배열회수보일러 시장 규모, 점유율, 성장 분석 : 설계별, 출력 정격별, 운전 모드별, 최종사용자별, 지역별 - 업계 예측(2026-2033년)

Heat Recovery Steam Generator Market size was valued at USD 862.78 Million in 2024 and is poised to grow from USD 892.98 Million in 2025 to USD 1175.88 Million by 2033, growing at a CAGR of 3.5% during the forecast period (2026-2033).

The Heat Recovery Steam Generator market is experiencing significant growth driven by factors such as escalating energy costs, favorable regulatory frameworks promoting environmental sustainability, and declining capital expenditures due to technological advancements. Their ability to minimize carbon footprints and produce clean energy is making these generators increasingly appealing to energy-conscious businesses. Additionally, the rise in energy consumption coupled with concerns over greenhouse gas emissions is fueling demand for advanced energy systems that enhance efficiency and sustainability. The adoption of cogeneration technology plays a pivotal role in this market, as heat recovery steam generators significantly improve the economic and operational performance of combined cycle power plants. Key components including pipes and tubes are essential for the assembly of these generators, driving market dynamics.

Top-down and bottom-up approaches were used to estimate and validate the size of the Heat Recovery Steam Generator market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Heat Recovery Steam Generator Market Segments Analysis

Global Heat Recovery Steam Generator Market is segmented by Design, Power Rating, Mode of Operation, End-user and region. Based on Design, the market is segmented into Horizontal Drum Units, Vertical Drum Units, Horizontal-Once-Through Units. Based on Power Rating, the market is segmented into Up to 30 MW, 31 MW - 100 MW, Above 100 MW. Based on Mode of Operation, the market is segmented into Cogeneration, Combined Heat & Power, Combined Cycle. Based on end user, the market is segmented into Utility, Chemicals, Refineries, Pulp & Paper. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Heat Recovery Steam Generator Market

The increasing shift towards clean energy sources is a key driver of the Heat Recovery Steam Generator market. These clean energy alternatives offer enhanced flexibility, impressive efficiency, reliability, and advanced technology compared to traditional thermal power generation, which has been detrimental to the environment through elevated carbon emissions and contributions to global warming. As renewable energy becomes more prevalent, the adoption of combined cycle power plants and cogeneration systems for electricity production has intensified. Consequently, the growing investments in renewable energy projects attract substantial funding globally, further stimulating demand within the market for Heat Recovery Steam Generators.

Restraints in the Heat Recovery Steam Generator Market

The expansion of the Heat Recovery Steam Generator market faces significant challenges due to high initial investment and maintenance costs associated with the technology. These generators consist of complex heat exchange systems that include economizers, super-heaters, and evaporators, all of which require substantial capital for setup. Additionally, the incorporation of high-pressure circuits to optimize energy extraction from gas turbine exhaust further complicates the design and increases operational demands. As the steam turbine's output improves with higher pressure, the associated maintenance expenses also rise, potentially hindering broader market growth. Consequently, financial pressures may limit the adoption of these systems in various industries.

Market Trends of the Heat Recovery Steam Generator Market

The Heat Recovery Steam Generator (HRSG) market is witnessing a notable upward trend driven by the urgent need to enhance energy efficiency and mitigate environmental impacts. As global electricity demand escalates, the imperative to reduce greenhouse gas emissions prompts governments and industries to invest heavily in cleaner energy technologies. HRSGs play a crucial role in this shift by optimizing the thermal efficiency of combined cycle power plants, enabling the recovery of waste heat and its conversion into usable energy. Consequently, the rising adoption of cogeneration systems, coupled with stringent emissions regulations, is propelling the growth of the HRSG market as businesses seek sustainable and compliant energy solutions.

Table of Contents

Introduction

• Objectives of the Study
• Scope of the Report
• Definitions

Research Methodology

• Information Procurement
• Secondary & Primary Data Methods
• Market Size Estimation
• Market Assumptions & Limitations

Executive Summary

• Global Market Outlook
• Supply & Demand Trend Analysis
• Segmental Opportunity Analysis

Market Dynamics & Outlook

• Market Overview
• Market Size
• Market Dynamics
  • Driver & Opportunities
  • Restraints & Challenges
• Porters Analysis & Impact
  • Competitive rivalry
  • Threat of substitute
  • Bargaining power of buyers
  • Threat of new entrants
  • Bargaining power of suppliers

Key Market Insights

• Key Success Factors
• Degree of Competition
• Top Investment Pockets
• Market Ecosystem
• Technological Advancement
• Regulatory Landscape
• Value Chain Analysis
• PESTEL Analysis
• Market Attractiveness Index
• Supply Chain Analysis

Global Heat Recovery Steam Generator Market Size by Design & CAGR (2026-2033)

• Market Overview
• Horizontal Drum
• Vertical Drum

Global Heat Recovery Steam Generator Market Size by Power Rating & CAGR (2026-2033)

• Market Overview
• Up to 30 MW
• 31 to 100 MW
• 101 to 200 MW
• 201 to 300 MW
• Above 300 MW

Global Heat Recovery Steam Generator Market Size by Mode of Operation & CAGR (2026-2033)

• Market Overview
• Cogeneration
• Combined Heat & Power
• Combined Cycle

Global Heat Recovery Steam Generator Market Size by End-user & CAGR (2026-2033)

• Market Overview
• Commercial
• Chemical
• Refineries
• Utilities
• Pulp & Paper
• Other

Global Heat Recovery Steam Generator Market Size & CAGR (2026-2033)

• North America, (Design, Power Rating, Mode of Operation, End-user)
  • US
  • Canada
• Europe, (Design, Power Rating, Mode of Operation, End-user)
  • UK
  • Germany
  • Spain
  • France
  • Italy
  • Rest of Europe
• Asia-Pacific, (Design, Power Rating, Mode of Operation, End-user)
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America, (Design, Power Rating, Mode of Operation, End-user)
  • Brazil
  • Rest of Latin America
• Middle East & Africa, (Design, Power Rating, Mode of Operation, End-user)
  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa

Competitive Intelligence

• Top 5 Player Comparison
• Market Positioning of Key Players, 2025
• Strategies Adopted by Key Market Players
• Recent Developments in the Market
• Company Market Share Analysis, 2025
• Company Profiles of All Key Players
  • Company Details
  • Product Portfolio Analysis
  • Company's Segmental Share Analysis
  • Revenue Y-O-Y Comparison (2021-2023)

Key Company Profiles

• MITSUBISHI HEAVY INDUSTRIES, LTD.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Thermax Limited.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• GE Vernova and/or its affiliates.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Bharat Heavy Electricals Limited
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• LARSEN & TOUBRO LIMITED.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Isgec Heavy Engineering Ltd.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Kawasaki Heavy Industries, Ltd.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Siemens Heat Transfer Technology (Siemens)
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• John Cockerill.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• BHI Co., Ltd.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Alstom SA
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Rentech Boiler Systems, Inc.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• CN CO., LTD.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Mutares SE & Co. KGaA
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Babcock & Wilcox
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• CMI Group
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Doosan Heavy Industries & Construction
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Nooter/Eriksen
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Foster Wheeler AG
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Alstom Power
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments

Conclusion & Recommendation