Heat Recovery Steam Generator Market: Asia-Pacific is Expected to Grow at the Highest Growth Rate During the Forecast Period

The heat recovery steam generator market is expected to grow from an estimated USD 740.7 Million in 2015 to USD 888.2 Million by 2020, at a CAGR of 3.7% from 2015 to 2020. Factors such as increasing efforts to reduce global greenhouse gas emissions, growing adoption of CCPP & CHP, increasing global electricity demand & subsequent investments in power plants, and economic benefits of implementing heat recovery steam generators are driving the market worldwide.

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Increasing preference for >30 MW heat recovery steam generators

The report also segments the heat recovery steam generator market on the basis of its rated power, which includes up to 30 MW and >30 MW. The >30 MW power rated heat recovery steam generators have been widely accepted in the past few years, and finds application mainly in CCPP. The market for > 30 MW power rated heat recovery steam generators will be driven by the many combined cycle power plants that are planned to come up in Asia-Pacific and North America. Replacement of old coal-fired power generation capacity in the U.S. with new large capacity gas-fired power plants would give a major boost to the market. The up to 30 MW power rated heat recovery steam generator market is expected to grow at the highest CAGR during the forecast period.

Combined Heat and Power (CHP) plants to be the dominant application segment in the global heat recovery steam generator market

Heat recovery steam generators find application mainly in CHP and CCPP. The CHP market accounted for more than 50% of the total market share in 2014. Cogeneration or CHP is highly efficient and can achieve primary energy savings by nearly 40%. Moreover, they are installed close to the end-user, which helps in reducing T&D losses. The typical recoverable temperature ranges from 90oC to 400oC, which are used for district heating or cooling and other factory processes.

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Asia-Pacific is expected to grow at the fastest pace during the forecast period
Asia-Pacific is the fastest growing market for heat recovery steam generators. In countries such as China and India, factors such as strong growth in demand for electricity fuelled by high levels of urbanization, industrialization, & infrastructural developments and subsequent investments in developing new large gas-fired combined cycle power generation, apart from other power plants, would spur the demand for heat recovery steam generators.

Some of the leading players in the heat recovery steam generator market including General Electric Company (U.S.), Siemens AG (Germany), Amec Foster Wheeler plc. (U.K.), Babcock & Wilcox Company (U.S.), and Doosan Engineering & Construction Co., Ltd. (South Korea), among others.