According to a recently published report by Research Nester on “Heat Recovery Steam Generator Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global heat recovery steam generator market in terms of market segmentation by design, by rated power, by mode of operation, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Rise in the cost of electricity, support of regulatory environment and decline in the capital costs are the factors augmenting the growth of the market. These systems have gained prominence in the recent years across energy-efficient industries on account of their ability to minimize carbon footprints and support clean energy initiatives. Expanding industrial sector with shifting trend towards non-conventional energy utilization is anticipated to positively influence the market growth.
The global heat recovery system generator market is estimated to generate more than USD 9 Billion by 2027 and is anticipated to record a CAGR of around 4.5% over the forecast period i.e. 2019-2027. The market is segmented by design, rated power, mode of operation & application. The market is segmented by design into horizontal drum and vertical drum. The market is further segmented by rated power into 0-30 MW, 30-50 MW, 50-100 MW, 100-200 MW, and more than 200 MW. On the basis of mode of operation, the market is segmented into cogeneration HRSG and combined cycle plants. By application, the market is segmented into chemical, refineries, utilities, pulp & paper, commercial and others.
Asia Pacific region is expected to witness significant growth owing to hastening investments towards the development of industrial base with government policies and regulations in order to minimize the carbon footprint, for instance, in 2018, Asia Pacific estimated for 50% of global manufacturing value addition with increase in FDI inflows across the sector. Europe region is anticipated to have leading shares on account of European Union guidelines, for cleaner energy, to be followed by countries in the region. Moreover, the presence of large number of CHP plants in Europe that offer huge opportunities to the companies in the market have contributed to the growth of the market in the region.
Increase in Energy Efficiency
Energy generation from steam has wide scope of efficiency improvement as the energy loss can be reduced by the implementation of heat recovery steam generator. With rising challenges from the contemporary generation technologies, the efficiency improvement has led to the reduction in the cost of unit energy production and this is expected to boost the market growth.
However, huge investments and lack of skilled labor are expected to operate as key restraints towards the growth of the global heat recovery system generator market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global heat recovery steam generator market which includes company profiling of Siemens AG, General Electric, Mitsubishi Hitachi Power Systems Ltd., Rentech Boilers Systems Inc., and Innova Global Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global heat recovery steam generator market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.