Heat Recovery Steam Generator Market Size 2023-2030 Global Industrial Analysis, Market Share, Top Key Players

Heat Recovery Steam Generator Market

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. The report analyzes the global Heat Recovery Steam Generator Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Heat Recovery Steam Generator Market industry.

Global Heat Recovery Steam Generator Market: Overview

Heat recovery steam generator is a simple heat exchanger device developed to recover the exhaust or waste heat from various power plants. It develops steam by using waste heat that can be utilized for generating power and electricity. They are also used in industry due to their wide application in component integration, manufacturing, designing, service activities, and installation.

Global Heat Recovery Steam Generator Market: Growth Factors

The global heat recovery steam generator market is likely to elevate in the coming period. The rise in the demand of heat recovery steam generator for producing green and clean energy in the industry has boosted the growth of the global market. In addition to this, use of advanced technology in the development of heat recovery steam generators is also driving the growth of the global heat recovery steam generator market. The increase in the demand from the industry is also one of the main reasons that are lowering the gas global heat recovery steam generator market.

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On the other hand, the high cost of the transportation is the main reason hampering the global heat recovery steam generator market. In addition to this, the high cost of ownership of the heat recovery steam generators is also one of the significant factors that are hindering the growth of the global Heat recovery steam generator market. Additionally, the high value for maintenance is one of the main reasons that are restraining the growth of the global market.

Global Heat Recovery Steam Generator Market: Segmentation

Based on applications, the global market for heat recovery steam generator is mainly classified as combined cycle and CHP.

On the basis of rated power, the global market is segmented into up to 30 MW and > 30 MW.

Based on the end user, the global market for heat recovery steam generator is bifurcated as chemicals, utilities, pulp & paper, refineries, commercial, and others.

Global Heat Recovery Steam Generator Market: Regional Analysis

The global heat recovery steam generator market is regionally segmented as North America, Asia-Pacific, and the Middle East and Africa. Use of advanced technology has boosted the global market in North America. Increased demand for heat recovery steam generators for the production of efficient and clean energy is driving the global heat recovery steam generator market in India and China. Increased job opportunity is elevating the growth of the global market in the Europe.