Heat Recovery Steam Generator Market Forecast to Reach USD 1.93 Billion by 2032, Driven by Industrial Growth and Energy Efficiency Demands

Summary:

The global Heat Recovery Steam Generator (HRSG) market was valued at USD 1.50 billion in 2024 and is expected to grow at a CAGR of 3.2% between 2025 and 2032, reaching nearly USD 1.93 billion by the end of the forecast period. This growth is attributed to increasing demand for sustainable energy solutions across industries such as power utilities, chemicals, manufacturing, and petrochemicals. With growing emphasis on operational efficiency and environmental responsibility, HRSG systems are becoming a cornerstone for combined cycle power plants and industrial energy recovery processes.

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Market Size:
The Heat Recovery Steam Generator market is on a steady upward trajectory. In 2024, it reached a valuation of USD 1.50 billion and is expected to climb to USD 1.93 billion by 2032. This indicates growing adoption of HRSGs as industries strive to reduce energy waste and comply with emissions regulations.

Scope and Research Methodology:
This report is developed using a combination of primary and secondary research methods. Industry professionals, manufacturers, and experts were interviewed to collect firsthand insights. Supplementary data were obtained from published industry reports, internal databases, and public domain sources. The analysis includes market size evaluation, key growth drivers, emerging trends, and strategic recommendations, ensuring actionable and relevant market intelligence.

Report Coverage:
Market Size (2024-2032)

Growth Drivers and Market Dynamics

Segment and Regional Analysis

Key Competitor Landscape

Investment Opportunities and Strategic Insights

Overview:
Heat Recovery Steam Generators are essential components in modern power generation systems, particularly in combined cycle plants. These systems recover heat from gas turbines and convert it into steam, enhancing overall thermal efficiency and reducing fuel consumption. HRSGs also support compliance with environmental standards by minimizing greenhouse gas emissions.

Dynamics:
Drivers:

Rising demand for energy efficiency across industrial sectors

Growth in combined cycle gas turbine installations

Global push for low-emission power generation

Increased focus on reducing operational energy costs

Restraints:

High initial investment costs

Regulatory complexities in developing economies

Volatile prices of raw materials and components

Opportunities:

Expansion of renewable and hybrid power plants

Technological advances in modular HRSG systems

Rising energy needs in emerging economies

Segmentation:
By Power Rating:

Below 100 MW

101 MW – 200 MW

Above 201 MW

By Application:

Power Utility

Industrial

Others

This segmentation provides strategic insights for businesses targeting specific segments based on power capacity and industry application.

Key Players Include:
General Electric Company

Siemens AG

Amec Foster Wheeler Plc.

Babcock and Wilcox Company

CMI Group

Doosan Engineering and Construction Co., Ltd.

Mitsubishi Heavy Industries Ltd.

John Wood Group PLC

Larsen and Toubro Ltd.

Thermax

Bharat Heavy Electricals Ltd.

Baker Hughes

These companies are actively investing in R&D, expanding their global footprints, and forming strategic partnerships to strengthen their positions in the HRSG market.

Reason to Buy:
Understand the changing market dynamics and technological advancements

Identify key investment opportunities

Evaluate competitor strategies and market share

Access forecasts for effective decision-making

Analyze customer preferences and emerging growth areas

Table of Contents:
Executive Summary

Introduction

Research Methodology

Market Dynamics

Market Size and Forecast

Segment Analysis

Competitive Landscape

Regional Outlook

Conclusion and Future Trends

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About Us:
Maximize Market Research is a globally recognized market research and business consulting firm. Our expertise spans across numerous industries, including energy, manufacturing, chemicals, healthcare, IT, and more. We deliver in-depth market analysis, tailored business insights, and strategic recommendations to support clients in navigating market challenges and unlocking new growth opportunities.

Our mission is to provide actionable intelligence that helps clients achieve sustainable success in competitive environments.

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