Summary

The Global Heat Recovery Steam Generator (HRSG) Market is valued at approximately USD 1.4 billion in 2024 and is expected to witness a compound annual growth rate (CAGR) of over 4.50% during the forecast period from 2025 to 2035. A vital component in gas turbine combined cycle plants, Heat Recovery Steam Generators play an instrumental role in energy optimization by capturing waste heat from gas turbines to generate steam. This steam is then used to drive steam turbines, thereby improving plant efficiency while reducing fuel consumption and emissions. The growing inclination toward sustainable power generation, combined with stringent regulatory frameworks promoting low-emission power plants, continues to augment the market’s expansion. Moreover, the rise in electricity consumption and increasing investments in industrial infrastructure are compelling power producers to integrate HRSGs in both newly constructed and retrofitted plants. Amid a shifting energy paradigm, industries are compelled to pursue hybrid systems that can simultaneously address thermal efficiency and environmental compliance—thereby reinforcing demand for cogeneration and combined cycle setups that utilize HRSGs. These systems are gaining remarkable traction in industrial applications where thermal and electrical needs coexist. As developing economies experience burgeoning energy demands, governments and private players are converging on power generation technologies that integrate renewables with conventional gas-based systems, fueling HRSG adoption. According to the International Energy Agency (IEA), combined cycle gas turbine (CCGT) capacity is projected to expand substantially over the coming decade, further boosting the outlook for HRSGs globally. Regionally, North America continues to assert dominance in the HRSG market, underpinned by the region’s significant investments in combined cycle power plants and the early adoption of energy-efficient technologies. The United States, in particular, is a leader in leveraging HRSGs to modernize aging infrastructure while maintaining emission goals. Meanwhile, Asia Pacific is emerging as a high-growth frontier, fueled by rapid industrialization, urbanization, and robust electricity consumption in populous nations such as China and India. These countries are actively investing in gas-fired plants, given the energy transition away from coal. Europe also contributes considerably to the HRSG landscape, thanks to its climate-focused initiatives and commitment to reducing dependency on fossil fuels through high-efficiency solutions. Major market player included in this report are: • General Electric • Mitsubishi Power Ltd. • Babcock & Wilcox Enterprises Inc. • Siemens Energy • Doosan Corporation • John Wood Group PLC • Nooter/Eriksen • CMI Group • Hamon Corporation • AC Boilers • Foster Wheeler AG • Cannon S.p.A • CMI Energy • BHEL (Bharat Heavy Electricals Limited) • Alstom SA Global Heat Recovery Steam Generator Market Report Scope: • Historical Data – 2023, 2024 • Base Year for Estimation – 2024 • Forecast period – 2025-2035 • Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends • Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa • Customization Scope – Free report customization (equivalent up to 8 analysts’ working hours) with purchase. Addition or alteration to country, regional & segment scope* The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained below: By Design: • Horizontal Drum • Vertical Drum By Mode of Operation: • Cogeneration • Combined Cycle By Power: • <100 MW • 100–200 MW • >200 MW By End-use: • Utilities • Industrial • Commercial • Others By Region: North America • U.S. • Canada Europe • UK • Germany • France • Spain • Italy • Rest of Europe Asia Pacific • China • India • Japan • Australia • South Korea • Rest of Asia Pacific Latin America • Brazil • Mexico Middle East & Africa • UAE • Saudi Arabia • South Africa • Rest of Middle East & Africa Key Takeaways: • Market Estimates & Forecast for 10 years from 2025 to 2035. • Annualized revenues and regional level analysis for each market segment. • Detailed analysis of geographical landscape with Country level analysis of major regions. • Competitive landscape with information on major players in the market. • Analysis of key business strategies and recommendations on future market approach. • Analysis of competitive structure of the market. • Demand side and supply side analysis of the market.

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Table of Contents

Table of Contents Chapter 1. Global Heat Recovery Steam Generator Market Report Scope & Methodology 1.1. Research Objective 1.2. Research Methodology  1.2.1. Forecast Model  1.2.2. Desk Research  1.2.3. Top Down and Bottom-Up Approach 1.3. Research Attributes 1.4. Scope of the Study  1.4.1. Market Definition  1.4.2. Market Segmentation 1.5. Research Assumption  1.5.1. Inclusion & Exclusion  1.5.2. Limitations  1.5.3. Years Considered for the Study Chapter 2. Executive Summary 2.1. CEO/CXO Standpoint 2.2. Strategic Insights 2.3. ESG Analysis 2.4. Key Findings Chapter 3. Global Heat Recovery Steam Generator Market Forces Analysis 3.1. Market Forces Shaping The Global Heat Recovery Steam Generator Market (2024–2035) 3.2. Drivers  3.2.1. Rising demand for energy-efficient solutions in power generation  3.2.2. Government mandates and regulatory pressure for emissions control 3.3. Restraints  3.3.1. High capital investment and operational costs  3.3.2. Availability of alternative energy systems 3.4. Opportunities  3.4.1. Expansion of combined cycle gas turbine (CCGT) plants globally  3.4.2. Technological advancements in HRSG configuration and performance Chapter 4. Global Heat Recovery Steam Generator Industry Analysis 4.1. Porter’s 5 Forces Model  4.1.1. Bargaining Power of Buyer  4.1.2. Bargaining Power of Supplier  4.1.3. Threat of New Entrants  4.1.4. Threat of Substitutes  4.1.5. Competitive Rivalry 4.2. Porter’s 5 Forces Forecast Model (2024–2035) 4.3. PESTEL Analysis  4.3.1. Political  4.3.2. Economic  4.3.3. Social  4.3.4. Technological  4.3.5. Environmental  4.3.6. Legal 4.4. Top Investment Opportunities 4.5. Top Winning Strategies (2025) 4.6. Market Share Analysis (2024–2025) 4.7. Global Pricing Analysis and Trends 2025 4.8. Analyst Recommendation & Conclusion Chapter 5. Global Heat Recovery Steam Generator Market Size & Forecasts by Design 2025–2035 5.1. Market Overview 5.2. Global HRSG Market Performance – Potential Analysis (2025) 5.3. Horizontal Drum  5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035  5.3.2. Market Size Analysis by Region, 2025–2035 5.4. Vertical Drum  5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035  5.4.2. Market Size Analysis by Region, 2025–2035 Chapter 6. Global Heat Recovery Steam Generator Market Size & Forecasts by Mode of Operation 2025–2035 6.1. Market Overview 6.2. Global HRSG Market Performance – Potential Analysis (2025) 6.3. Cogeneration  6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035  6.3.2. Market Size Analysis by Region, 2025–2035 6.4. Combined Cycle  6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035  6.4.2. Market Size Analysis by Region, 2025–2035 Chapter 7. Global Heat Recovery Steam Generator Market Size & Forecasts by Power 2025–2035 7.1. Market Overview 7.2. <100 MW  7.2.1. Market Estimates & Forecasts, 2024–2035 7.3. 100–200 MW  7.3.1. Market Estimates & Forecasts, 2024–2035 7.4. >200 MW  7.4.1. Market Estimates & Forecasts, 2024–2035 Chapter 8. Global Heat Recovery Steam Generator Market Size & Forecasts by End-use 2025–2035 8.1. Market Overview 8.2. Utilities  8.2.1. Market Estimates & Forecasts, 2024–2035 8.3. Industrial  8.3.1. Market Estimates & Forecasts, 2024–2035 8.4. Commercial  8.4.1. Market Estimates & Forecasts, 2024–2035 8.5. Others  8.5.1. Market Estimates & Forecasts, 2024–2035 Chapter 9. Global Heat Recovery Steam Generator Market Size & Forecasts by Region 2025–2035 9.1. HRSG Market, Regional Market Snapshot 9.2. Top Leading & Emerging Countries 9.3. North America  9.3.1. U.S.   9.3.1.1. By Design   9.3.1.2. By Mode of Operation   9.3.1.3. By Power   9.3.1.4. By End-use  9.3.2. Canada   9.3.2.1. By Design   9.3.2.2. By Mode of Operation   9.3.2.3. By Power   9.3.2.4. By End-use 9.4. Europe  9.4.1. UK  9.4.2. Germany  9.4.3. France  9.4.4. Spain  9.4.5. Italy  9.4.6. Rest of Europe 9.5. Asia Pacific  9.5.1. China  9.5.2. India  9.5.3. Japan  9.5.4. Australia  9.5.5. South Korea  9.5.6. Rest of Asia Pacific 9.6. Latin America  9.6.1. Brazil  9.6.2. Mexico 9.7. Middle East & Africa  9.7.1. UAE  9.7.2. Saudi Arabia  9.7.3. South Africa  9.7.4. Rest of Middle East & Africa Chapter 10. Competitive Intelligence 10.1. Top Market Strategies 10.2. General Electric  10.2.1. Company Overview  10.2.2. Key Executives  10.2.3. Company Snapshot  10.2.4. Financial Performance (Subject to Data Availability)  10.2.5. Product/Services Portfolio  10.2.6. Recent Development  10.2.7. Market Strategies  10.2.8. SWOT Analysis 10.3. Mitsubishi Power Ltd. 10.4. Babcock & Wilcox Enterprises Inc. 10.5. Siemens Energy 10.6. Doosan Corporation 10.7. John Wood Group PLC 10.8. Nooter/Eriksen 10.9. CMI Group 10.10. Hamon Corporation 10.11. AC Boilers 10.12. Foster Wheeler AG 10.13. Cannon S.p.A 10.14. BHEL (Bharat Heavy Electricals Limited) 10.15. Alstom SA