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The global heat recovery steam generator market size is slated to hit USD 1.22 billion by 2026 owing to advancements in renewable energy technologies. This information is contained in the Fortune Business Insights™ report, titled “Heat Recovery Steam Generator Market Size, Share and Industry Analysis, By Design (Horizontal Drum and Vertical Drum), By Application (Cogeneration, and Combined Cycle), By Power Rating (Up to 30 MW, 31 MW - 100 MW, and Above 100 MW), By End-User (Utility, Chemicals, Refineries, Pulp & Paper, and Others), and Regional Forecast, 2019 to 2026”. According to the report, the value of this market stood at USD 0.88 billion in 2018 and the market will register a CAGR of 4.2% from 2019 to 2026.
Mitsubishi Hitachi to Install Two Gas Turbines and HRSGs in Alberta
One of the leading heat recovery steam generator market trends is the singular focus by developed nations to upgrade and install advanced clean energy mechanisms, future-proofing their energy sector. This has opened a plethora of opportunities for various companies to broaden their business horizons. In October 2019, Mitsubishi Hitachi Power Systems (MHPS), the Japanese energy conglomerate, received an order from the Canada-based integrated energy pioneer Suncor Energy for two heat recovery steam generators (HRSGs) and two M501JAC advanced class gas turbines. Suncor’s intent behind this purchase is to lay the groundwork for its future cogeneration facility to be set up near Fort McMurray in Alberta. Replacing the company’s coke-fired boilers, the new systems will generate steam and aid Suncor’s bitumen recovery operations.
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Superior Efficiency of Combined Cycle Power Plants to Boost the Market
Combined cycle power plants (CCPPs) utilize waste heat generated by the gas turbine by transferring it to the steam turbine, resulting in 50% more generation of electricity. The extra heat, therefore, is not just extracted, but it is fully employed to generate extra power and more electricity, making HRSGs one of the most energy-efficient technologies currently available. This has created multiple opportunities for companies in the energy sector, which is inflating the HRSG market size. For example, Shandong Electric Power Construction Corporation III received an engineering, procurement, and construction contract (EPC) contract in 2016 to replace the Hussein Thermal Power Plant in Jordan. Thus, the benefits of CCPPs are fueling their uptake across the world and augmenting heat recovery steam generator market growth.
Geographic Expansion by Key Companies to Spur Competition
The HSRG market forecast indicates that competition in this market is getting increasingly characterized by different strategies implemented by players to expand their global footprint. This is mainly being achieved through subsidiaries founded and strengthened by global companies in various regions around the world.
List of Players Covered in the Report:
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Table of Segmentation:
Value (USD Billion)
By Power Rating