Heat Recovery Steam Generator Market Size, Share, Growth Analysis, By Design (Horizontal Drum Units, Vertical Drum Units,), By Power Rating (Up to 30 MW, 31 MW - 100 MW), By Mode of Operation (Cogeneration, Combined Cycle), By End-user, By Region - Industry Forecast 2024-2031.

Based on the region, the North American region currently dominates the global heat recovery steam generator market. Utilities in the U.S. are installing a significant number of heat recovery steam generators in combined cycle plants and cogeneration facilities around North America. Other government organizations, such as the U.S. Department of Energy (DOE), the U.S. Department of Agriculture, and the U.S. Department of Interior, also offer grants and loans. Additionally, a number of American states provide financial incentives to encourage and support the installation of renewable energy equipment. The market for heat recovery steam generators in the United States is predicted to prosper as a result of all these factors.

During the projected period, Europe is anticipated to occupy the second-largest position in the market. This market is anticipated to grow strongly in the area. European nations are concentrating on renewable energy sources, allowing them to completely eradicate greenhouse gas emissions from the global environment.

Asia-Pacific is also estimated to hold significant growth in the market share during the projected period. The implementation of a combined cycle power plant and rising demand and large investments for clean energy are the main factors credited with the expansion of the market in the area. Asia-Pacific nations like China, Japan, and India continually put a high priority on producing clean energy, and large investments are being made to lower emission levels.Hastening thermal capacity add-ons, growth of industrialization, and an optimistic outlook towards the combined cycle power plant is anticipated to drive the market for heat recovery steam generator in China.