According to the report published by Zion Market Research, the global Heat Recovery Steam Generator Market size was valued at USD 1290.8 Million in 2022 and is predicted to reach USD 2005.3 Million by the end of 2030. The market is expected to grow with a CAGR of 5.66% during the forecast period.
Heat recovery steam generators are crucial in the realm of energy conservation, given the current energy crisis. Recent trends indicate that these systems, which are integral parts of the combined cycle (gas turbine and steam power cycle), are the most effective energy conservation techniques.
The process of heat recuperation Waste heat boilers, also known as steam generators, convert the waste heat from the exhaust emissions of the gas turbine cycle into steam for use in the steam power cycle.
The implementation of these systems has the potential to substantially reduce greenhouse gas emissions and enhance the efficiency of power facilities; consequently, this is propelling their demand in diverse energy-producing sectors. Increasing investments in renewable energy generating sources and OEM-offered product customisations for heat recovery steam generators will continue to fuel market expansion through 2033.
Global Market Drivers for Heat Recovery Steam Generators
The market drivers for heat recovery steam generators are susceptible to a multitude of influences. Possible examples include:
Companies are increasingly embracing technologies that enable the conversion of waste heat into usable energy in response to the growing demand for energy conservation and sustainability. HRSG is crucial for increasing the overall efficiency of power facilities.
Increasing Global Energy Demand: The proliferation of combined cycle power plants equipped with HRSG systems is an indication of the expanding global energy demand and the imperative to mitigate power shortages in diverse areas.
Governmental Policies and Promotions: Government programs frequently support combined cycle power plants and HRSG technologies in an effort to reduce carbon emissions and advance greener energy sources. By providing subsidies, incentives, and regulations that encourage the use of waste heat recovery systems, the market can be expanded.
Urbanisation and industrialization expansion both contribute to a rise in electricity demand, which in turn necessitates the implementation of power generation solutions, including HRSG systems.
In addition to innovations in HRSG construction and materials, ongoing technological advancements may potentially stimulate market growth. Increased HRSG system robustness, adaptability, and efficiency may attract funding.
The development of natural gas infrastructure is experiencing growth, coinciding with the increasing prevalence of greener energy sources. These factors are what drive the demand for combined cycle power plants, of which HRSGs are essential.
The competitive landscape encompassing suppliers and manufacturers of HRSG has the potential to stimulate innovation, cost reduction, and the development of more reliable and effective systems—all of which are conducive to the growth of the market.
A Global Overview of Cogeneration and Combined Heat and Power (CHP) Utilisation of HRSG technology in cogeneration and CHP systems contributes to the expansion of the market. These systems simultaneously generate electricity and beneficial heat.
Financial Dedications to Renewable Energy: On certain occasions, HRSG systems might be integrated with renewable energy endeavours in an effort to enhance overall efficiency. Indirectly, investments in hybrid power facilities and renewable energy may impact the HRSG market.
Increasing Combined Cycle Power Plant Adoption Affects Demand for Heat Recovery Steam Generators
The escalating need for energy and the concerning surge in greenhouse gas emissions have served as catalysts for the advancement of sophisticated energy systems, which have the potential to improve sustainability and efficiency through the mitigation of environmental harm.
Utilisation of renewable energy, recovery of residual heat, and combined cycle power generation have garnered considerable attention in recent times. Numerous industrial processes generate waste heat, which can be converted to electricity using a heat recovery steam generator system.
Among the numerous applications for heat recovery steam generators, combined cycles are gaining considerable traction. Rankine cycle steam generation occurs via the transfer of residual heat from gas turbine exhaust gases to water in combined cycles.
Combined cycles in their most fundamental form involve a gas turbine that discharges steam into a heat recovery steam generator. Presently, the heat recovery steam generator is the most efficient method of power generation, as it supplies steam to steam turbine cycles that produce electricity.
It has been discovered that combined cycles can enhance the environmental, economic, and efficiency of power production via gas turbine cycles, and that heat recovery steam generators have a substantial impact on the technical and economic operation of combined cycles.
A variety of advantages, such as increased operational flexibility, decreased investment requirements, and increased overall plant efficiency, are driving the progressive implementation of combined cycles in contrast to conventional fossil-fired power plants.
Gas-burning combined cycle plants are an excellent source of renewable energy for densely populated areas due to their high efficiency and low emission levels. Combined cycle facilities with favourable thermodynamic properties enable the cogeneration of heat and electricity. Enhanced output, in conjunction with reduced investment costs, high cycle efficiency, and minimal emissions, are notable advantages of combined cycle power generation.
The increasing prevalence of combined cycles for energy production will create promising sales opportunities for heat recovery steam generators in the future years, given the critical role that these generators play in combined cycles.
Global Heat Recovery Steam Generator Market: Competitive Players
Key players in the global market for the heat recovery steam generator are:
- Thermax Ltd.
- Alstom SA
- Sofinter S.P.A.
- Foster Wheeler AG
- Technology Transfer Services
- Mitsubishi Heavy Industries
- CMI Group
- Bharat Heavy Electricals Ltd.
- AEE Australia Pvt. Ltd.
- Doosan Heavy Industries Construction Co. Ltd.
Global Heat Recovery Steam Generator Market: Regional Segment Analysis
- North America U.S.
- Europe Germany France UK
- Asia Pacific China Japan India
- Latin America Brazil
- The Middle East and Africa
The presence of prominent market participants in the area presents a prospect for market expansion.
The escalating population and swift economic expansion, in conjunction with the extensive manufacturing sector and mass migration towards centrally heated urban areas, have significantly influenced the electricity consumption patterns in China.
In light of the increasing demand for electricity generation and the nation's sustained reliance on fossil fuels, the Chinese government has devised strategies to transition to renewable energy sources. Advancements in energy management, photovoltaics, and battery technologies are consistently prioritised in these strategies.
These aforementioned elements are motivating international participants in the heat recovery steam generator market to enter the Chinese market by introducing innovative and cutting-edge solutions. For example, Mitsubishi Power, a multinational corporation, entered into a contractual arrangement to provide a Chinese steel manufacturing company with a 180-MW gas-fired turbine.
For its combined cycle power facility, Jiangsu Shagang Group has contracted Mitsubishi to provide the M701SDAX gas turbine. The turbine of the M701 class is powered by blast furnace gas, and the facility is projected to become operational in 2023. Aside from auxiliary apparatus, the facility will include a heat recovery steam generator, gas turbine, steam turbine, and gas compressor.
Increasing National Demand for Electricity Will Fuel Market Expansion
Significant changes have occurred in the energy sector of India as a result of increasing demand and strategic initiatives to promote renewable energy. Rapid urbanisation facilitated by Smart City initiatives, industrialisation strategies including 'Make in India', and burgeoning economic expansion are all contributing factors to the escalating electricity demand.
The objective of the Indian government is to supply electricity to all urban and rural households around the clock, by 2040, adding 600 million additional electricity consumers. Consequently, this will result in a substantial surge in demand.
In addition to government-supported initiatives to promote renewable energy, the growth of numerous manufacturing sectors in India will continue to fuel demand for heat recovery steam generators.
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