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Heat Recovery Steam Generators - Global Market Trajectory & Analytics

  • ID: 4805578
  • Report
  • September 2020
  • Region: Global
  • 491 pages
  • Global Industry Analysts, Inc
The global market for Heat Recovery Steam Generator is projected to reach US$921.4 million by 2025, driven by the urgent need to recover energy from waste heat and step up energy savings. The world is wasting more energy than It uses even as global leaders strategize to reduce carbon emissions and climate change. In the U. S, which leads the world in energy wastages, the losses stand at about 1.5% to 2.5% of revenues. As the social, economic and environmental cost of energy wastages rises, it can no longer be considered as a part of operational business costs. Reducing wastages is emerging as a priority for utilities not only for improving bottom-line but also for enhancing sustainability and conformance to energy regulations. Energy related GHG emissions without technical energy efficiency gains stands at an estimated 40 Gt of CO2 in 2020. With implementation of energy efficiency emissions can be reduced to 32 Gt of CO2. The scenario will create opportunities for energy efficiency solutions. The role of energy efficiency in long-term climate change goals will undeniably become bigger. Utilities present the right business candidates for heat recovery steam generators, given that the cost of non-technical energy losses in utilities stands at US$100.5 billion in 2020, a figure which will rise to US$120.8 billion by 2025. Utility spending on energy efficiency programs globally is therefore on the rise, benefiting investments in heat recovery steam generator (HRSG). Reduced cost of electricity, better energy performance, increased reliability and higher profits are all for the picking by adroit utilities deploying the technology.

Heat Recovery Steam Generator (HRSG) is primarily an energy recovery heat exchanger that is responsible for recovering heat through a hot gas stream, including waste gas stream or combustion turbine. HRSGs produce steam that could be utilized in a cogeneration process or utilized for driving steam turbines through a combined cycle for generating power or generating steam for factories or district heating. HRSG comprises the most significant part in cogeneration power plants and combined cycles. Steam, a major source of energy, comprises an important part within the energy supply system, performing various important functions, including district heating or operating a turbine in the form of process steam for industrial use. Consequently, HRSG that falls between a steam turbine and a gas turbine significantly increases the overall efficiency of a plant, minimizing fuel costs. The systems also offer more flexibility in part load operations while changing loads, or by using diverter bypass stack systems.

Over the coming few years, a combination of factors, including significant reduction in the prices of natural gas, due to its abundant supply; expansion of applications; and a scenario of favorable regulations among others is expected to drive demand growth for combined heat and power or cogeneration systems worldwide. Future growth in the market will be driven by growing need for eco-friendly, economic, and energy-efficient power generation technologies to meet the ever-increasing demand for electricity worldwide, significant reduction in the prices of natural gas due to its abundant supply; expanding applications; steady evolution of the next generation technologies such as Trigeneration and Quattro generation; and favorable regulatory environment. Technology advancements and increased cooperation from utilities, financiers, businesses and industries are also expected to provide the required impetus to continuous growth of cogeneration projects in the coming years. Robust demand for microCHP systems, particularly from the residential and SME sectors represent another important growth driver. Key factors driving adoption of microCHP systems include reduction in consumers' electricity bills, and efficient harvesting of heat produced during the power generation process for space and water heating purposes.

Competitors identified in this market include, among others:
  • Amec Foster Wheeler PLC
  • Babcock & Wilcox Enterprises, Inc.
  • Doosan Engineering & Construction
  • General Electric Company
  • Siemens AG
Note: Product cover images may vary from those shown
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Heat Recovery Steam Generators: A Prelude
  • Design and Functionality
  • HRSG Categories
  • Specialized HRSG Varieties and Functionalities
  • Global Heat Recovery System Generator (HRSG) Market Set to Witness Rapid Growth
  • Developed Regions Dominate, While Developing Markets to Witness Faster Growth
  • Combined Heat and Power (CHP) Application Holds the Major Share, Combined Cycle Application to Witness Rapid Growth
  • Utilities - The Largest End-use Market for HRSGs
  • Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
  • Recent Market Activity
3. MARKET TRENDS & DRIVERS
  • Surging Energy Consumption and Demand for Electricity to Drive the Demand for HRSGs
  • Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • Global Energy Consumption (Billion toe) by Country/Region (1995, 2017 and 2040): Breakdown for USA, China, India, Russia, Brazil, EU, Middle East and Rest of World
  • Rising Focus on Cogeneration Technology Drives the Demand for Heat Recovery Steam Generators
  • CHP Share of Total Electricity Generation in Major Countries Worldwide
  • CHP Installed Capacity (in MWe) in Major Countries Worldwide
  • Heat Recovery Steam Generators Allow CCGT Plants to Achieve High Efficiency
  • Emphasis on Curbing Carbon Emissions Accelerates Demand
  • Price of Carbon Emission in US$ per Metric Ton of CO2-Equivalent by Select Countries: 2019
  • Percentage Share of Carbon Dioxide Emissions Worldwide by Price: 2019
  • Growing Focus on Renewable Energy: A Strong Growth Driver
  • Domestic Targets for Greenhouse Gas Emissions of Select Regions/Countries
  • Global Investments (US$ Billion) in Renewable Energy by Source: 2018
  • Focus on Energy Efficiency Drives up the Demand for HRSG
  • Global Investments in Energy Efficiency (In US$ Billion) for the Years 2016 and 2018 by Region
  • Global Investments in Energy Efficiency (In US$ Billion) for the Years 2016 and 2018 by Industry
  • Healthy Outlook for the World Chemical Industry Extends a Fillip to HRSG Market
  • World Chemical Industry (In US$ Billion) for the Years 2018 & 2020
  • Innovative HRSG Designs and Upgrades Improve Performance and Efficiency
  • Recent Developments in the HRSG Space
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

UNITED STATES

CANADA

JAPAN

CHINA

EUROPE

FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC

AUSTRALIA

INDIA

SOUTH KOREA

REST OF ASIA-PACIFIC

LATIN AMERICA

ARGENTINA

BRAZIL

MEXICO

REST OF LATIN AMERICA

MIDDLE EAST

IRAN

ISRAEL

SAUDI ARABIA

UNITED ARAB EMIRATES

REST OF MIDDLE EAST

AFRICA

IV. COMPETITION
  • Total Companies Profiled: 31
Note: Product cover images may vary from those shown
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