The heat recovery steam generator (HRSG) market is set to witness tremendous growth on account of proliferating demand for sustainable systems across the manufacturing sector. Utilities and production facilities prefer heat recovery steam generators as they boost performance, increase reliability, and lower the cost of electricity. Rampant industrial growth could massively aid the HRSG business over the coming years.
Growing concerns over GHG and carbon emission supported by the increasing implementation of stringent environmental regulations might boost product adoption. While escalating efforts to lower operational costs by using energy-efficient power alternatives could play a crucial role in stimulating product demand. With this, Global Market Insights, Inc., estimates that the heat recovery steam generator market could reach USD 1.8 billion by the year 2025.
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Currently, the market is experiencing a steady shift towards energy-efficient cogeneration technologies and development of CHP plants backed by supportive federal mandates. Such trends could hugely benefit industry growth over time. Meanwhile, substantial advancements across chemical, fertilizers, oil & gas, power generation, and food & beverage industries might further strengthen the HRSG market share.
Therefore, increasing infrastructure spending on the expansion of commercial and industrial structures like colleges, commercial spaces and malls could stimulate the demand for HRSG systems. These generators often act as a critical component to release the excess heat generated from buildings.
Slated below are some of the ongoing trends advancing the HRSG industry size:
- Surging demand from APAC-
Asia Pacific is considered to be a lucrative region for HRSG manufacturers and is estimated to register gains up to 5% by the year 2025. This projected growth can be attributed to supportive federal policies to curb carbon emissions and growing number of expansion projects to develop the industrial sector. Back in 2018, almost 50% of the entire manufacturing value addition was based in the Asia Pacific along with a massive inflow of foreign direct investments pouring across the region’s industrial sector.
- Promising opportunities across MEA-
Increasing number of petrochemical plant and refinery expansion projects owing to surging demand for hydrocarbon products might accelerate the Middle East & Africa HRSG market growth. Factors like rapid economic growth and proliferating investments from numerous financial institutions to expand the industrial sector could positively impact the regional market size.
- Rising adoption of key business strategies-
Companies operating in the heat recovery steam generator market are constantly looking to form strategic alliances with prominent players to enhance their product portfolios. Companies are focusing on signing long-term contracts with federal bodies to improve their geographical presence. Citing an instance, General Electric inked an agreement worth $1.4 billion with Iraq’s Ministry of Electricity to support the country’s growing need for electricity by providing superior power generation services and equipment. Reportedly, the deal would see GE setting up power plants in Dhi Qar and Samawa and suppling steam turbine technology and advanced heat recovery steam generators (HRSG) for the project.
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