

Growth in Combined Heat and Power (CHP) and Cogeneration Systems: The need for HRSGs is increasing as a result of the growth of CHP and cogeneration systems in numerous sectors. The installed capacity of cogeneration systems worldwide is expected to increase from roughly 595 GW in 2015 to 1,000 GW by 2030, according to predictions from the International Energy Agency (IEA).

Key Challenges:

Technical and Regulatory Roadblocks: The Heat Recovery Steam Generator (HRSG) market faces several technical and regulatory challenges. Technically, integrating HRSGs with existing systems can be complex, requiring careful planning and coordination. Additionally, the operation and maintenance of HRSGs can be costly, and they are susceptible to issues like corrosion and fouling, which can reduce their efficiency and lifespan. On the regulatory side, obtaining permits and ensuring compliance with environmental regulations can be time-consuming, and the dynamic nature of these regulations makes it challenging for businesses to stay up-to-date. These challenges collectively impact the adoption and operational efficiency of HRSGs.

Concerns Regarding Economics: The installation of a Heat Recovery Steam Generator (HRSG) presents notable economic challenges, primarily due to the high initial investment required, which can be a substantial barrier for many industries. The upfront costs include not only the equipment but also the associated infrastructure and installation expenses. Additionally, calculating the return on investment (ROI) can be difficult, especially in industries where energy costs are volatile. This uncertainty makes it challenging to predict the payback period, leading to potential hesitation in committing to such a significant financial outlay.

Environmental Challenges: Environmental challenges associated with Heat Recovery Steam Generators (HRSGs) include the complexity and cost of ensuring compliance with stringent emissions regulations, which can be a significant hurdle. Additionally, the use of water in HRSGs raises concerns about water quality and consumption, requiring careful management to prevent environmental degradation and ensure sustainable operation.

Key Trends:

Convergence of Digitalization and Advanced Technologies: The Heat Recovery Steam Generator (HRSG) market is evolving rapidly, driven by technological advancements that are enhancing efficiency and reducing fuel consumption. Innovations in HRSG design, materials, and operating methods are playing a key role in improving performance. Additionally, the integration of advanced control systems and digital technologies like IoT and AI is optimizing HRSG monitoring, maintenance, and operation, leading to more precise and efficient functioning.

Integration with Renewable Energy: Another significant trend is the integration of HRSGs with renewable energy sources, particularly in combined cycle systems. By combining HRSGs with solar and wind power, overall system efficiency is increased while emissions are reduced. Moreover, HRSGs are being utilized to recover waste heat from renewable sources such as geothermal and biomass, which further contributes to steam generation and enhances energy recovery.

Rising Focus on Sustainability: Sustainability is becoming a central focus in the HRSG market, with growing emphasis on reducing emissions and supporting a circular economy. By capturing and utilizing waste heat, HRSGs help lower greenhouse gas emissions, making them an attractive option for industries aiming to minimize their environmental impact. Their role in promoting a circular economy by recovering waste heat also reduces the need for new energy sources, aligning with global sustainability goals.

Expanding Applications: The scope of HRSG applications is also expanding into new areas. Beyond traditional uses, HRSGs are now being deployed in district heating systems, which helps reduce reliance on fossil fuels and improve energy efficiency. They are also finding applications in various industrial processes, including refining, chemical production, and paper manufacturing. Additionally, HRSGs are being used To provide cooling solutions for data centers, significantly reducing energy consumption and boosting operational efficiency.

Global Heat Recovery Steam Generator Market Regional Analysis

Here is a more detailed regional analysis of the global heat recovery steam generator market:

North America:

North America is the dominant player in the global heat recovery steam generator (HRSG) market. North America's Heat Recovery Steam Generator (HRSG) industry is thriving, thanks to the region's modern power generation infrastructure and commitment to energy efficiency. The extensive use of combined cycle power plants, which use HRSGs to recover waste heat from gas turbines and generate extra steam power, has been a significant driver of industry expansion. According to the Energy Information Administration (EIA), combined cycle plants accounted for 39% of total US natural gas-fired power production capacity in 2020, up from 28% in 2000. This trend is anticipated to continue, with the EIA estimating that combined cycle plants will account for 45% of total natural gas-fired capacity by 2050.

The HRSG market ahead, the Canadian government's intention to phase out coal-fired energy by 2030 is expected to promote natural gas-fired combined cycle plants, increasing demand for HRSG installations. Natural Resources Canada expects natural gas-fired output to increase from 10% of total electrical generation in 2017 to 15% by 2040. The US Environmental Protection Agency's (EPA) Clean Power Plan seeks to reduce carbon emissions by 32% from 2005 levels by 2030, accelerating the transition to more efficient power technologies such as HRSGs. With renewable energy sources expected to account for up to 80% of U.S. electricity by 2050, HRSG-equipped combined cycle plants will become even more valuable for grid stability and load balancing.

Asia Pacific:

The Asia-Pacific heat recovery steam generator (HRSG) market is expanding, driven by growing industrialization, urbanization, and rising demand for energy-efficient technology. Key countries including China, India, and South Korea are driving this expansion by implementing HRSGs to improve power-generating efficiency and reduce environmental impact. According to the International Energy Agency (IEA), energy demand in the Asia-Pacific area is expected to increase at a 3.1% annual rate until 2030, above the global average of 2.1%. This rising energy demand drives the demand for HRSGs, which aid in the optimization of energy use in combined cycle power plants. China, the region's largest energy consumer, is significantly advancing HRSG adoption, with its combined heat and power (CHP) capacity reaching 200 GW by 2020, and plans to increase it further.

The HRSG market's expansion is further aided by the region's plentiful natural gas resources and government measures to improve energy efficiency. The Asia Pacific Energy Research Centre predicts a 1.7% yearly growth in natural gas usage, which coincides with the construction of combined cycle power plants that use HRSGs. Furthermore, South Korea's energy policy, which includes a major increase in LNG utilization, demonstrates a commitment to high-efficiency combined cycle plants. Looking ahead, the Asian Development Bank expects a 30% increase in energy demand in developing Asia by 2030, highlighting the importance of efficient technology such as HRSGs.

Furthermore, the transition to renewable energy, with the International Renewable Energy Agency (IRENA) estimating a doubling of renewable energy share in Southeast Asia's primary energy mix by 2025, would strengthen HRSGs' role in preserving grid stability and balancing renewable energy sources.

Global Heat Recovery Steam Generator Market: Segmentation Analysis

The Global Heat Recovery Steam Generator Market is Segmented on the basis of Design, Application, Power Rating, End-User, And Geography.

Heat Recovery Steam Generator Market, By Design

Horizontal Drum

Vertical Drum

Based on Design, the market is bifurcated into Horizontal Drum and Vertical Drum. The Horizontal Drum heat recovery steam generator (HRSG) category now dominates the market owing to its established design and adaptability. Vertical Drum HRSGs are growing at the fastest rate, particularly in space-constrained applications and for smaller-scale installations. Their tiny size and ease of installation make them appealing solutions for a variety of sectors.

Heat Recovery Steam Generator Market, By Application

Cogeneration

Combined Cycle

Based on Application, the market is segmented into Cogeneration and Combined Cycle. The Combined Cycle HRSG category is now the market leader due to its high efficiency and capacity to generate both power and process heat. However, the Cogeneration HRSG market is expanding the fastest, driven by rising demand for sustainable and efficient energy solutions. Cogeneration plants save considerable amounts of energy and have a low environmental impact, making them appealing to a wide range of sectors.

Heat Recovery Steam Generator Market, By Power Rating

Up to 30 MW

31 MW - 100 MW

Above 100 MW

Based on Power Rating, the market is segmented into Up to 30 MW, 31 MW - 100 MW, and Above 100 MW. The Above 100 MW HRSG sector is now the market leader due to its capacity to manage large-scale power generation and industrial activities. The Up to 30 MW HRSG market is expanding the fastest, driven by rising demand for smaller-scale, decentralized energy solutions. These smaller units provide flexibility and lower capital costs, making them appealing solutions for a variety of applications.

Heat Recovery Steam Generator Market, By End-User

Utility

Chemicals

Refineries

Pulp & Paper

Based on End-User, the market is segmented into Utility, Chemicals, Refineries, and Pulp & Paper. The utility segment currently dominates the Heat Recovery Steam Generator (HRSG) market because of its widespread use in combined cycle power plants, which are critical to increasing energy efficiency and reducing emissions in large-scale power generation. The growing global emphasis on energy efficiency and environmental restrictions has cemented the utility segment's dominant position. The chemicals segment is the fastest expanding, owing to the industry's increasing demand for effective energy management and lower operational costs. The use of HRSGs in chemical facilities aids in waste heat recovery, improving overall energy efficiency and supporting sustainable practices in a constantly developing industry.

Heat Recovery Steam Generator Market, By Geography

North America

Europe

Asia Pacific

Rest of the World

On the basis of geographical analysis, the Global Heat Recovery Steam Generator Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The North American region has long been a dominant player in the HRSG market, thanks to mature infrastructure and an emphasis on energy efficiency. However, the Asia-Pacific region is experiencing the fastest growth as a result of rapid industrialization, urbanization, and rising energy consumption. Government programs promoting renewable energy and energy efficiency are also contributing to this surge.

Key Players

The "Global Heat Recovery Steam Generator Market" study report will provide valuable insight with an emphasis on the global market. Siemens AG, Mitsubishi Hitachi Power Systems Ltd, Sofinter SpA, General Electric Company, Thermax Limited, Alstom SA, Foster Wheeler AG, Technology Transfer Services, Mitsubishi Heavy Industries, Bharat Heavy Electricals Ltd, AE&E Australia Pvt Ltd, Doosan Heavy Industries & Construction Co Ltd, GE Power, ABB, Babcock & Wilcox, Amec Foster Wheeler, Cleaver-Brooks, Nooter/Eriksen Inc., and Coepro. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

• Heat Recovery Steam Generator Market Recent Developments
• In May 2021, GE signed an EPC contract with Summit Meghnaghat-II Power Company Limited (SMPCL). Under the turnkey EPC contract, GE will provide a gas turbine, three-phase level with reheater drum type heat recovery steam generator (HRSG), steam and gas turbine, along with the balance of plant solutions.
• In January 2021, GE secured the order to deliver power plant equipment for the Tongyeong combined cycle power plant in South Korea. The company will supply its steam turbine, gas turbine, two heat recovery steam generators (HRSG), and three G65 generators.
• In November 2020, BHI Co. Ltd completed the purchase of the Forster Heat Recovery Steam Generator (HRSG) technology from the subsidiary of Wood. This enables BHI Co. Ltd to increase its position as a major supplier of power generation equipment.
• In November 2020, GE secured the order to supply power generation equipment for Naepo Green Energy Co. Ltd's heating plant in Naepo City, South Korea. The order includes the supply of a heat recovery steam generator (HRSG), a gas turbine, with an H65 generator, one GE condenser, and maintenance of equipment for 19 years.

TABLE OF CONTENTS

1. Introduction

• Market Definition
• Market Segmentation
• Research Methodology

2. Executive Summary

• Key Findings
• Market Overview
• Market Highlights

3. Market Overview

• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter's Five Forces Analysis

4. Heat Recovery Steam Generator Market, By Application

• Power Generation
• Process Heating
• Combined Heat and Power (CHP)

5. Heat Recovery Steam Generator Market, By Fuel Type

• Natural Gas HRSG
• Coal HRSG
• Oil HRSG
• Biomass HRSG

6. Heat Recovery Steam Generator Market, By Capacity

• Small Capacity HRSG
• Medium Capacity HRSG
• Large Capacity HRSG

7. Regional Analysis

• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• Latin America
• Brazil
• Argentina
• Chile
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE

8. Market Dynamics

• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market

9. Competitive Landscape

• Key Players
• Market Share Analysis

10. Company Profiles

• Siemens AG
• Mitsubishi Hitachi Power Systems Ltd
• Sofinter SpA
• General Electric Company
• Thermax Limited
• Alstom SA
• Foster Wheeler AG
• Technology Transfer Services
• Mitsubishi Heavy Industries
• Bharat Heavy Electricals Ltd
• AE&E Australia Pvt Ltd
• Doosan Heavy Industries & Construction Co Ltd
• GE Power
• ABB
• Babcock & Wilcox
• Amec Foster Wheeler
• Cleaver-Brooks
• Nooter/Eriksen Inc
• Coepro

11. Market Outlook and Opportunities

• Emerging Technologies
• Future Market Trends
• Investment Opportunities

12. Appendix

• List of Abbreviations
• Sources and References