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.

Global Heat Recovery Steam Generator Market size was valued at USD 805.5 million in 2022 and is poised to grow from USD 833.6 million in 2023 to USD 1100 million by 2031, growing at a CAGR of 3.5% in the forecast period (2024-2031). 

Some of the key reasons propelling the market for Heat Recovery Steam Generators include rising power costs, supportive regulatory standards to maintain a cleaner environment, and declining capital costs as a result of recent technology advancements. Due to its capacity to reduce carbon footprints and provide clean energy, heat recovery steam generators are gaining recognition among energy-efficient enterprises. Advanced energy systems may boost efficiency and improve sustainability by decreasing environmental effects. These systems have been encouraged by rising energy consumption and an alarming rise in greenhouse gas emissions.

The market for heat recovery steam generators is projected to be driven by increased cogeneration technology adoption because of the rising need for energy-efficient systems. It has been discovered that heat recovery steam generators have a major impact on the economic and technical operation of combined cycles, and that combined cycles can increase efficiency, economic, and environmental aspects of power production through gas turbine cycles. Pipes, tubes and others are the part of heat recovery steam generator Market . All the components are integrated to assemble the generator in later stages.

US Heat Recovery Steam Generator Market is poised to grow at a sustainable CAGR for the next forecast year.