Global Heat Recovery Steam Generator Market - Growth, Trends, and Forecast (2018 - 2023)

  • ID: 4515017
  • Report
  • Region: Global
  • 120 pages
  • Mordor Intelligence
until Dec 31st 2018
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  • Alstom Power
  • Amec Foster Wheeler
  • Ansaldo Caldaie
  • Babcock & Wilcox Co. Ltd.
  • Clayton Industries
  • CMI Group
  • MORE
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
Customization of the Report

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Note: Product cover images may vary from those shown
2 of 5


  • Alstom Power
  • Amec Foster Wheeler
  • Ansaldo Caldaie
  • Babcock & Wilcox Co. Ltd.
  • Clayton Industries
  • CMI Group
  • MORE
1. Executive Summary

2. Research Methodology

3. Market Overview
3.1 Introduction
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments

4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities

5. Supply Chain Analysis

6. Industry Attractiveness - Porter’s Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Competitive Rivalry

7. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 North America
7.1.1 United States
7.1.2 Canada
7.1.3 Rest of North America
7.2 Europe
7.2.1 Germany
7.2.2 United Kingdom
7.2.3 France
7.2.4 Italy
7.2.5 Spain
7.2.6 Russia
7.2.7 Rest of Europe
7.3 Asia-Pacific
7.3.1 China
7.3.2 India
7.3.3 Australia
7.3.4 Japan
7.3.5 South Korea
7.5.6 Rest of of Asia-Pacific
7.4 South America
7.4.1 Brazil
7.4.2 Argentina
7.4.3 Rest of South America
7.5 Middle East & Africa
7.5.1 UAE
7.5.2 Saudi Arabia
7.5.3 Israel
7.5.4 Rest of Middle East & Africa

8. Market Segmentation and Analysis, by End-user (Overview, Market Size, and Demand Forecast until 2023)
8.1 Utilities
8.2 Chemicals
8.3 Refineries
8.4 Pulp & Paper
8.5 Commercial
8.6 Others

9. Market Segmentation and Analysis, by Application (Overview, Market Size, and Demand Forecast until 2023)
9.1 Combined Cycle Power Plant
9.2 Waste to Energy Power Plant
9.3 Desalination Plant
9.4 District Heating System

10. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
10.1 Thermax
10.2 Alstom Power
10.3 Amec Foster Wheeler
10.4 CMI Group
10.5 Siemens AG
10.6 Sofinter
10.7 Ansaldo Caldaie
10.8 Babcock & Wilcox Co. Ltd.
10.9 Mitsubishi Hitachi Power Systems Ltd.
10.10 Kelvion
10.11 CMI Groupe
10.12 Clayton Industries
12. Competitive Landscape
12.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
12.2 Market Share Analysis
12.3 Strategies Adopted by Leading Players
13. Disclaimer
*List not Exhaustive
**Subject to availability on public domain
Note: Product cover images may vary from those shown
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4 of 5
  • 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
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown