Selbyville, Delaware, Oct. 03, 2022 (GLOBE NEWSWIRE) --
The heat recovery steam generator market is expected to record a valuation of USD 2 billion by 2030, according to a new research report by Global Market Insights Inc.
According to the World Bank, around 56% of the world’s population resides in cities, indicating rapid urbanization. The constant rise in the urban population is driving residential and commercial infrastructure development, adding to the energy demand. In hot and tropical urban environments, buildings require air conditioning and ventilation solutions, which will further increase power requirements in modern infrastructure. Since heat exchangers play a key role in improving the efficiency of steam turbines to increase power generation capacities, accelerated urbanization and the subsequent rise in energy demand will bolster the adoption of HRSG solutions.
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Heat recovery steam generator market is poised to register a commendable valuation from the horizontal design segment by 2030, owing to better compatibility with gas turbines. The HRSGs used at power generation facilities are large and complex in design, making the installation of these systems a major undertaking. The natural circulation horizontal design is suitable for recovering heat from gas turbines, as the tubes are long and large in diameter. Additionally, the relatively cost-effective manufacturing of type of evaporator over vertical design tubes will also encourage the adoption of horizontal HRSG designs.
The heat recovery steam generator market share from combined cycle operation segment is predicted to witness substantial gains during the forecast period. This growth is attributed to the shifting preference toward gas-based power generation systems. Combined cycle gas plants are gaining rapid traction due to major advantages such as ease of construction and cost-effectiveness. Burning of gases also produces fewer pollutants than burning oil or coal, which may add to the popularity of gas-based CC power systems.
The heat recovery steam generator market is projected to observe a growth rate of more than 5% from the chemical applications through 2030. The chemical industry is witnessing significant demand from various sectors including food manufacturing, consumer products, and metal processing, among others. Food manufacturers purchase products that are formulation-intensive and thus require high-quality chemicals to meet product specifications. To obtain the ideal quality level in chemicals, chemical processing plants are integrating components such as HRSGs in their operations.
North America heat recovery steam generator market valued at more than USD 300 million in 2021. The growing demand for electricity is one of the primary factors boosting regional industry expansion. According to the U.S. Energy Information Administration (EIA), close to 4.12 trillion kWh of electricity was generated from utility-scale generators in the country in 2021.
Heat exchangers can play a prominent role in T&D grids to transport and cool the oil used in the power transformers. The constant increase in electricity demand will therefore make heat recovery steam generator an important feature in electrical power grids across the United States over the forthcoming years.
Some of the top players operating in the heat recovery steam generator market include Mitsubishi Heavy Industries, General Electric, Siemens Energy, John Wood Group PLC, Kawasaki Heavy Industries, Larsen & Toubro Limited, Bharat Heavy Electricals Limited (BHEL), Cleaver-Brooks, S.A. HAMON, John Cockerill, Thermax Limited, and Kelvion Holding GmbH. Many of these companies are focusing on signing key agreements with other entities to reinforce their market position.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Heat Recovery Steam Generator Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Comparative analysis of various industries
3.4 Heat Integration analysis
3.5 Regulatory landscape
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
3.10 Competitive landscape, 2021
3.11 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
