Global Heat Recovery Steam Generator Market - Growth, Trends, and Forecast (2018 - 2023)
The global Heat Recovery Steam Generator (HRSG) market is in growing phase on account of increasing demand from combined heat and power (CHP) generation plants. The benefits of HRSG has attracted the attention from multiple sectors. Industries, government agencies, and environmental groups have come together to support the application of this technology in factories. The primary purpose of HRSG is to convert water into superheated steam. It provides thermodynamic link between the steam and gas turbines in order to achieve optimum performance in a combined cycle power plant. The HRSG is also used in gas power plants to minimize carbon emissions. The use of HRSG systems is also made in desalination plants where heat is used for power generation, as well as desalination process. Also, in heat produced from thermal plants is captured by HRSG and used for district heating purpose. The application of HRSG has widened with development of integrated solar combined cycle (ISCC) power plants.
Increase in Energy Efficiency Measures Driving the Market
The major driver for HRSG market is increasing focus on implementation of energy efficiency measures, globally. The energy generation from steam has huge scope of efficiency improvement because the energy loss from steam can be reduced by implementation of HRSG. With surging challenges from contemporary power generation technologies, the efficiency improvement by HRSG leads to reduced cost of unit energy production, which is likely to drive its market.
Europe Region has the Highest Market Share
European Union has also made guidelines to be followed in the countries of the region for cleaner energy. International bodies, like international energy agency has supported research project and technical assistance for HRSG and other clean energy initiatives for companies around the world. Moreover, the presence of large number of CHP plants in Europe offers huge market opportunities for replacement of ageing HRSGs.
China to Dominate the Market Growth
China is likely to dominate the market growth for HRSG in the world on account of robust industrial infrastructure in the country. The industrial sector requires energy in the form of heat and power, which makes China a dominating market for HRSG. Moreover, the economy of China is in growing phase and the country is witnessing high rate of urbanization, which is likely to drive the HRSG market.
Key Developments in the Market
January 2018: Siemens AG, announced that it has renamed its NEM Energy subsidiary as Siemens Heat Transfer Technology
November 2017: Mitsubishi Hitachi Power Systems (MHPS) delivered the second M701F gas turbine for the 880MW natural-gas-fired gas turbine combined cycle (GTCC) facility in Indonesia
The Major Players include - Thermax, Alstom Power, Amec Foster Wheeler, CMI Group, Siemens AG, Sofinter, Ansaldo Caldaie, Babcock & Wilcox Co. Ltd., Mitsubishi Hitachi Power Systems, Ltd., Kelvion, CMI Groupe, Clayton Industries, amongst others.
Reasons to Purchase this Report
Current and future heat recovery steam generator market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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