Heat Recovery Steam Generator Market Size By Design (Horizontal Drum, Vertical Drum), By Rated Power ( 0-30 MW, >30-50 MW, >50-100 MW, >100-200 MW, >200 MW), By Mode of Operation (Cogeneration, Combined Cycle), By Application (Utilities, Chemical, Refiner

Heat Recovery Steam Generator Market Size By Design (Horizontal Drum, Vertical Drum), By Rated Power ( 0-30 MW, >30-50 MW, >50-100 MW, >100-200 MW, >200 MW), By Mode of Operation (Cogeneration, Combined Cycle), By Application (Utilities, Chemical, Refineries, Pulp & Paper), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Finland, Russia, Germany, Denmark, Sweden, Italy, Netherlands, China, Japan, South Korea, India, Australia, Indonesia, Singapore, Malaysia, Philippines, UAE, Saudi Arabia, Qatar, Oman, Kuwait, Egypt, South Africa, Nigeria, Brazil, Argentina, Chile, Peru), Application Potential, Competitive Market Share & Forecast, 2019 - 2025

Heat Recovery Steam Generator Market share is set to surpass USD 1.8 billion by 2025. Rising demand for energy efficient systems across the manufacturing industry along with rapid industrial growth will stimulate the heat recovery steam generator market. Increasing consumer awareness toward emission control coupled with the introduction of stringent regulations will enhance the product penetration. In addition, low operational cost and paradigm shift toward energy efficient sources will positively influence the industry outlook.

Heat recovery steam generator market across Asia Pacific is predicted to grow over 5% by 2025. Increasing investments toward expansion of industrial sector along with government regulations and policies to reduce carbon footprint will drive the market share. For reference, in 2018, 50% of the overall manufacturing value addition was accounted in Asia Pacific with growing foreign direct investment inflow across the sector.

Increasing consumer interest toward energy efficient cogeneration technologies along with the growing utilization of CHP plants on account of favorable government mandates will foster the heat recovery steam generator market growth. Furthermore, substantial growth across fertilizers, chemical, power generation, oil & gas industries and food & beverages will augment the industry outlook.

Rising infrastructure spending toward the expansion of industrial and commercial infrastructure including malls, colleges and commercial spaces will propel the heat recovery steam generator market. These generators are considered as the critical component to discharge the excess heat produced from the buildings. The enhancement in standard of living coupled with ongoing expansion of urban areas will lead to the deployment of these systems on a large-scale therefore, boosting the industry growth.

Growing demand for cost effective and energy efficient systems for heat and electricity generation across both industrial and commercial sector will stimulate the heat recovery steam generator market. Rising focus to lower dependency coupled with fluctuating fossil fuel prices are some of the underline factors increasing the deployment of energy efficient systems. Government subsidies, tax rebates and financial incentives introduced by respective regulatory authorities will complement the industry outlook.

Prevailing petrochemical plant and refinery expansion plans on account of rising demand for hydrocarbon products will boost the MEA heat recovery steam generator market. In addition, increasing economic growth along with rising investments from several financial institutions toward the expansion of industries will propel the industry landscape.

HRSG system finds its applications across power generation, centralized heating, refining, commercial and petrochemical industry. Increasing investments toward the refurbishment and development of various industries along with rapid technological advancements resulting in highly efficient and low-cost heat recovery solutions will drive the industry growth.

Eminent industry players in heat recovery steam generator market comprises of John Cockerill, John Wood, Thermax, BHEL, Rentech, Siemens, Larsen & Turbo, Cleaver-Brooks, Clayton, GE, Mitsubishi, B&W, Kelvion, AC Boilers, Hamon and Kawasaki.