Growth Projected for the Heat Recovery Steam Generator Market at a Compound Annual Growth Rate of 5.4%
In recent months, the energy sector has witnessed a significant surge in the adoption of advanced technologies, with Heat Recovery Steam Generators (HRSGs) playing a pivotal role. These systems, designed to enhance the efficiency of power plants, have become a cornerstone in the global drive towards energy efficiency and reduced emissions.
In September 2023, ABB collaborated with a major European energy provider to integrate advanced digital solutions into HRSG systems for combined-cycle power plants. This collaboration aims to improve operational efficiency and reduce emissions, aligning with the industry's efforts to meet stringent environmental regulations and reduce operational costs.
Meanwhile, Wood PLC (formerly Amec Foster Wheeler) completed an HRSG upgrade project for a power plant in the United States in July 2023. The upgrade not only improved the plant's efficiency but also extended its operational life, demonstrating the long-term benefits of investing in HRSG technology.
The demand for HRSGs is expected to rise as industries and utilities strive to meet these objectives. As a result, HRSGs are solidifying their role in the future energy landscape.
In response to this growing demand, Babcock & Wilcox (B&W) launched its new BrightGen HRSG technology in September 2023. Incorporating advanced materials and design, this technology promises to improve thermal efficiency and reduce maintenance costs, making it an attractive solution for energy providers.
The increasing adoption of combined-cycle power plants, which utilize HRSGs to capture waste heat for additional power generation, is driving the growth in the HRSG market. These plants, which are more efficient and environmentally friendly, are becoming increasingly popular as the world moves towards a cleaner, more sustainable energy future.
The Asia-Pacific region is at the forefront of this trend. Leading companies in the Global Heat Recovery Steam Generator market in 2025 include Mitsubishi Power, Doosan Heavy Industries & Construction, GE Power, Bhel (Bharat Heavy Electricals Limited), and Ansaldo Energia.
In August 2023, BHEL commissioned a new HRSG unit at a combined-cycle power plant in India, designed to operate at higher efficiencies and lower emissions. This development underscores India's commitment to sustainable energy solutions and its growing role in the global energy market.
Alstom also secured a contract in August 2023 to supply HRSG systems for a new combined-cycle power plant in the Middle East. The focus of this project is on enhancing energy efficiency and reducing carbon footprints, reflecting the global shift towards cleaner, more efficient energy production.
The Heat Recovery Steam Generator (HRSG) market is projected to experience significant growth due to the global focus on energy efficiency and the integration of renewable energy sources. As the world continues to grapple with climate change and rising energy costs, the role of HRSGs in creating a sustainable, efficient, and cost-effective energy future cannot be overstated.
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