Heat Recovery Steam Generator Market Worth $1.22 Bn at 4.2%

2022-08-20 05:32:26 By : Ms. Sophie Pan

November 16, 2021 04:50 ET | Source: Fortune Business Insights Fortune Business Insights

Pune, India, Nov. 16, 2021 (GLOBE NEWSWIRE) -- The global heat recovery steam generator market size is projected to touch USD 1.22 billion by 2026, exhibiting a CAGR of 4.2% during the forecast period. Rising investment in clean energy technologies will be the primary growth propeller for this market, as per the recent Fortune Business Insights™ report, titled “Heat Recovery Steam Generator Market Size, Share and Industry Analysis, By Design (Horizontal Drum and Vertical Drum), By Application (Cogeneration, and Combined Cycle), By Power Rating (Up to 30 MW, 31 MW - 100 MW, and Above 100 MW), By End-User (Utility, Chemicals, Refineries, Pulp & Paper, and Others), and Regional Forecast, 2019 to 2026”.

Worldwide, the effects of global warming and erratic climate change are worsening, and one of the main contributors to this phenomenon is industrial pollution, particularly those industries that are in the business of generating power. Therefore, there is a dire need to ramp up global investments in clean energy sources and technologies, which is one of the chief heat recovery steam generator market trends. According to the UN Environment Program (UNEP), in 2018, global investment in renewables stood at USD 272.9 billion, outpacing investments in fossil fuels during the same period. Furthermore, the current level of investment made 2018 the fifth consecutive year to witness clean energy investment breaching USD 250 billion. This upward trend indicates that governments and the global private sector are readily adopting advanced clean energy technologies, which augurs well for this market.

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List of Key Players Covered in the Report:

•        Nooter/Eriksen, Inc. (U.S.)

•        Bharat Heavy Electricals Limited (India)

•        Babcock & Wilcox (U.S.)

The heat recovery steam generator market report states that the market value stood at USD 0.88 billion in 2018. In addition to this, the report offers the following:

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Staggering Share of Industries in GHG Emissions to Foster Market Growth

Greenhouse gases (GHGs) are harmful substances that absorb infrared radiation emitted by the earth and reflect it back on the planet, causing rise in temperatures and global warming. Industrial pollution is one of the leading causes of escalating emission rate of GHGs all across the globe as industries release massive amounts of carbon dioxide (CO2), the most harmful GHG. The US Environment Protection Agency (EPA) estimates that industries account for nearly 21% of the global GHG emissions on account of the large volumes of fossil fuels burned on-site by them. Moreover, electricity generation and heat production, which primarily involve burning of coal, oil, and natural gas, are responsible for 25% of GHG emissions, the EPA further notes. As a result, the adoption of heat recovery steam generators is steadily rising and expanding the HRSG market size.

North America to Hold Lion’s Share; Europe to Display Stable Growth

North America boasted of the market size of USD 0.24 billion in 2018 and is expected to dominate the HRSG market share during the forecast period. This will mainly occur as a result of wide deployment of HRSGs in cogeneration and combined cycle plants in the US.

In Europe, growth is anticipated to be healthy owing to the intense focus on developing clean energy solutions by companies such as Siemens in the continent. On the other hand, increasing establishment of combined cycle plants and upgrading of existing thermal plants will feed the market growth in Asia-Pacific, according to the HRSG market forecast.

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Keen Focus on Developing Sustainable Technologies by Players to Stimulate Intense Competition

The heat recovery steam generator market report finds that core players in this market are increasingly focusing on developing innovative yet sustainable solutions. This approach will allow them to diversify their product offerings, which ultimately cement their position in this market.

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