This report describes and explains the heat recovery steam generator market and covers 2020-2025, termed the historic period, and 2025-2030, 2035F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global heat recovery steam generator market reached a value of nearly $1.79 billion in 2025, having grown at a compound annual growth rate (CAGR) of 6.2% since 2020. The market is expected to grow from $1.79 billion in 2025 to $2.31 billion in 2030 at a rate of 5.3%. The market is then expected to grow at a CAGR of 4.8% from 2030 and reach $2.92 billion in 2035.
Growth in the historic period resulted from rising use of low-carbon and alternative fuels in power generation, rising electricity demand, stringent environmental and emissions regulations and growth in natural gas-fired power generation. Factors that negatively affected growth in the historic period were operational challenges and high capital and installation costs.
Going forward, growing demand for renewable energy sources, increasing carbon emission reduction target, increasing modernization of aging gas turbine fleets and growing government investments in industrial captive power plants will drive the growth. Factors that could hinder the growth of the heat recovery steam generator market in the future include long project development and commissioning timeline, limited awareness and technical expertise and impact of trade war and tariff.
Market trends for the heat recovery steam generator market include integration of digital monitoring and performance optimization technologies into the market systems, development of high-efficiency and low-emission designs for decarbonization-focused power generation, rising use of c-section designs for space-constrained and retrofit power projects, expansion of dedicated manufacturing capabilities to strengthen local production and supply chain resilience and increasing adoption of modular systems for faster and flexible plant deployment.
The heat recovery steam generator market is segmented by design type into modular construction, c-section construction, bundle construction and fully assembled. The modular construction market was the largest segment of the heat recovery steam generator market segmented by design type, accounting for 40.1% or $719.2 million of the total in 2025. Going forward, the modular construction segment is expected to be the fastest growing segment in the heat recovery steam generator market segmented by design type, at a CAGR of 6.2% during 2025-2030.
The heat recovery steam generator market is segmented by configuration type into horizontal drum units, vertical drum units and horizontal-once through units. The horizontal drum units was the largest segment of the heat recovery steam generator market segmented by configuration type, accounting for 55.4% or $993.2 million of the total in 2025. Going forward, the horizontal-once through units segment is expected to be the fastest growing segment in the heat recovery steam generator market segmented by configuration type, at a CAGR of 6.3% during 2025-2030.
The heat recovery steam generator market is segmented by output power type into output power type (0 to 60 megawatt (MW), 60 to 100 megawatt (MW) and 100 megawatt (MW) and above. The 100 megawatt (MW) and above market was the largest segment of the heat recovery steam generator market segmented by output power type, accounting for 52.5% or $941.4 million of the total in 2025. Going forward, the 60 To 100 megawatt (MW) segment is expected to be the fastest growing segment in the heat recovery steam generator market segmented by output power type, at a CAGR of 5.9% during 2025-2030.
The heat recovery steam generator market is segmented by application type into co-generation (process heating), combined cycle and combined heat and power (CHP). The co-generation (process heating) market was the largest segment of the heat recovery steam generator market segmented by application type, accounting for 63.8% or $1.14 billion of the total in 2025. Going forward, the combined heat and power (CHP) segment is expected to be the fastest growing segment in the heat recovery steam generator market segmented by application type, at a CAGR of 6.1% during 2025-2030.
The heat recovery steam generator market is segmented by end user into utility, chemicals, refineries, pulp and paper and other end users. The utility market was the largest segment of the heat recovery steam generator market segmented by end user, accounting for 51.8% or $928.8 million of the total in 2025. Going forward, the chemicals segment is expected to be the fastest growing segment in the heat recovery steam generator market segmented by end user, at a CAGR of 6.6% during 2025-2030.
Asia Pacific was the largest region in the heat recovery steam generator market, accounting for 34.8% or $613.2 million of the total in 2025. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the heat recovery steam generator market will be Asia Pacific and South America where growth will be at CAGRs of 6.4% and 5.4% respectively. These will be followed by North America and Africa where the markets are expected to grow at CAGRs of 5% and 4.9% respectively.
The global heat recovery steam generator market is concentrated, with large players operating in the market. The top 10 competitors in the market made up 45.1% of the total market in 2024. GE Vernova Inc was the largest competitor with a 8.8% share of the market, followed by Siemens Energy AG with 7.3%, Mitsubishi Heavy Industries Ltd with 6.4%, Babcock & Wilcox Enterprises Inc with 6.1%, Nooter/Eriksen Inc with 4.7%, Thermax Limited with 3.7%, Doosan Heavy Industries & Construction with 2.8%, BHI Co. Ltd with 2.5%, VOGT Power International Inc with 1.6% and John Wood Group plc (Amec Foster Wheeler) with 1.3%.
The top opportunities in the heat recovery steam generator market segmented by design type will arise in the modular construction segment, which will gain $250.4 million of global annual sales by 2030. The top opportunities in the heat recovery steam generator market segmented by configuration type will arise in the horizontal drum units segment, which will gain $281.5 million of global annual sales by 2030. The top opportunities in the heat recovery steam generator market segmented by output power type will arise in the 100 megawatt (MW) and above segment, which will gain $249.3 million of global annual sales by 2030. The top opportunities in the heat recovery steam generator market segmented by application type will arise in the co-generation (process heating) segment, which will gain $342.6 million of global annual sales by 2030. The top opportunities in the heat recovery steam generator market segmented by end user will arise in the utility segment, which will gain $250.2 million of global annual sales by 2030. The heat recovery steam generator market size will gain the most in the USA at $124.3 million.
Player-adopted strategies in the heat recovery steam generator market include focus on integrating digital monitoring, advanced control and performance optimization technologies into HRSG-equipped combined cycle assets, increasingly entering technology collaboration agreements that advance high-efficiency, low-emission HRSG design and manufacturing capabilities, C-section HRSG configurations that provide adaptable structural solutions for space-limited sites and retrofit combined cycle power plants, enabling easier integration with existing gas turbine systems and reduced on-site modifications, expanding manufacturing and supply agreements and offering modular heat recovery steam generator (HRSG) construction options that allow prefabricated sections to be assembled more quickly on-site.
Market-trend-based strategies for the heat recovery steam generator market include focus on expanding its business capabilities through securing new contracts, through strategic partnerships and through securing new orders for future growth.
To take advantage of the opportunities, the analyst recommends the heat recovery steam generator companies to focus on integrating digital monitoring and optimization solutions, focus on high-efficiency, low-emission HRSG Designs, focus on C-section HRSG designs for space-constrained projects, focus on expanding local HRSG manufacturing and supply capabilities, focus on expanding modular HRSG solutions for faster deployment, focus on expanding modular HRSG construction for faster deployment, focus on horizontal-once through HRSG units for flexible power generation, expand in emerging markets, continue to focus on developed markets, focus on expanding regional and local distribution channels, focus on value-based and flexible pricing strategies, focus on digital and technical thought leadership, focus on collaborative and incentive-based promotions, focus on 0 to 60-megawatt HRSG units for distributed and industrial power and focus on combined heat and power (CHP) HRSG applications.
This product will be delivered within 3-5 business days.
The global heat recovery steam generator market reached a value of nearly $1.79 billion in 2025, having grown at a compound annual growth rate (CAGR) of 6.2% since 2020. The market is expected to grow from $1.79 billion in 2025 to $2.31 billion in 2030 at a rate of 5.3%. The market is then expected to grow at a CAGR of 4.8% from 2030 and reach $2.92 billion in 2035.
Growth in the historic period resulted from rising use of low-carbon and alternative fuels in power generation, rising electricity demand, stringent environmental and emissions regulations and growth in natural gas-fired power generation. Factors that negatively affected growth in the historic period were operational challenges and high capital and installation costs.
Going forward, growing demand for renewable energy sources, increasing carbon emission reduction target, increasing modernization of aging gas turbine fleets and growing government investments in industrial captive power plants will drive the growth. Factors that could hinder the growth of the heat recovery steam generator market in the future include long project development and commissioning timeline, limited awareness and technical expertise and impact of trade war and tariff.
Market trends for the heat recovery steam generator market include integration of digital monitoring and performance optimization technologies into the market systems, development of high-efficiency and low-emission designs for decarbonization-focused power generation, rising use of c-section designs for space-constrained and retrofit power projects, expansion of dedicated manufacturing capabilities to strengthen local production and supply chain resilience and increasing adoption of modular systems for faster and flexible plant deployment.
The heat recovery steam generator market is segmented by design type into modular construction, c-section construction, bundle construction and fully assembled. The modular construction market was the largest segment of the heat recovery steam generator market segmented by design type, accounting for 40.1% or $719.2 million of the total in 2025. Going forward, the modular construction segment is expected to be the fastest growing segment in the heat recovery steam generator market segmented by design type, at a CAGR of 6.2% during 2025-2030.
The heat recovery steam generator market is segmented by configuration type into horizontal drum units, vertical drum units and horizontal-once through units. The horizontal drum units was the largest segment of the heat recovery steam generator market segmented by configuration type, accounting for 55.4% or $993.2 million of the total in 2025. Going forward, the horizontal-once through units segment is expected to be the fastest growing segment in the heat recovery steam generator market segmented by configuration type, at a CAGR of 6.3% during 2025-2030.
The heat recovery steam generator market is segmented by output power type into output power type (0 to 60 megawatt (MW), 60 to 100 megawatt (MW) and 100 megawatt (MW) and above. The 100 megawatt (MW) and above market was the largest segment of the heat recovery steam generator market segmented by output power type, accounting for 52.5% or $941.4 million of the total in 2025. Going forward, the 60 To 100 megawatt (MW) segment is expected to be the fastest growing segment in the heat recovery steam generator market segmented by output power type, at a CAGR of 5.9% during 2025-2030.
The heat recovery steam generator market is segmented by application type into co-generation (process heating), combined cycle and combined heat and power (CHP). The co-generation (process heating) market was the largest segment of the heat recovery steam generator market segmented by application type, accounting for 63.8% or $1.14 billion of the total in 2025. Going forward, the combined heat and power (CHP) segment is expected to be the fastest growing segment in the heat recovery steam generator market segmented by application type, at a CAGR of 6.1% during 2025-2030.
The heat recovery steam generator market is segmented by end user into utility, chemicals, refineries, pulp and paper and other end users. The utility market was the largest segment of the heat recovery steam generator market segmented by end user, accounting for 51.8% or $928.8 million of the total in 2025. Going forward, the chemicals segment is expected to be the fastest growing segment in the heat recovery steam generator market segmented by end user, at a CAGR of 6.6% during 2025-2030.
Asia Pacific was the largest region in the heat recovery steam generator market, accounting for 34.8% or $613.2 million of the total in 2025. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the heat recovery steam generator market will be Asia Pacific and South America where growth will be at CAGRs of 6.4% and 5.4% respectively. These will be followed by North America and Africa where the markets are expected to grow at CAGRs of 5% and 4.9% respectively.
The global heat recovery steam generator market is concentrated, with large players operating in the market. The top 10 competitors in the market made up 45.1% of the total market in 2024. GE Vernova Inc was the largest competitor with a 8.8% share of the market, followed by Siemens Energy AG with 7.3%, Mitsubishi Heavy Industries Ltd with 6.4%, Babcock & Wilcox Enterprises Inc with 6.1%, Nooter/Eriksen Inc with 4.7%, Thermax Limited with 3.7%, Doosan Heavy Industries & Construction with 2.8%, BHI Co. Ltd with 2.5%, VOGT Power International Inc with 1.6% and John Wood Group plc (Amec Foster Wheeler) with 1.3%.
The top opportunities in the heat recovery steam generator market segmented by design type will arise in the modular construction segment, which will gain $250.4 million of global annual sales by 2030. The top opportunities in the heat recovery steam generator market segmented by configuration type will arise in the horizontal drum units segment, which will gain $281.5 million of global annual sales by 2030. The top opportunities in the heat recovery steam generator market segmented by output power type will arise in the 100 megawatt (MW) and above segment, which will gain $249.3 million of global annual sales by 2030. The top opportunities in the heat recovery steam generator market segmented by application type will arise in the co-generation (process heating) segment, which will gain $342.6 million of global annual sales by 2030. The top opportunities in the heat recovery steam generator market segmented by end user will arise in the utility segment, which will gain $250.2 million of global annual sales by 2030. The heat recovery steam generator market size will gain the most in the USA at $124.3 million.
Player-adopted strategies in the heat recovery steam generator market include focus on integrating digital monitoring, advanced control and performance optimization technologies into HRSG-equipped combined cycle assets, increasingly entering technology collaboration agreements that advance high-efficiency, low-emission HRSG design and manufacturing capabilities, C-section HRSG configurations that provide adaptable structural solutions for space-limited sites and retrofit combined cycle power plants, enabling easier integration with existing gas turbine systems and reduced on-site modifications, expanding manufacturing and supply agreements and offering modular heat recovery steam generator (HRSG) construction options that allow prefabricated sections to be assembled more quickly on-site.
Market-trend-based strategies for the heat recovery steam generator market include focus on expanding its business capabilities through securing new contracts, through strategic partnerships and through securing new orders for future growth.
To take advantage of the opportunities, the analyst recommends the heat recovery steam generator companies to focus on integrating digital monitoring and optimization solutions, focus on high-efficiency, low-emission HRSG Designs, focus on C-section HRSG designs for space-constrained projects, focus on expanding local HRSG manufacturing and supply capabilities, focus on expanding modular HRSG solutions for faster deployment, focus on expanding modular HRSG construction for faster deployment, focus on horizontal-once through HRSG units for flexible power generation, expand in emerging markets, continue to focus on developed markets, focus on expanding regional and local distribution channels, focus on value-based and flexible pricing strategies, focus on digital and technical thought leadership, focus on collaborative and incentive-based promotions, focus on 0 to 60-megawatt HRSG units for distributed and industrial power and focus on combined heat and power (CHP) HRSG applications.
This product will be delivered within 3-5 business days.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Heat Recovery Steam Generator Market, Supply Chain Analysis
8 Heat Recovery Steam Generator Market - Macro Economic Scenario
9 Major Market Trends
10 Global Heat Recovery Steam Generator Growth Analysis and Strategic Analysis Framework
11 Global Heat Recovery Steam Generator Total Addressable Market (TAM) Analysis
12 Global Heat Recovery Steam Generator Market Segmentation
13 Heat Recovery Steam Generator Market, Regional and Country Analysis
14 Asia-Pacific Market
15 South East Asia Market
16 Western Europe Market
17 Eastern Europe Market
18 North America Market
19 South America Market
20 Middle East Market
21 Africa Market
22 Competitive Landscape and Company Profiles
23 Other Major and Innovative Companies
26 Heat Recovery Steam Generator Market - Company Scoring Matrix
28 Key Mergers and Acquisitions
29 Recent Developments in Heat Recovery Steam Generator
30 Opportunities and Strategies
31 Heat Recovery Steam Generator Market, Conclusions and Recommendations
32 Appendix
Executive Summary
Heat Recovery Steam Generator Global Market Opportunities and Strategies to 2035 provides the strategists; marketers and senior management with the critical information they need to assess the global heat recovery steam generator market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 16 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for heat recovery steam generator? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The heat recovery steam generator market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider heat recovery steam generator market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics Brief introduction to the segmentations covered in the market, definitions and explanations about the segments, key products and supply chain.
- Key Trends Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis and Strategic Analysis Framework Analysis on PESTEL, end use industries, market growth rate, global historic (2020-2025) and forecast (2025-2030, 2035F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Regional and Country Analysis Historic (2020-2025) and forecast (2025-2030, 2035F) market values and growth and market share comparison by region and country.
- Market Segmentation Contains the market values (2020-2025) (2025-2030, 2035F) and analysis for each segment by type, by ingredient type and by distribution channel in the market. Historic (2020-2025) and forecast (2025-2030) and (2030-2035) market values and growth and market share comparison by region market.
- Regional Market Size and Growth Regional market size (2025), historic (2020-2025) and forecast (2025-2030, 2035F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking Briefs on the financials comparison between major players in the market.
- Competitive Dashboard Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Recent Developments Information on recent developments in the market covered in the report.
- Market Opportunities and Strategies Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations This section includes recommendations for heat recovery steam generator in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report
1) By Design Type: Modular Construction; C-Section Construction; Bundle Construction; Fully Assembled
2) By Configuration Type: Horizontal Drum Units; Vertical Drum Units; Horizontal-Once Through Units
3) By Output Power Type: 0 To 60 Megawatt (MW); 60 To 100 Megawatt (MW); 100 Megawatt (MW) and Above
4) By Application Type: Co-Generation (Process Heating); Combined Cycle; Combined Heat and Power (CHP)
5) By End User: Utility; Chemicals; Refineries; Pulp and Paper; Other End Users
Countries: China; Australia; India; Indonesia; Japan; South Korea; Taiwan; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; South East Asia; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; heat recovery steam generator indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- GE Vernova Inc.
- Siemens Energy AG
- Mitsubishi Heavy Industries Ltd.
- Babcock & Wilcox Enterprises Inc.
- Nooter/Eriksen Inc.
- Thermax Limited
- Doosan Heavy Industries & Construction
- BHI Co. Ltd.
- VOGT Power International Inc.
- John Wood Group plc (Amec Foster Wheeler)
- Hitachi, Ltd.
- General Electric Company
- Kawasaki Heavy Industries, Ltd.
- Bharat Heavy Electricals Limited
- Larsen & Toubro Limited
- Isgec Heavy Engineering Ltd.
- John Cockerill
- Alstom
- Aalborg Industries
- Xizi Clean Energy Equipment Manufacturing Co., Ltd.
- Qingdao Kaineng Environmental Protection Technology Co., Ltd.
- Zhangjiagang Hua Dong Boiler Co., Ltd.
- Harbin Electric Corporation
- SNT Energy
- DaeKyung Machinery & Engineering Co., Ltd.
- Taiwan Heat Transfer Co., Ltd.
- Worfin Engineering Co., Ltd.
- NEM Energy Group
- CN Co., Ltd.
- Babcock & Wilcox
- Technip Energies
- John Cockerill Hamon
- Bosch Industriekessel GmbH
- Clyde Bergemann
- STF Boilers
- Polish Energy Group
- RENTECH Boiler Systems
- Kineticor Resource Inc
- Lointek SL
- Indeck Power Equipment Company
- Thermal Tech Inc.
- Cain Industries
- Cerrey
- Celepsa
- Termochilca SA
- CMI Group
