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Heat Recovery Steam Generator Market - Growth, Trends, and Forecast (2020 - 2025)

  • ID: 4515017
  • Report
  • August 2020
  • Region: Global
  • 110 pages
  • Mordor Intelligence
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The global power generation is likely to witness a CAGR of more than 3% during the forecast period, 2020-2025, which has a direct influence on the heat recovery steam generator (HRSG) market. Additionally, factors, such as increasing energy efficiency and less emission of greenhouse gases, are likely to drive the heat recovery steam generator market in the forecast period. However, the initial cost of investment is high for HRSG, which, in turn, is expected to hurt the market studied.
  • The power generation segment is expected to dominate the heat recovery steam generators market in the forecast period.
  • Countries, such as Germany, United Kingdom, and the United States, are focusing on reducing their greenhouse gas emission significantly by 2030, which in turn, is expected to create a significant opportunity for heat recovery steam generators in the forecast period.
  • Asia-Pacific dominated the market in 2018, owing to its increasing energy demand and targets to reduce greenhouse gas emissions.
Key Market Trends

Power Generation to Dominate the Market

According to the International Energy Agency (IEA), the power generation segment in which heat recovery steam generators are widely used is likely to witness a CAGR of 3% in the upcoming years. This, in turn, is expected to boost the demand for HRSGs in the coming years.
  • In 2011, the electric power consumed by the world was 22,258 Terawatt-Hour (TWh), which kept on increasing in the following years, showing the increasing energy requirement around the world.
  • In 2018, Sumitomo SHI FW was awarded a contract by Hyundai Engineering & Construction (HDEC) to design and supply equipment for its Daesan Biomass Power Plant in Finland. This contract also includes the installation of a heat recovery steam generator.
  • The movement in Europe carbon emission targets, which aims to cut down greenhouse gases by at least 40% by 2030, compared to 1990, has increased the usage of heat recovery steam generators in the past, both in the power generation and wind energy sectors.
  • In 2018, Israel Electric Corporation (IEC) awarded General Electric Company a contract to build the first of two combined cycle gas turbine (CCGT) units. The project is intended to convert part of the Orot Rabin coal-fired power plant to burn gas. This contract also includes the installation of a heat recovery steam generator provided by the General Electric Company.
  • Therefore, the above power generation projects are likely to drive the heat recovery steam generator market in the forecast period, as the usage of the heat recovery steam generator increases efficiency and decreases the carbon dioxide emission.
Asia-Pacific to Dominate the Market

Asia-Pacific has dominated the heat recovery steam generator market in the past and is going to dominate the market in the forecast period because of the several power projects under construction.
  • Patratu Super Thermal Power Project, Jharkhand in India, started in 2018 and is expected to be completed in 2022. The project has the capacity to produce 4000 megawatts (MW) of power and is likely to use a large capacity heat recovery steam generator.
  • Taiwan Power Company awarded a joint venture of Marubeni Corporation and General Electric Company in 2019, an EPC contract for the expansion of its DaTan Combined Cycle Power Plant Project for Units 8 and 9. This EPC contract also includes the installation of a heat recovery steam generator from General Electric Company. It is likely to drive the heat recovery steam generator market in the forecast period.
  • Bharat Heavy Electricals Limited was awarded a contract by Ramagundam Fertilizers and Chemicals Ltd (RFCL) in Telangana to build a gas turbine of 32.5 megawatt capacity. This contract also includes the setting up of a heat recovery steam generator and is likely to drive the market in the forecast period.
  • Hence, from the above points, it can be concluded that Asia-Pacific is going to dominate the heat recovery steam generator market in the forecast period.
Competitive Landscape

The heat recovery steam generator market is moderately fragmented. Some of the key players in the market include Siemens AG, Mitsubishi Hitachi Power Systems Ltd, Sofinter SpA, General Electric Company, and Thermax Limited.

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1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry

5 MARKET SEGEMENTATION
5.1 End User
5.1.1 Power Plants
5.1.2 Oil and Gas Facilities
5.1.3 Chemical and Fertilizer Plants
5.1.4 Other End Users
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 South America
5.2.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaborations, and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Key Companies Profile
6.3.1 Thermax Limited
6.3.2 Siemens AG
6.3.3 Mitsubishi Hitachi Power Systems Ltd
6.3.4 AC BOILERS SpA
6.3.5 Kelvion Holding GmbH
6.3.6 General Electric Company
6.3.7 Alfa Laval AB
6.3.8 Mersen SA
6.3.9 Sofinter SpA

7 Market Opportunities and Future Trends
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