Heat Recovery Steam Generator Market Size & Share, by Design (Horizontal Drum, Vertical Drum); Application (Cogeneration, Combined Cycle); Power Rating (0-30MW, >30-50 MW, >50-100 MW, >100-200 MW, >200 MW); End-user (Utility, Chemicals, Refineries, Pulp & Paper) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Increased incorporation of combined cycle power plants - In addition to producing 50% more electricity, the Combined Cycle Plant also uses the waste heat from the gas turbines to power a steam generator. In this process, a heat recovery steam generator is used to generate the primary component of energy extraction from gas turbines' exhaust gases.
  
  As a result, adopting combined cycle electricity generation plants is more efficient than simple megawatt energy production. For instance, in March 2019, Chubu Electric Power Co., Inc., and Toshiba Energy Systems & Solutions Corporation achieved a power generation efficiency of 63.08% (lower heating value).
   
• Increased focus on reducing greenhouse gas emissions - Electricity demand, which has increased the production of electricity, has led to an increase in greenhouse gas emissions and global warming. Therefore, in the global scenario, strict regulations, government initiatives, and massive investments have been taken to reduce emissions.
  
  The best and most reliable energy sources for the elimination of greenhouse gas emissions are combination cycle power plants and cogeneration. The heat recovery steam generator is an integral part of a combined cycle power plant, which uses the hot gas stream to recover its thermal energy. Therefore, demand is increasing at a faster pace for the use of combined cycle power plants to reduce GHG emissions, hence leading to the growth of heat recovery steam generator market.
   
• Growing deployment in commercial applications - It is expected that revenue will be generated from the commercial use of the heat recovery steam generator. For the operation of air conditioning systems in commercial infrastructures, such as shopping malls, heat-enhancing agents may be applied.
  
  The financial contribution of governments to the expansion of infrastructure across their territory is also considered. For instance, in 2023, the federal government of the US allocated USD 81.5 billion to the states and spent USD 44.8 billion on infrastructure. Therefore, the growing investment in infrastructure is augmenting the heat recovery steam generator market growth.

Challenges

• High initial investment - A series of heat exchangers, including economizers that allow water to be heated closer to saturation, superheaters capable of producing hot steam, and an evaporator for producing saturated steam are part of thermal recovery steam generators.
  
  The system shall be subject to one or two more high-pressure circuits that increase the extraction rate to obtain maximum energy out of exhaust gas from a combustion turbine. The steam turbine's power output is increased by each added pressure level, which in turn increases the maintenance costs of the HRSG system.
   
• Dependence on end-use industries - Not all industries are a good fit for heat recovery steam generators. For example, the production of large amounts of high-temperature waste heat occurs in the cement, sulfuric acid, chemical, and cabin rotary kiln industries. This is where the full potential of heat recovery steam generators to increase energy savings may be realized.