According to a market report published by Future Market Insights titled ‘Heat Recovery Steam Generators Market: Global Industry Analysis 2012–2016 and Opportunity Assessment 2017–2027′, the long-term outlook of the global heat recovery steam generators market remains positive, with market value expected to increase at a CAGR of 6.1% during the forecast period (2017–2027), to embark upon a market size of US$ 1.5 Bn in 2027 from the estimated market size of US$ 836.8 Mn in 2017. Heat Recovery Steam Generators Market- Overview: Heat recovery steam generators, also termed as waste heat boilers, are an important constituent in energy recovery and their subsequent use in co-generation in power plants used for general as well as captive power consumption.
The equipment has found use primarily in co-generation, combined cycle types, and combined heat and power plants, rather than traditional thermal plants operating on fossil fuels. The heat recovery steam generators market has gained prominence over the last decade, with various countries and industry sectors aiming to optimize operations in boiler firing and turbine drive systems, which otherwise incurred significant heat and energy losses. Also, the subsequent reduction and control of exhaust gases has strongly advocated the use of heat recovery steam generators.
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Heat Recovery Steam Generators Market- Segmental Analysis & Forecast: The heat recovery steam generators market has been aptly analysed on the basis of four parameters: by design, by configuration, by output power capacity, and by application. Among the configuration types, the horizontal once-through unit segment in the heat recovery steam generators market is expected to expand at a significant CAGR in terms of value over the forecast period, and is expected to hold over 60% share in terms of sales revenue by 2017. On the basis of design, at present, the market share is mainly acquired by the modular type. However, in due course, the fully assembled chilled beam segment is anticipated to grow at a significant CAGR over the forecast period as compared to its counterparts. By application, the combined heat and power plant segment is estimated to offer significant demand and utilization of heat recovery steam generators in the current as well as forecast period. The small-to-medium output power capacity type plants have been considered to be the major consumers of heat recovery steam generators. In terms of the outlook of the heat recovery steam generator market and analysis by geographical regions, the Middle East and Africa has been identified as a prominent regional market in terms of value share and projected growth during the forecast period. South East Asia, Oceania, and Eastern Europe are also regions considered to witness significant growth in the sales and development in the heat recovery steam generators market during the forecast period. Other regions are expected to witness moderate-to-fair growth of heat recovery steam generators during the forecast period.
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The adoption of co-generation power plants and combined heat and power plants for commercial and industrial sector energy consumption ensuring the high efficiency of operations is expected to aid the growth of the heat recovery steam generators market at a sound rate. Another reason for the growth of the heat recovery steam generators market is adhering to the resolutions of lowering greenhouse gas emissions and other exhausts as being detrimental to the environment, which has prompted the industrial sector to adopt heat recovery steam generators at a faster rate. Heat Recovery Steam Generators Market Participants: Some of the market participants identified in the heat recovery steam generators market are Cleaver-Brooks, Siemens AG, General Electric, CMI Group, John Wood Group PLC, Cannon S.p.A., Mitsubishi Hitachi Power Systems, Ltd., Rentech Boilers Systems Inc., Hamon Deltak, Inc., AC BOILERS SpA, SES Tlmače, a.s., and Xizi United Holdings Limited. Key players in the heat recovery steam generators market are continuously trying to upgrade their existing products, and also innovating and launching newer products.