Westford,USA, Aug. 09, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, increasing embrace of combined cycle power plants is propelling the global Heat Recovery Steam Generator (HRSG) market. This trend, driven by the pursuit of enhanced energy efficiency and reduced emissions, is fostering the demand for HRSG systems, which play a vital role in harnessing waste heat for additional power generation in these plants.
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- Pages - 265
- Tables - 119
- Figures – 77
The global heat recovery steam generator (HRSG) market is being significantly impacted by the continuous advancements in technology. As technological capabilities grow, the HRSG industry is witnessing innovations that enhance efficiency, operational performance, and sustainability, driving its evolution in the global energy landscape.
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Prominent Players in the Heat Recovery Steam Generator Market
- Siemens AG
- General Electric
- Mitsubishi Heavy Industries
- Babcock & Wilcox
- CMI Group
- Doosan Heavy Industries & Construction
- Nooter/Eriksen
- Thermax Limited
- Foster Wheeler AG
- Alstom Power
- AC Boilers
- Dürr AG
- Victory Energy Operations
- Rentech Boiler Systems
- Cannon Boiler Works
- Rentech Boiler Systems
- Clayton Industries
- John Wood Group PLC
- Kelvion Holding GmbH
- BHI Co., Ltd.
Power Rating Segment is Expected to Grow the Market Due to their Widespread Integration
The Power Rating segment is witnessing robust growth in the global Heat Recovery Steam Generator (HRSG) Market. This surge is attributed to escalating power demand, industrial expansion, and renewable energy integration. As the need for efficient power generation rises, higher power-rated HRSG systems gain prominence, driving market expansion.
Asia-Pacific region is emerging as a significant growth hub in the global Heat Recovery Steam Generator (HRSG) Market. Driven by expanding industrial sectors and increasing energy demand, countries like China, India, and Japan are witnessing rising HRSG installations. Favorable regulatory policies further contribute to the region's market expansion.
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Design Segment is Expected to Dominate the Market Due to its crucial role in influencing performance and efficiency
Design stands out as a dominant segment in the global Heat Recovery Steam Generator (HRSG) Market. Due to its crucial role in influencing performance and efficiency, various design innovations are shaping the market's landscape. Different design configurations, such as horizontal and vertical arrangements, offer tailored solutions to meet diverse energy generation needs.
Regional markets in the North America emerges as a dominating force in the global Heat Recovery Steam Generator (HRSG) Market. Fueled by robust industrial sectors and a focus on energy efficiency, the region witnesses substantial HRSG adoption. Stringent environmental regulations and a drive towards sustainable practices further amplify the market's growth trajectory in North America.
A comprehensive analysis of the major players in the Heat recovery steam generator market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Heat Recovery Steam Generator Market
- In December 2022, Mutares successfully completed the acquisition of Heat Transfer Technology (NEM Energy) from Siemens Energy B.V. Siemens Energy B.V.Formerly already known under the NEM brand, the company is active worldwide in the development, design, engineering, procurement, and supply of steam generators, covering a wide range of heat transfer applications, from industrial-sized waste heat boilers to large heat recovery steam generators for gas-fired power plants.
- Recently, Summit Meghnaghat-II Power Company Limited and General Electric agreed to an EPC (SMPCL). A gas turbine, three-phase level with reheater drum type heat recovery steam generator, steam and gas turbine, as well as balance of plant solutions, will be provided by General Electric under the turnkey EPC contract.
Key Questions Answered in Heat Recovery Steam Generator Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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