SAN FRANCISCO , March 28, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Heat Recovery Steam Generators - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE What's New for 2022?

Edition: 8; Released: February 2022 Executive Pool: 14091 Companies: 34 - Players covered include Babcock & Wilcox Enterprises, Inc.; Clayton Industries; Cleaver-Brooks, Inc.; General Electric Company; Greens Power Limited; John Wood Group plc; Larsen & toubro limited; Mitsubishi Hitachi Power Systems, Ltd.; John Cockerill Group; Nooter/Eriksen, Inc.; RENTECH Boiler Systems, Inc.; Siemens AG; Thermax Limited; Kawasaki Heavy Industries, Ltd. and Others. Coverage: All major geographies and key segments Segments: Rated Power (Upto 30 MW, Above 30 MW); Application (Combined Cycle, CHP, Other Applications); End-Use (Utilities, Commercial, Chemicals, Refineries, Pulp & Paper, Other End-Uses) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; 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 ; UAE; Rest of Middle East ; Africa .

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Global Heat Recovery Steam Generators Market to Reach $921.4 Billion by 2025 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.

The HRSG-produced steam, when utilized in cogeneration mode, is used for process applications. In cogeneration mode, HRSGs provide economic and environmental advantages, in addition to improving the overall efficiency of the plant by a maximum of 90%. The steam that is produced in a combined cycle mode is forwarded towards a steam turbine generator for the purpose of power generation. The HRSGs, in combined cycles, improve the combined system's efficacy by a maximum of 60%. Packaged HRSGs are delivered from factories as completely assembled units for use in turbine or waste heat applications. Packaged HRSGs could comprise a water-cooled furnace, enabling improved overall efficacy and higher supplemental firing. Amid the COVID-19 crisis, the global market for Heat Recovery Steam Generator market is projected to reach US$921.4 Million by 2025, registering a compounded annual growth rate (CAGR) of 3.6% over the analysis period. Europe represents the largest regional market for Heat Recovery Steam Generator, accounting for an estimated 37.4% share of the global total. The market is projected to reach US$328.6 Million by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.4% over the analysis period. The US represents the single largest market and increasing emphasis on replacing the aging coal-fired power plants, and the growing demand for combined cycle power plants is driving the demand for HRSGs. Meanwhile, Asia-Pacific region represents the fastest growing region for HRSG market. Rising energy consumption and improving standard of living is expected to fuel demand for HRSG in the Asia Pacific countries such as China and India .

Increasing importance of using sustainable technologies and burgeoning industrial sector is fueling growth in the market. Rising investment by companies and government agencies in the power generation sector is fueling demand for the HRSG equipment. In order to tap the available opportunity, manufacturers are developing a broad range of innovative technologies. HRSG comprises four components namely; economizer, evaporator, as well as water super heater and pre heater. The advanced device creates a thermodynamic connection between the steam and gas turbines, which enables operators to achieve high performance standards. Fueled by their abilities to minimize carbon emissions, HRSG is extensively used nowadays in gas and thermal power production facilities. On the basis of pressure levels, HRSG are segmented as multiple and single pressure. The horizontal drum heat recovery steam generator features horizontal exhaust gas fans and vertical heat exchanger tubes. Ongoing technological advancements and burgeoning combined cycle plants sector is expected to fuel demand for horizontal drum HRSGs. Owing to their flexible and compact design, vertical HRSGs are primarily integrated at gas turbines. Increasing number of food processing, refineries, textiles, and chemical processing facilities is fuelling growth for the highly prospective segment.

Cogeneration HRSG offers reliable, eco-friendly, and superior solutions for end users. As a result, the novel technology is extensively being employed with cogeneration systems in the US as well as several other European countries. Driven by their ability to maintain adequate heat and energy consumption levels, several small-sized commercial, industrial, and isolated grid plants are now establishing cogenerating units. As a result, demand for 0 MW – 30 MW HRSG is expected to witness significant increase. Ongoing integration of the distributed generation systems across various static energy production facilities is likely to fuel growth for the global >200 MW HRSG market. Fuelled by their capabilities to minimize energy costs and carbon emissions, demand for the novel systems is expected to witness an upward momentum. Introduction of stringent regulations, declining costs, and ongoing technological advancements is likely to fuel growth for the market participants. Similarly, growing inclination towards reducing coal consumption is also expected to propel integration of HRSG. More

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