Global Heat Recovery Steam Generators Strategic Business Report 2023: Surging Energy Consumption and Demand for Electricity to Drive the Demand for HRSGs

Dublin, May 17, 2023 (GLOBE NEWSWIRE) — The “Heat Recovery Steam Generators: Global Strategic Business Report” report has been added to’s offering.

The global market for Heat Recovery Steam Generators estimated at US$833.6 Million in the year 2022, is projected to reach a revised size of US$1.1 Billion by 2030, growing at a CAGR of 3.5% over the analysis period 2022-2030.

Up to 30 MW, one of the segments analyzed in the report, is projected to record 4% CAGR and reach US$559 Million by the end of the analysis period.

Taking into account the ongoing post pandemic recovery, growth in the Above 30 Mw segment is readjusted to a revised 3% CAGR for the next 8-year period.

The U.S. Market is Estimated at $185.1 Million, While China is Forecast to Grow at 6.1% CAGR

The Heat Recovery Steam Generators market in the U.S. is estimated at US$185.1 Million in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$238.8 Million by the year 2030 trailing a CAGR of 6.1% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.7% and 1.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 2.8% CAGR.

Select Competitors (Total 34 Featured) –

  • Babcock & Wilcox Enterprises, Inc.
  • Clayton Industries
  • Cleaver-Brooks, Inc.
  • General Electric Company
  • Greens Power Limited
  • John Wood Group plc
  • Larsen & toubro limited
  • Mitsubishi Hitachi Power Systems, Ltd.
  • John Cockerill Group
  • Nooter/Eriksen, Inc.
  • RENTECH Boiler Systems, Inc.
  • Siemens AG
  • Thermax Limited
  • Kawasaki Heavy Industries, Ltd.

Key Attributes:

Report Attribute Details
No. of Pages 491
Forecast Period 2022 – 2030
Estimated Market Value (USD) in 2022 $833.6 Million
Forecasted Market Value (USD) by 2030 $1100 Million
Compound Annual Growth Rate 3.5%
Regions Covered Global

Key Topics Covered:




  • Influencer Market Insights
  • Heat Recovery Steam Generators – Global Key Competitors Percentage Market Share in 2022 (E)
  • Heat Recovery Steam Generators: A Prelude
  • Design and Functionality
  • HRSG Categories
  • Specialized HRSG Varieties and Functionalities
  • Global Heat Recovery System Generator (HRSG) Market Set to Witness Rapid Growth
  • Developed Regions Dominate, While Developing Markets to Witness Faster Growth
  • Combined Heat and Power (CHP) Application Holds the Major Share, Combined Cycle Application to Witness Rapid Growth
  • Utilities – The Largest End-use Market for HRSGs
  • Impact of Covid-19 and a Looming Global Recession
  • Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)



  • Surging Energy Consumption and Demand for Electricity to Drive the Demand for HRSGs
  • Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • Global Energy Consumption (Billion toe) by Country/Region (1995, 2017 and 2040): Breakdown for USA, China, India, Russia, Brazil, EU, Middle East and Rest of World
  • Rising Focus on Cogeneration Technology Drives the Demand for Heat Recovery Steam Generators
  • CHP Share of Total Electricity Generation in Major Countries Worldwide
  • CHP Installed Capacity (in MWe) in Major Countries Worldwide
  • Heat Recovery Steam Generators Allow CCGT Plants to Achieve High Efficiency
  • Emphasis on Curbing Carbon Emissions Accelerates Demand
  • Price of Carbon Emission in US$ per Metric Ton of CO2-Equivalent by Select Countries: 2019
  • Percentage Share of Carbon Dioxide Emissions Worldwide by Price: 2019
  • Growing Focus on Renewable Energy: A Strong Growth Driver
  • Domestic Targets for Greenhouse Gas Emissions of Select Regions/Countries
  • Global Investments (US$ Billion) in Renewable Energy by Source: 2018
  • Focus on Energy Efficiency Drives up the Demand for HRSG
  • Global Investments in Energy Efficiency (In US$ Billion) for the Years 2016 and 2018 by Region
  • Global Investments in Energy Efficiency (In US$ Billion) for the Years 2016 and 2018 by Industry
  • Healthy Outlook for the World Chemical Industry Extends a Fillip to HRSG Market
  • World Chemical Industry (In US$ Billion) for the Years 2018 & 2020
  • Innovative HRSG Designs and Upgrades Improve Performance and Efficiency
  • Recent Developments in the HRSG Space




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  • Global Market for Heat Recovery Steam Generators