Heat Recovery Steam Generator (HRSG) Market Size to Grow by $ 189.65 mn through 2020-2024 | Forecast and Trend Analysis

Technavio has been monitoring the heat recovery steam generator (hrsg) market and it is expected to grow by $ 189.65 mn, accelerating at a CAGR of almost 3% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report

Heat Recovery Steam Generator (HRSG) Market: Emerging Trends to Impact Market Growth

Increase in demand for hrsg in power production to emerge as a key trend in the industrial heat recovery steam generator (hrsg) market. This report provides a detailed analysis of all the trends that are likely to influence the growth of individual segments within the market as well as the overall market in focus. This analysis will enable clients to assess their play in the market and plan for growth opportunities.

Heat Recovery Steam Generator (HRSG) Market: Vendor Analysis

The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Babcock & Wilcox Enterprises Inc., Clayton Industries, Doosan Heavy Industries & Construction Co. Ltd., General Electric Co., John Wood Group Plc, Kawasaki Heavy Industries Ltd., Kelvion Holding GmbH, Mitsubishi Heavy Industries Ltd., Siemens AG, and Thermax Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio custom reports provide market insights at the global and regional level along with a pipeline analysis of new product launches. It also provides a peek into the latest R&D along with an impact analysis of government regulations.

For more insights into this market:Download a Free Sample Report

The Global Heat Recovery Steam Generator (HRSG) Market is expected to grow by USD 189.65 million accelerating at a CAGR of over 3% during the forecast period. Although the industrials sector is expected to witness negative growth as a result of COVID-19, the impact of the pandemic on the market in focus is expected to remain NEUTRAL. Technavio evaluates the market with a detailed investigation into the market forces, emerging trends, and growth drivers. It also provides competitive benchmarking to equip clients with actionable insights that will help them navigate through the current market scenario. Preview our latest report

"The growing demand for energy efficiency will drive the growth prospects for the HRSG Market in the forthcoming years. HSRG technology facilitates the efficient production of power by using waste heat energy to generate power at no additional cost.", says senior research analyst for the Industrials Industry at Technavio.

Heat Recovery Steam Generator (HRSG) Market: Key Drivers and Trends to Impact Growth

The increased demand for efficient power generation is driving the growth of the heat recovery steam generator market. The rising global population is generating a strong need for power production. As demand for energy grows and the increasing number of stringent regulations are laid down for carbon emissions, production of clean energy is forecasted to gain prominence over the next few years. HSRG technology facilitates the efficient production of power by using waste heat energy to generate power at no additional cost. The growing concerns about the effects of carbon emissions on the environment will further boost the growth prospects of heat recovery steam generator manufacturers over the next five years. 

Heat Recovery Steam Generator (HRSG) Market: Product Segment Highlights

• Product Segmentation: Horizontal HRSG and Vertical HRSG
• Horizontal HRSG units are the most popular type of HRSG as they account for most of the HRSG installations worldwide.
• Market growth in the horizontal HRSG segment will be faster than the growth of the market in the vertical HRSG segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the heat recovery steam generator market size.

Heat Recovery Steam Generator (HRSG) Market: Competitive Analysis

• The Heat Recovery Steam Generator (HRSG) Market is fragmented due to the presence of several vendors.
• The vendors in the market differentiate their product offerings based on the designs and features of the products. They are also investing in developing products that are more energy-efficient than the previous models. 
• Babcock & Wilcox Enterprises Inc., Clayton Industries, Doosan Heavy Industries & Construction Co. Ltd., General Electric Co., John Wood Group Plc, Kawasaki Heavy Industries Ltd., Kelvion Holding GmbH, Mitsubishi Heavy Industries Ltd., Siemens AG, and Thermax Ltd. are some of the major market participants.Although the increase in energy efficiency will offer immense growth opportunities, the volatility in prices of natural gas will challenge the growth of the market participants.

Technavio provides custom research reports with detailed insights on the impact of COVID-19 with respect to the industry, region, and supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations. Download a Free Sample Report