Product Code: 3374
The global heat recovery steam generator market is expected to record commendable proceeds over the forecast period with the surging growth of the industrial sector.
Heat exchangers are increasingly adopted across industry sectors with the growing need for heating and cooling applications. The power generation sector, for instance, primarily implements heat exchangers for sub-cooling, condensing, pre-heating, and heat extraction, which could bolster product demand over the stipulated timeframe.
The heat recovery steam generator market is segmented in terms of design, rated power, mode of operation, application, and region.
In terms of design, the horizontal segment will account for a substantial share of the heat recovery steam generator industry due to its effective design characteristics. Horizontal heat exchangers are ideal for operations using a single-phase fluid on the shell side.
Furthermore, the horizontal design prevents any leakage flows from the exchangers and offers a higher heat transfer rate. Benefits such as these will increase product adoption over the forthcoming years.
With respect to rated power, the ≥ 100 - 200 MW rated segment will register appreciable revenue over the forecasted timeframe. These HRSG systems are mainly used across the chemical industry, food processing plants, and pulp & paper industry.
Waste heat recovery systems rated ≥ 100 - 200 MW can absorb the moisture and heat in a room to be reused without straining the energy source that generally offers water and air for the paper-making process. The growing demand for paper & pulp products will thus fuel HRSG adoption.
With respect to the mode of operation, the combined cycle segment will record commendable growth due to stricter emission reduction goals. With growing environmental concerns, governments are integrating sustainable solutions for heating and cooling.
According to the European Heat Pump Association, close to 15 million European households had heat pumps in 2020. With ongoing efforts to limit fossil fuels for heating & cooling, the adoption of eco-friendly products such as CC power generating systems is expected to rise considerably, influencing HRSG market dynamics.
Based on application, the HRSG industry will record appreciable value through the significant market share of the refinery segment. This can be credited to the ongoing development and expansion of new refineries and petrochemical facilities across emerging economies.
According to the U.S. Energy Information Administration (EIA), at least nine refinery projects are slated to come online in the Middle East and Asia before the end of 2023, which will have a positive impact on heat recovery steam generator market growth.
From a regional perspective, the Middle East & Africa HRSG market will register significant revenue over the stipulated timeframe. This is a result of the growing usage of CCGPs in addition to government initiatives to diversify the power generation mix. Moreover, escalating demand for electricity coupled with a rise in industrial activities including petrochemical plants and refineries will present lucrative opportunities for industry development over the forthcoming years.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Methodology
- 1.2 Market definitions
- 1.3 Market estimates & forecast parameters
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Heat recovery steam generator industry 360 degree synopsis, 2018 - 2030
- 2.1.1 Business trends
- 2.1.2 Design trends
- 2.1.3 Rated power trends
- 2.1.4 Mode of operation trends
- 2.1.5 Application trends
- 2.1.6 Regional trends
Chapter 3 Heat Recovery Steam Generator Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Innovation & technology landscape
- 3.3 Comparative analysis of various industries
- 3.4 Heat Integration analysis
- 3.4.1 Saving Fuel
- 3.4.2 Generating electricity and mechanical work
- 3.4.3 Selling electricity and heat
- 3.4.4 Reducing utility investments
- 3.4.5 Reducing cooling needs
- 3.4.6 Increasing production
- 3.4.7 Reducing greenhouse gas emissions
- 3.4.8 Transforming energy
- 3.5 Regulatory landscape
- 3.5.1 North America
- 3.5.1.1 U.S.
- 3.5.1.1.1 Clean Air Act, 1970
- 3.5.1.1.2 New Source Performance Standards (NSPS)
- 3.5.1.1.3 Energy Policy Act
- 3.5.1.1.4 ENERGY INDEPENDENCE AND SECURITY ACT OF 2007
- 3.5.1.1.5 National Emission Standards for Hazardous Air Pollutants (NESHAP)
- 3.5.1.1.6 Industry Emission Standards
- 3.5.1.1.6.1 National Ambient Air Quality Standards
- 3.5.2 Europe
- 3.5.2.1 EU Directive 2010/75/EU, 2010
- 3.5.2.2 Emission Regulations
- 3.5.2.2.1.1 Emission limit values for combustion plants
- 3.5.2.3 Ambient Air Quality Legislations
- 3.5.3 Asia Pacific
- 3.5.3.1 China
- 3.5.3.1.1.1 The 13th Five-Year Plan (2016-2020)
- 3.5.3.2 India
- 3.5.3.2.1 Air (Prevention and Control of Pollution) Act
- 3.5.3.3 National Air Quality Monitoring Program
- 3.5.3.4 Industry Emission Laws
- 3.5.3.4.1 National Ambient Air Quality Standards, 2009
- 3.5.3.5 General Emission Standards
- 3.5.4 Middle East & Africa
- 3.5.4.1 South-Africa
- 3.5.4.2 National Environment Management: Air Quality Act 2004
- 3.5.4.3 National Framework for Air Quality Management
- 3.5.4.4 National Ambient Air Quality Standards,2009
- 3.5.4.5 UAE
- 3.6 Industry impact forces
- 3.6.1 Growth drivers
- 3.6.1.1 America & Europe
- 3.6.1.1.1 Increasing utilization of cogeneration technology
- 3.6.1.1.2 Focus on combined cycle generation
- 3.6.1.2 Asia Pacific, Middle East & Africa
- 3.6.1.2.1 Growing investment toward generating capacity expansion
- 3.6.1.2.2 Robust industrial sector growth
- 3.6.1.3 Latin America
- 3.6.1.3.1 Positive outlook toward non-conventional energy utilization
- 3.6.2 Industry pitfalls & challenges
- 3.6.2.1 High initial investments
- 3.7 COVID- 19 impact on the industry outlook
- 3.8 Growth potential analysis
- 3.9 Porter's Analysis
- 3.9.1 Bargaining power of suppliers
- 3.9.2 Bargaining power of buyers
- 3.9.3 Threat of new entrants
- 3.9.4 Threat of substitutes
- 3.10 Competitive landscape, 2021
- 3.10.1 Strategy dashboard
- 3.10.1.1 Kawasaki Heavy Industries, Ltd.
- 3.10.1.1.1 Contract
- 3.10.1.1.2 Installation/supply
- 3.10.1.1.3 Plant expansion
- 3.10.1.1.4 Product expansion
- 3.10.1.2 Babcock & Wilcox Enterprises, Inc.
- 3.10.1.2.1 Installation/supply
- 3.10.1.3 Larsen & Toubro Limited
- 3.10.1.4 John Cockerill
- 3.10.1.4.1 Project development
- 3.10.1.4.2 Installation/supply
- 3.10.1.5 Mitsubishi Heavy Industries, ltd.
- 3.10.1.6 General Electric
- 3.10.1.6.1 Contract
- 3.10.1.6.2 Plant expansion
- 3.10.1.6.3 Business expansion
- 3.10.1.6.4 Installation/supply
- 3.10.1.7 Siemens Energy
- 3.10.1.7.1 Installation/supply
- 3.10.1.8 Sofinter S.p.a
- 3.10.1.8.1 Installation/supply
- 3.10.1.9 Thermax Limited
- 3.10.1.10 Kelvion Holding GmbH
- 3.11 PESTEL Analysis
Chapter 4 Heat Recovery Steam Generator Market, By Design
- 4.1 Heat recovery steam generator market share by design, 2021 & 2030
- 4.2 Horizontal drum
- 4.2.1 Global market from horizontal drum, 2018 - 2030
- 4.2.2 Global market from horizontal drum, by region, 2018 - 2030
- 4.3 Vertical drum
- 4.3.1 Global market from vertical drum, 2018 - 2030
- 4.3.2 Global market from vertical drum, by region, 2018 - 2030
Chapter 5 Heat Recovery Steam Generator Market, By Rated Power
- 5.1 Heat recovery steam generator market share by rated power, 2021 & 2030
- 5.2 ≤ 30 MW
- 5.2.1 Global market from ≤ 30 MW, 2018 - 2030
- 5.2.2 Global market from ≤ 30 MW, by region, 2018 - 2030
- 5.3 ≥ 30 - 50 MW
- 5.3.1 Global market from ≥ 30 - 50 MW, 2018 - 2030
- 5.3.2 Global market from ≥ 30 - 50 MW, by region, 2018 - 2030
- 5.4 ≥ 50 - 100 MW
- 5.4.1 Global market from ≥ 50 - 100 MW, 2018 - 2030
- 5.4.2 Global market from ≥ 50 - 100 MW, by region, 2018 - 2030
- 5.5 ≥ 100 - 200 MW
- 5.5.1 Global market from ≥ 100 - 200 MW, 2018 - 2030
- 5.5.2 Global market from ≥ 100 - 200 MW, by region, 2018 - 2030
- 5.6 ≥ 200 MW
- 5.6.1 Global market from ≥ 200 MW, 2018 - 2030
- 5.6.2 Global market from ≥ 200 MW, by region, 2018 - 2030
Chapter 6 Heat Recovery Steam Generator Market, By Mode of Operation
- 6.1 Heat recovery steam generator market share by mode of operation, 2021 & 2030
- 6.2 Cogeneration
- 6.2.1 Global market from cogeneration, 2018 - 2030
- 6.2.2 Global market from cogeneration, by region, 2018 - 2030
- 6.3 Combined cycle
- 6.3.1 Global market from combined cycle, 2018 - 2030
- 6.3.2 Global market from combined cycle, by region, 2018 - 2030
Chapter 7 Heat Recovery Steam Generator Market, By Application
- 7.1 Heat recovery steam generator market share by application, 2021 & 2030
- 7.2 Utilities
- 7.2.1 Global market from utilities, 2018 - 2030
- 7.2.2 Global market from utilities, by region, 2018 - 2030
- 7.3 Commercial
- 7.3.1 Global market from commercial, 2018 - 2030
- 7.3.2 Global market from commercial, by region, 2018 - 2030
- 7.4 Chemicals
- 7.4.1 Global market from chemicals, 2018 - 2030
- 7.4.2 Global market from chemicals, by region, 2018 - 2030
- 7.5 Refineries
- 7.5.1 Global market from refineries, 2018 - 2030
- 7.5.2 Global market from refineries, by region, 2018 - 2030
- 7.6 Pulp & paper
- 7.6.1 Global market from pulp & paper, 2018 - 2030
- 7.6.2 Global market from pulp & paper, by region, 2018 - 2030
- 7.7 Others
- 7.7.1 Global market from others, 2018 - 2030
- 7.7.2 Global market from others, by region, 2018 - 2030
Chapter 8 Heat Recovery Steam Generator Market, By Region
- 8.1 Heat recovery steam generator market share by region, 2021 & 2030
- 8.2 North America
- 8.2.1 North America market, 2018 - 2030
- 8.2.2 North America market by design, 2018 - 2030
- 8.2.3 North America market by rated power, 2018 - 2030
- 8.2.4 North America market by mode of operation, 2018 - 2030
- 8.2.5 North America market by application, 2018 - 2030
Similar information is provided for
- 8.2.6 U.S.
- 8.2.7 Canada
- 8.2.8 Mexico
- 8.3 Europe
- 8.3.1 Europe market, 2018 - 2030
- 8.3.2 Europe market by design, 2018 - 2030
- 8.3.3 Europe market by rated power, 2018 - 2030
- 8.3.4 Europe market by mode of operation, 2018 - 2030
- 8.3.5 Europe market by application, 2018 - 2030
Similar information is provided for
- 8.3.6 UK
- 8.3.7 France
- 8.3.8 Russia
- 8.3.9 Germany
- 8.3.10 Denmark
- 8.3.11 Sweden
- 8.3.12 Italy
- 8.3.13 Netherlands
- 8.4 Asia Pacific
- 8.4.1 Asia Pacific market, 2018 - 2030
- 8.4.2 Asia Pacific market by design, 2018 - 2030
- 8.4.3 Asia Pacific market by rated power, 2018 - 2030
- 8.4.4 Asia Pacific market by mode of operation, 2018 - 2030
- 8.4.5 Asia Pacific market by application, 2018 - 2030
Similar information is provided for
- 8.4.6 China
- 8.4.7 Japan
- 8.4.8 South Korea
- 8.4.9 India
- 8.4.10 Australia
- 8.4.11 Indonesia
- 8.4.12 Singapore
- 8.4.13 Malaysia
- 8.4.14 Philippines
- 8.5 Middle East & Africa
- 8.5.1 Middle East & Africa market, 2018 - 2030
- 8.5.2 Middle East & Africa market by design, 2018 - 2030
- 8.5.3 Middle East & Africa market by rated power, 2018 - 2030
- 8.5.4 Middle East & Africa market by mode of operation, 2018 - 2030
- 8.5.5 Middle East & Africa market by application, 2018 - 2030
Similar information is provided for
- 8.5.6 UAE
- 8.5.7 Saudi Arabia
- 8.5.8 Qatar
- 8.5.9 Oman
- 8.5.10 Kuwait
- 8.5.11 Egypt
- 8.5.12 South Africa
- 8.5.13 Nigeria
- 8.6 Latin America
- 8.6.1 Latin America market, 2018 - 2030
- 8.6.2 Latin America market by design, 2018 - 2030
- 8.6.3 Latin America market by rated power, 2018 - 2030
- 8.6.4 Latin America market by mode of operation, 2018 - 2030
- 8.6.5 Latin America market by application, 2018 - 2030
Similar information is provided for
- 8.6.6 Brazil
- 8.6.7 Argentina
- 8.6.8 Chile
- 8.6.9 Peru
Chapter 9 Company Profiles
- 9.1 John Wood Group PLC
- 9.1.1 Business Overview
- 9.1.2 Financial Data
- 9.1.3 Product Landscape
- 9.1.4 SWOT Analysis
- 9.2 Kawasaki Heavy Industries, Ltd.
- 9.2.1 Business Overview
- 9.2.2 Financial Data
- 9.2.3 Product Landscape
- 9.2.4 Strategic Outlook
- 9.2.5 SWOT Analysis
- 9.3 Babcock & Wilcox Enterprises, Inc.
- 9.3.1 Business Overview
- 9.3.2 Financial Data
- 9.3.3 Product Landscape
- 9.3.4 Strategic Outlook
- 9.3.5 SWOT Analysis
- 9.4 Larsen & Toubro Limited
- 9.4.1 Business Overview
- 9.4.2 Financial Data
- 9.4.3 Product Landscape
- 9.4.4 Strategic Outlook
- 9.4.5 SWOT Analysis
- 9.5 Bharat Heavy Electricals Limited (BHEL)
- 9.5.1 Business Overview
- 9.5.2 Financial Data
- 9.5.3 Product Landscape
- 9.5.4 SWOT Analysis
- 9.6 Cleaver-Brooks
- 9.6.1 Business Overview
- 9.6.2 Financial Data
- 9.6.3 Product Landscape
- 9.6.4 SWOT Analysis
- 9.7 Clayton Industries
- 9.7.1 Business Overview
- 9.7.2 Financial Data
- 9.7.3 Product Landscape
- 9.7.4 SWOT Analysis
- 9.8 John Cockerill
- 9.8.1 Business Overview
- 9.8.2 Financial Data
- 9.8.3 Product Landscape
- 9.8.4 Strategic Outlook
- 9.8.5 SWOT Analysis
- 9.9 Mitsubishi Heavy Industries, Ltd.
- 9.9.1 Business Overview
- 9.9.2 Financial Data
- 9.9.3 Product Landscape
- 9.9.4 Strategic Outlook
- 9.9.5 SWOT Analysis
- 9.10 General Electric
- 9.10.1 Business Overview
- 9.10.2 Financial Data
- 9.10.3 Product Landscape
- 9.10.4 Strategic Outlook
- 9.10.5 SWOT Analysis
- 9.11 Siemens Energy
- 9.11.1 Business Overview
- 9.11.2 Financial Data
- 9.11.3 Product Landscape
- 9.11.4 Strategic Outlook
- 9.11.5 SWOT Analysis
- 9.12 Sofinter S.p.a
- 9.12.1 Business Overview
- 9.12.2 Financial Data
- 9.12.3 Product Landscape
- 9.12.4 Strategic Outlook
- 9.12.5 SWOT Analysis
- 9.13 Rentech Boilers
- 9.13.1 Business Overview
- 9.13.2 Financial Data
- 9.13.3 Product Landscape
- 9.13.4 SWOT Analysis
- 9.14 Thermax Limited
- 9.14.1 Business Overview
- 9.14.2 Financial Data
- 9.14.3 Product l
- 9.14.4 Strategic Outlook
- 9.14.5 SWOT Analysis
- 9.15 Kelvion Holding GmbH
- 9.15.1 Business Overview
- 9.15.2 Financial Data
- 9.15.3 Product Landscape
- 9.15.4 Strategic Outlook
- 9.15.5 SWOT Analysis
- 9.16 S.A. HAMON
- 9.16.1 Business Overview
- 9.16.2 Financial Data
- 9.16.3 Product Landscape
- 9.16.4 SWOT Analysis