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.

Heat Recovery Steam Generator Market Drivers

Growing interest and major investments in clean energy to support the market growth

• Clean energy sources are growing rapidly in the power business. A clean energy source is more flexible in the power system, highly efficient, dependable, and technologically advanced. Thermal plant power generation has significantly harmed the environment by increasing carbon emission levels and causing global warming. As a result, clean energy has grown significantly, enabling the use of combined cycle power plants and cogeneration to produce electricity. Massive investments are being attracted from all over the world by rising investment in renewable energy sources like CCPP and cogeneration. Thus, rising interest and investments in renewable energy sources fuel demand on the world market.

• Introduction of encouraging government strategies towards the development of combined-cycle power plants along with rising consumer inclination towards cogeneration technology along with noteworthy growth across utility, chemicals, fertilizers, food and beverages, and oil and gas industries are anticipated to drive industry growth.

Heat Recovery Steam Generator Market Restraints

• High maintenance and initial investment costs to limit the market expansion: A set of heat exchangers, comprising economizers to heat water nearly to saturation, super-heaters to produce superheated steam, and evaporators to produce saturated steam, make up a heat recovery steam generator. One or two circuits with higher pressures are added to the system in order to boost energy extraction from the gas turbine exhaust gas to its maximum level. The power output of the steam turbine grows with each degree of pressure applied, which in turn raises the heat recovery steam generator system's maintenance costs. Therefore, increasing maintenance costs could stifle market expansion during the anticipated term.