The global "Heat Recovery Steam Generator Market" is projected to grow at a CAGR of 3.7% from 2015 to 2020 to reach USD 888.20 Million by 2020. Increasing global electricity demand, subsequent investments in power plants, increasing efforts to reduce global greenhouse gas emissions, and growing adoption of CCPP & CHP are the factors driving the heat recovery steam generator market.
The CHP segment accounted for more than 50% of the total market share in 2014. Cogeneration or CHP is a technology through which electricity and heat are simultaneously produced. It is highly efficient and can achieve primary energy savings by nearly 40%. Moreover, it is installed close to the end-user, which would help in reducing T&D losses. The typical recoverable temperature ranges from 90oC to 400oC, which are used for district heating or cooling and other factory processes.
Combined Heat and Power (CHP) plants to be the dominant application segment in the global heat recovery steam generator market
Heat recovery steam generators find application mainly in CHP and CCPP. The CHP market accounted for more than 50% of the total market share in 2014. Cogeneration or CHP is highly efficient and can achieve primary energy savings by nearly 40%. Moreover, they are installed close to the end-user, which helps in reducing T&D losses. The typical recoverable temperature ranges from 90oC to 400oC, which are used for district heating or cooling and other factory processes.
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Increasing preference for >30 MW heat recovery steam generators
The report also segments the heat recovery steam generator market on the basis of its rated power, which includes up to 30 MW and >30 MW. The >30 MW power rated heat recovery steam generators have been widely accepted in the past few years, and finds application mainly in CCPP. The market for > 30 MW power rated heat recovery steam generators will be driven by the many combined cycle power plants that are planned to come up in Asia-Pacific and North America. Replacement of old coal-fired power generation capacity in the U.S. with new large capacity gas-fired power plants would give a major boost to the market. The up to 30 MW power rated heat recovery steam generator market is expected to grow at the highest CAGR during the forecast period.
Europe is the dominant market for heat recovery steam generators
Europe continues to dominate the market, as it has the highest number of CHP plants in the world, and Asia-Pacific is expected to grow at the fastest pace. Factors such as urbanization, industrialization, and fast economic growth necessitates huge requirement for electric power from various countries in the Asia-Pacific region, which demands development of new power plants, especially gas-fired ones.
Target Audience:
- Heat recovery steam generator manufacturers
- Suppliers of parts and components to the heat recovery steam generator industry
- Manufacturers and equipment-user’s associations and groups
- Public and private operators of CHP plants and CCPPs
- Government and research organizations
- Consulting companies in energy & power
- Shareholders and investors
- Investment banks
Major End-User
- Utilities
- Chemicals
- Refineries
- Pulp & Paper
- Commercial
- Others
Some of the Leading Players in the heat recovery steam generator market include General Electric Company (U.S.), Siemens AG (Germany), Amec Foster Wheeler plc. (U.K.), Babcock & Wilcox Company (U.S.), CMI Group (Belgium), and Doosan Engineering & Construction Co., Ltd. (South Korea), among others.
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