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Market Research Report

Global Heat Recovery Steam Generator Market Insights, Size, and Forecast By Design (Single Pressure, Dual Pressure, Triple Pressure), By End Use (Oil and Gas, Chemical, Power Plants, Manufacturing), By Application (Power Generation, Waste Heat Recovery, Process Industries, Combined Heat and Power), By Type (Vertical Heat Recovery Steam Generators, Horizontal Heat Recovery Steam Generators, Modular Heat Recovery Steam Generators), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Key Companies, Competitive Analysis, Trends, and Projections for 2026-2035

Report ID:25259
Published Date:Jan 2026
No. of Pages:243
Base Year for Estimate:2025
Format:
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Key Market Insights

Global Heat Recovery Steam Generator Market is projected to grow from USD 1.95 Billion in 2025 to USD 3.12 Billion by 2035, reflecting a compound annual growth rate of 6.2% from 2026 through 2035. The Heat Recovery Steam Generator HRSG market encompasses the design, manufacturing, installation, and servicing of heat exchangers that recover waste heat from gas turbines and other industrial processes to generate steam for various applications. This market is primarily driven by the increasing global focus on energy efficiency and sustainability. The rising demand for cleaner energy sources, coupled with stringent environmental regulations aimed at reducing greenhouse gas emissions, significantly boosts the adoption of HRSGs. Furthermore, the expansion of combined cycle power plants and the industrial sector’s push for optimized energy utilization are key contributors to market expansion. Power generation stands as the leading application segment, underscoring the vital role HRSGs play in enhancing the efficiency and environmental performance of thermal power facilities.

Global Heat Recovery Steam Generator Market Value (USD Billion) Analysis, 2025-2035

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6.2%
CAGR from
2025 - 2035
Source:
www.makdatainsights.com

Key trends shaping the HRSG market include the continuous innovation in materials science for improved thermal efficiency and durability, the integration of advanced digital control systems for enhanced operational flexibility, and the development of modular HRSG designs to facilitate easier installation and maintenance. However, the market faces certain restraints, such as the high initial capital investment required for HRSG systems and the complexity of integrating them into existing infrastructure. Fluctuations in natural gas prices can also impact the economic viability of combined cycle power projects, thereby affecting HRSG demand. Despite these challenges, significant opportunities lie in the growing adoption of renewable energy sources that incorporate thermal energy storage, the increasing demand for cogeneration plants in developing economies, and the retrofitting of existing industrial facilities with HRSG technology to comply with evolving environmental standards. The transition towards a hydrogen economy could also unlock new applications for HRSGs, particularly in capturing waste heat from hydrogen production processes.

Asia Pacific currently dominates the global HRSG market and is also projected to be the fastest-growing region. This dominance is primarily attributed to rapid industrialization, burgeoning power demand, and significant investments in infrastructure development across countries in the region. The strong push for cleaner energy technologies and the expansion of combined cycle power plants to meet growing electricity needs are major factors fueling this growth. Key players in this competitive landscape include Alstom, TSMC, Doosan Heavy Industries, Siemens, Hitachi, General Electric, ABB, Emerson Electric, Samsung Engineering, and Wrtsil. These companies are actively engaged in strategic initiatives such as research and development for more efficient HRSG designs, expanding their manufacturing capabilities, forging strategic partnerships, and offering comprehensive after-sales services to strengthen their market position and cater to the evolving needs of their diverse clientele. Their strategies often involve technological differentiation and geographic expansion to capture emerging market opportunities.

Quick Stats

  • Market Size (2025):

    USD 1.95 Billion

  • Projected Market Size (2035):

    USD 3.12 Billion

  • Leading Segment:

    Power Generation (45.2% Share)

  • Dominant Region (2025):

    Asia Pacific (38.2% Share)

  • CAGR (2026-2035):

    6.2%

What is Heat Recovery Steam Generator?

A Heat Recovery Steam Generator (HRSG) is a device that recovers waste heat from a hot gas stream, typically from a gas turbine exhaust, to produce steam. It functions by transferring thermal energy from the high temperature exhaust gases to water, converting it into saturated or superheated steam. This steam can then drive a steam turbine to generate additional electricity in a combined cycle power plant, or be used for industrial processes. The HRSG enhances overall energy efficiency by repurposing otherwise wasted heat, reducing fuel consumption and emissions. Its core concept is transforming thermal waste into a valuable energy resource.

What are the Trends in Global Heat Recovery Steam Generator Market

  • Sustainable Power Generation Focus

  • Industrial Decarbonization Imperative

  • Modular HRSG Design Advances

  • Digital Twin Technology Integration

  • Circular Economy Principles Adoption

Sustainable Power Generation Focus

The Global Heat Recovery Steam Generator Market is witnessing a significant shift towards sustainable power generation. This trend is driven by intensifying environmental concerns and stringent emission regulations worldwide. Industries are increasingly seeking cleaner energy solutions, moving away from fossil fuel reliance. HRSGs play a pivotal role here by recovering waste heat from various industrial processes and converting it into usable electricity or thermal energy. This inherently improves energy efficiency, reduces fuel consumption, and lowers greenhouse gas emissions. The demand for HRSGs is rising in sectors like combined cycle power plants, waste to energy facilities, and various industrial applications where process heat can be harnessed. The focus is on integrating HRSG technology into new renewable energy projects and retrofitting existing plants to maximize energy recovery, aligning with global decarbonization efforts and the push for a circular economy.

Industrial Decarbonization Imperative

The industrial decarbonization imperative is a powerful force reshaping the global heat recovery steam generator market. Industries worldwide are under immense pressure to reduce their carbon footprint and transition towards sustainable operations. This translates into a surging demand for HRSGs designed for enhanced energy efficiency and lower emissions. Companies are actively seeking solutions that capture waste heat from industrial processes, converting it into valuable steam or power, thereby displacing fossil fuel consumption. The trend signifies a strategic shift from traditional energy generation to circular economy principles within industrial settings. Manufacturers are innovating to offer HRSGs compatible with alternative fuels and carbon capture technologies, making them critical components in achieving ambitious decarbonization targets across various heavy industries.

What are the Key Drivers Shaping the Global Heat Recovery Steam Generator Market

  • Stringent Environmental Regulations and Emissions Standards

  • Growing Demand for Energy Efficiency and Waste Heat Utilization

  • Expansion of Industrial Sectors and Power Generation Capacity

  • Technological Advancements in HRSG Design and Performance

  • Favorable Government Incentives and Support for Green Energy Initiatives

Stringent Environmental Regulations and Emissions Standards

Governments worldwide are implementing increasingly strict environmental regulations and emissions standards to combat climate change and air pollution. These mandates compel industrial facilities, particularly those in energy intensive sectors like power generation, cement, and refining, to significantly reduce their greenhouse gas and particulate matter emissions. Non compliance incurs substantial penalties and reputational damage. Heat Recovery Steam Generators HRSGs offer a crucial solution by capturing waste heat from various industrial processes and converting it into useful steam or electricity. This process directly reduces the need for additional fossil fuel combustion, leading to lower CO2, NOx, and SOx emissions. Therefore, stringent environmental regulations are a primary driver for the adoption and growth of HRSG technology as industries strive for cleaner, more compliant operations.

Growing Demand for Energy Efficiency and Waste Heat Utilization

Industries worldwide are increasingly prioritizing the reduction of operational costs and environmental impact. This has led to a significant focus on energy efficiency measures. Heat recovery steam generators (HRSGs) are central to this push as they capture waste heat from various industrial processes that would otherwise be released into the atmosphere. This recovered heat is then converted into usable steam or electricity, dramatically improving overall energy utilization. The growing awareness among businesses about the economic benefits of lower fuel consumption and the regulatory pressure to reduce carbon emissions further stimulates the adoption of HRSGs. Consequently, the demand for these systems is propelled by the imperative for sustainable and cost effective energy management across diverse sectors.

Expansion of Industrial Sectors and Power Generation Capacity

The global industrial landscape is experiencing substantial growth, leading to a heightened demand for energy across various sectors. Industries such as steel, cement, chemicals, and refining are expanding their operations, necessitating more efficient and sustainable power generation solutions. This expansion directly translates into increased waste heat generation from industrial processes. Concurrently, the rising global electricity consumption fuels the need for new power plants or the modernization of existing ones. Heat recovery steam generators are critical in these scenarios, capturing the otherwise lost heat from industrial exhaust gases and converting it into usable steam for electricity generation or other industrial processes. This twin expansion of industrial activity and power generation capacity is a primary driver for the market, as companies seek to improve energy efficiency, reduce fuel costs, and comply with environmental regulations by maximizing the utilization of waste heat.

Global Heat Recovery Steam Generator Market Restraints

Stringent Environmental Regulations and Emission Standards

Stringent environmental regulations and emission standards present a significant restraint in the global heat recovery steam generator market. These regulations, implemented by governments and international bodies, mandate specific limits on pollutants like NOx, SOx, and particulate matter released during industrial processes. Compliance often necessitates the integration of advanced and costly emission control technologies into HRSG systems or substantial modifications to existing designs. This added complexity and expense increase the overall capital expenditure for end users, making HRSG investments less financially attractive. Furthermore, the evolving nature of these standards can create uncertainty for manufacturers and operators, requiring continuous adaptation and further investment in research and development to meet future requirements. This regulatory burden can deter new installations and slow market adoption, particularly in regions with very strict environmental policies.

High Capital Investment and Long Payback Periods

The high upfront cost associated with installing Heat Recovery Steam Generators (HRSGs) presents a significant barrier to adoption. Businesses must allocate substantial capital for the initial purchase, customization, and complex integration of these large scale systems into existing industrial infrastructure. This considerable financial outlay is often coupled with a prolonged period before the investment yields a positive return. The energy savings and reduced emissions that HRSGs provide, while substantial over time, may not offset the initial cost quickly enough to satisfy short term financial objectives. Many companies prioritize projects with faster payback periods, making the high initial investment and long term return on investment of HRSGs less attractive despite their long term efficiency and environmental benefits. This financial commitment and delayed profitability restrict the widespread uptake of HRSG technology.

Global Heat Recovery Steam Generator Market Opportunities

Unlocking Industrial Energy Efficiency & Decarbonization with Advanced HRSG Solutions

Industries globally face immense pressure to boost energy efficiency and significantly cut carbon emissions, creating a substantial opportunity for advanced Heat Recovery Steam Generator HRSG solutions. Modern HRSGs are critical for capturing waste heat from various industrial processes and converting it into valuable steam or electricity, thereby dramatically improving overall plant efficiency. In regions like Asia Pacific, where industrial expansion and sustainability mandates are accelerating, the adoption of these cutting edge HRSG technologies is paramount. Businesses there are increasingly seeking sustainable operational models and cost reductions through optimized energy use. Advanced HRSGs, with their enhanced designs and materials, offer superior heat recovery rates, lower operational costs, and a direct pathway to decarbonization goals. This segment represents a lucrative market for manufacturers and service providers who can deliver innovative, high performance HRSG systems tailored to diverse industrial needs. The strong push for cleaner production, coupled with the desire for competitive advantage, drives this burgeoning demand, positioning advanced HRSG solutions as a cornerstone for future industrial sustainability worldwide.

Capitalizing on Combined Cycle Power Plant Expansion & Modernization with Next-Gen HRSG Systems

The global heat recovery steam generator market presents a compelling opportunity rooted in the widespread expansion and modernization of combined cycle power plants. As global electricity demand surges, especially within the rapidly developing Asia Pacific region, there is an urgent need for more efficient and sustainable power generation solutions. Next-generation HRSG systems are pivotal in this transition, significantly boosting the thermal efficiency of CCPPs by recovering exhaust heat from gas turbines to produce steam for additional power generation. This innovation reduces fuel consumption and lowers operational costs. The opportunity extends across two fronts: supporting new CCPP constructions that inherently demand state-of-the-art HRSG technology for maximum output, and facilitating the modernization of existing, older power plants. Upgrading these older facilities with advanced HRSGs enables them to comply with evolving environmental regulations, enhance reliability, and improve overall performance. Providers of high-efficiency, flexible, and durable HRSG solutions are well-positioned to capitalize on this global push towards more sustainable and economically viable power infrastructure.

Global Heat Recovery Steam Generator Market Segmentation Analysis

Key Market Segments

By Application

  • •Power Generation
  • •Waste Heat Recovery
  • •Process Industries
  • •Combined Heat and Power

By Type

  • •Vertical Heat Recovery Steam Generators
  • •Horizontal Heat Recovery Steam Generators
  • •Modular Heat Recovery Steam Generators

By End Use

  • •Oil and Gas
  • •Chemical
  • •Power Plants
  • •Manufacturing

By Design

  • •Single Pressure
  • •Dual Pressure
  • •Triple Pressure

Segment Share By Application

Share, By Application, 2025 (%)

  • Power Generation
  • Combined Heat and Power
  • Process Industries
  • Waste Heat Recovery
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$1.95BGlobal Market Size, 2025
Source:
www.makdatainsights.com

Why is Power Generation dominating the Global Heat Recovery Steam Generator Market?

Power Generation leads the market primarily due to the widespread adoption of combined cycle power plants globally. These plants efficiently recover exhaust heat from gas turbines using HRSGs to generate additional electricity, significantly boosting overall thermal efficiency and reducing fuel consumption and emissions. The continuous global demand for electricity, coupled with stringent environmental regulations, drives investment in such efficient power generation technologies, solidifying its dominant application segment.

What factors contribute to the strategic importance of Vertical Heat Recovery Steam Generators within the market?

Vertical Heat Recovery Steam Generators are crucial for applications requiring a compact footprint and specific operational benefits. Their design often allows for natural circulation, simplifying operation and maintenance in certain industrial settings. While other types like Horizontal or Modular HRSGs offer different advantages, vertical units find strong preference in confined spaces or specific process configurations where their unique structural and flow characteristics are optimally suited, contributing significantly to the By Type segment.

How do different pressure designs influence the versatility of Heat Recovery Steam Generators across various end uses?

The Design segment, including Single Pressure, Dual Pressure, and Triple Pressure HRSGs, directly impacts their applicability across end uses such as Oil and Gas, Chemical, and Manufacturing. Triple Pressure designs, for instance, offer maximum heat recovery and efficiency, making them ideal for large scale power plants and complex industrial processes requiring steam at multiple pressure levels. This versatility ensures that HRSGs can be tailored to specific operational requirements, optimizing energy recovery regardless of the complexity of the end user's thermal demands.

What Regulatory and Policy Factors Shape the Global Heat Recovery Steam Generator Market

The global Heat Recovery Steam Generator market thrives amidst a complex web of environmental regulations and energy policies. Stricter emissions standards for greenhouse gases and pollutants like nitrogen oxides and sulfur oxides are pivotal, particularly across North America, Europe, and Asia Pacific. Nations worldwide are committing to ambitious decarbonization targets, fostering a demand for improved energy efficiency in power generation and industrial processes. Policies promoting waste heat recovery, combined heat and power systems, and industrial energy conservation provide strong market impetus. Government programs, incentives, and carbon pricing mechanisms encouraging investments in cleaner energy infrastructure and industrial upgrades further stimulate HRSG adoption. This regulatory push for reduced environmental impact and enhanced energy utilization is a fundamental growth driver.

What New Technologies are Shaping Global Heat Recovery Steam Generator Market?

Innovations in the Global Heat Recovery Steam Generator Market are transforming efficiency and sustainability. Advanced material science introduces high temperature alloys and ceramic coatings, significantly enhancing thermal performance and extending operational longevity. Digitalization and Industry 4.0 principles are revolutionizing HRSG management, integrating smart sensors, artificial intelligence for predictive maintenance, and real time optimization software. This drastically improves reliability and operational efficiency.

Emerging modular and compact designs simplify installation and reduce capital costs, increasing deployment flexibility across diverse industrial and power generation sectors. Attention is also on integrating HRSGs into hybrid energy systems, particularly with renewable sources, and designing units with inherent carbon capture readiness. This positions HRSGs as essential for achieving decarbonization goals. Enhanced heat transfer surface geometries and additive manufacturing techniques are also promising more efficient and customized units, further driving market evolution towards smarter, more sustainable energy recovery solutions.

Global Heat Recovery Steam Generator Market Regional Analysis

Global Heat Recovery Steam Generator Market

Trends, by Region

Largest Market
Fastest Growing Market
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38.2%

Asia-Pacific Market
Revenue Share, 2025

Source:
www.makdatainsights.com

Dominant Region

Asia Pacific · 38.2% share

Asia Pacific stands as the dominant region in the Global Heat Recovery Steam Generator Market, commanding a substantial 38.2% market share. This leadership is primarily fueled by rapid industrialization and escalating energy demands across countries like China, India, and Southeast Asian nations. The region’s robust manufacturing sector, coupled with stringent environmental regulations promoting energy efficiency, drives significant adoption of HRSG systems. Furthermore, increasing investments in combined cycle power plants and the transition towards cleaner energy sources contribute immensely to the region's prominent position. Government initiatives supporting industrial upgrades and infrastructure development further solidify Asia Pacific’s lead in the global market, indicating sustained growth and influence.

Fastest Growing Region

Asia Pacific · 7.9% CAGR

Asia Pacific is poised to be the fastest growing region in the Global Heat Recovery Steam Generator Market from 2026 to 2035, exhibiting a robust Compound Annual Growth Rate of 7.9%. This significant growth is fueled by rapid industrialization and increasing energy demand across key economies like China, India, and Southeast Asian nations. The region's focus on sustainable energy solutions and the expansion of combined cycle power plants are primary drivers. Governments are actively promoting energy efficiency and decarbonization, leading to greater adoption of HRSG technology. Furthermore, the rising investment in waste heat recovery systems by various industries, including cement, steel, and chemicals, contributes substantially to this accelerated market expansion.

Top Countries Overview

The U.S. plays a significant role in the global heat recovery steam generator (HRSG) market, driven by its expansive power generation sector and increasing demand for energy efficiency. Stricter environmental regulations and the growing adoption of combined-cycle power plants further fuel market growth. Domestic manufacturing capabilities and a focus on advanced technologies position the U.S. as a key innovator and consumer of HRSG systems, contributing substantially to global market revenue and technological advancements.

China dominates the global heat recovery steam generator market. Its rapid industrialization, energy efficiency focus, and government support fuel this growth. Chinese manufacturers are key players, supplying both domestic and international projects. The country's strong manufacturing capabilities and competitive pricing further solidify its position, driving innovation and market expansion in the heat recovery sector globally.

India is emerging as a significant player in the global heat recovery steam generator (HRSG) market, driven by its burgeoning industrial sector and increasing focus on energy efficiency. The country's expanding power generation capacity, particularly in combined cycle power plants, fuels the demand for HRSGs. Furthermore, governmental initiatives promoting cleaner energy and waste heat recovery solutions are bolstering market growth, attracting both domestic and international manufacturers to invest in India.

Impact of Geopolitical and Macroeconomic Factors

Geopolitical shifts in energy policy, driven by decarbonization targets and energy security concerns, significantly influence the heat recovery steam generator (HRSG) market. Geopolitical stability or conflict in natural gas producing regions impacts fuel prices and investment decisions for gas fired power plants, a primary end user for HRSGs. Emerging economies’ industrialization and urbanization drive demand for efficient power generation, making these regions pivotal for market expansion, but their political stability and regulatory environments present varying investment risks and opportunities. Trade policies and tariffs on components or complete HRSG units can also affect production costs and market competitiveness across different geographies.

Macroeconomic factors such as industrial output and electricity demand directly correlate with HRSG market growth. Global economic downturns or recessions can defer or cancel capital intensive power plant projects, thereby dampening demand. Conversely, robust economic growth, particularly in manufacturing and heavy industries, stimulates investment in new power generation capacity and combined cycle power plants incorporating HRSGs. Interest rate fluctuations influence the cost of project financing, impacting the economic viability of new HRSG installations. Energy prices, especially for natural gas and coal, dictate the operational economics of power plants and ultimately the attractiveness of HRSG technology for efficiency improvements.

Recent Developments

  • March 2025

    Siemens Energy announced a strategic initiative to expand its HRSG manufacturing capacity in North America. This move aims to meet growing demand for energy-efficient power generation solutions in the region, driven by industrial decarbonization efforts.

  • September 2024

    General Electric (GE) Power launched a new modular HRSG product line designed for smaller industrial applications and distributed power generation. This innovation offers increased flexibility and faster deployment times, catering to a broader range of customer needs.

  • January 2025

    Doosan Heavy Industries formed a partnership with ABB to integrate advanced digital control systems and optimization software into Doosan's HRSG offerings. This collaboration seeks to enhance operational efficiency, predictive maintenance, and overall performance for end-users.

  • November 2024

    Alstom completed the acquisition of a specialized heat exchanger manufacturer, significantly bolstering its in-house capabilities for critical HRSG components. This acquisition aims to improve supply chain resilience and accelerate product development for high-temperature applications.

  • April 2025

    Samsung Engineering announced a strategic initiative to focus on developing HRSG solutions for hydrogen-fired power plants. This proactive step positions them to capitalize on the anticipated shift towards hydrogen as a cleaner fuel source in future energy landscapes.

Key Players Analysis

The Global Heat Recovery Steam Generator Market is shaped by major players like Siemens, General Electric, and Hitachi who are pivotal in providing comprehensive HRSG solutions. Companies such as Doosan Heavy Industries and Samsung Engineering contribute significantly through advanced manufacturing and engineering capabilities, specializing in diverse industrial applications. Technological innovation in combined cycle power plants, waste heat recovery, and enhanced thermal efficiency are key drivers, with companies like ABB and Emerson Electric offering integrated control systems and automation. Strategic initiatives include expanding into emerging markets, developing more efficient designs, and integrating smart technologies for improved performance and environmental sustainability. Wrtsil also plays a role in marine and power plant applications.

List of Key Companies:

  1. Alstom
  2. TSMC
  3. Doosan Heavy Industries
  4. Siemens
  5. Hitachi
  6. General Electric
  7. ABB
  8. Emerson Electric
  9. Samsung Engineering
  10. Wrtsil
  11. Mitsubishi Power
  12. Wood Group
  13. Ansaldo Energia
  14. Foster Wheeler
  15. Babcock & Wilcox
  16. Solar Turbines

Report Scope and Segmentation

Report ComponentDescription
Market Size (2025)USD 1.95 Billion
Forecast Value (2035)USD 3.12 Billion
CAGR (2026-2035)6.2%
Base Year2025
Historical Period2020-2025
Forecast Period2026-2035
Segments Covered
  • By Application:
    • •Power Generation
    • •Waste Heat Recovery
    • •Process Industries
    • •Combined Heat and Power
  • By Type:
    • •Vertical Heat Recovery Steam Generators
    • •Horizontal Heat Recovery Steam Generators
    • •Modular Heat Recovery Steam Generators
  • By End Use:
    • •Oil and Gas
    • •Chemical
    • •Power Plants
    • •Manufacturing
  • By Design:
    • •Single Pressure
    • •Dual Pressure
    • •Triple Pressure
Regional Analysis
  • North America
  • • United States
  • • Canada
  • Europe
  • • Germany
  • • France
  • • United Kingdom
  • • Spain
  • • Italy
  • • Russia
  • • Rest of Europe
  • Asia-Pacific
  • • China
  • • India
  • • Japan
  • • South Korea
  • • New Zealand
  • • Singapore
  • • Vietnam
  • • Indonesia
  • • Rest of Asia-Pacific
  • Latin America
  • • Brazil
  • • Mexico
  • • Rest of Latin America
  • Middle East and Africa
  • • South Africa
  • • Saudi Arabia
  • • UAE
  • • Rest of Middle East and Africa

Table of Contents:

1. Introduction
1.1. Objectives of Research
1.2. Market Definition
1.3. Market Scope
1.4. Research Methodology
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
3.4. Market Trends
4. Market Factor Analysis
4.1. Porter's Five Forces Model Analysis
4.1.1. Rivalry among Existing Competitors
4.1.2. Bargaining Power of Buyers
4.1.3. Bargaining Power of Suppliers
4.1.4. Threat of Substitute Products or Services
4.1.5. Threat of New Entrants
4.2. PESTEL Analysis
4.2.1. Political Factors
4.2.2. Economic & Social Factors
4.2.3. Technological Factors
4.2.4. Environmental Factors
4.2.5. Legal Factors
4.3. Supply and Value Chain Assessment
4.4. Regulatory and Policy Environment Review
4.5. Market Investment Attractiveness Index
4.6. Technological Innovation and Advancement Review
4.7. Impact of Geopolitical and Macroeconomic Factors
4.8. Trade Dynamics: Import-Export Assessment (Where Applicable)
5. Global Heat Recovery Steam Generator Market Analysis, Insights 2020 to 2025 and Forecast 2026-2035
5.1. Market Analysis, Insights and Forecast, 2020-2035, By Application
5.1.1. Power Generation
5.1.2. Waste Heat Recovery
5.1.3. Process Industries
5.1.4. Combined Heat and Power
5.2. Market Analysis, Insights and Forecast, 2020-2035, By Type
5.2.1. Vertical Heat Recovery Steam Generators
5.2.2. Horizontal Heat Recovery Steam Generators
5.2.3. Modular Heat Recovery Steam Generators
5.3. Market Analysis, Insights and Forecast, 2020-2035, By End Use
5.3.1. Oil and Gas
5.3.2. Chemical
5.3.3. Power Plants
5.3.4. Manufacturing
5.4. Market Analysis, Insights and Forecast, 2020-2035, By Design
5.4.1. Single Pressure
5.4.2. Dual Pressure
5.4.3. Triple Pressure
5.5. Market Analysis, Insights and Forecast, 2020-2035, By Region
5.5.1. North America
5.5.2. Europe
5.5.3. Asia-Pacific
5.5.4. Latin America
5.5.5. Middle East and Africa
6. North America Heat Recovery Steam Generator Market Analysis, Insights 2020 to 2025 and Forecast 2026-2035
6.1. Market Analysis, Insights and Forecast, 2020-2035, By Application
6.1.1. Power Generation
6.1.2. Waste Heat Recovery
6.1.3. Process Industries
6.1.4. Combined Heat and Power
6.2. Market Analysis, Insights and Forecast, 2020-2035, By Type
6.2.1. Vertical Heat Recovery Steam Generators
6.2.2. Horizontal Heat Recovery Steam Generators
6.2.3. Modular Heat Recovery Steam Generators
6.3. Market Analysis, Insights and Forecast, 2020-2035, By End Use
6.3.1. Oil and Gas
6.3.2. Chemical
6.3.3. Power Plants
6.3.4. Manufacturing
6.4. Market Analysis, Insights and Forecast, 2020-2035, By Design
6.4.1. Single Pressure
6.4.2. Dual Pressure
6.4.3. Triple Pressure
6.5. Market Analysis, Insights and Forecast, 2020-2035, By Country
6.5.1. United States
6.5.2. Canada
7. Europe Heat Recovery Steam Generator Market Analysis, Insights 2020 to 2025 and Forecast 2026-2035
7.1. Market Analysis, Insights and Forecast, 2020-2035, By Application
7.1.1. Power Generation
7.1.2. Waste Heat Recovery
7.1.3. Process Industries
7.1.4. Combined Heat and Power
7.2. Market Analysis, Insights and Forecast, 2020-2035, By Type
7.2.1. Vertical Heat Recovery Steam Generators
7.2.2. Horizontal Heat Recovery Steam Generators
7.2.3. Modular Heat Recovery Steam Generators
7.3. Market Analysis, Insights and Forecast, 2020-2035, By End Use
7.3.1. Oil and Gas
7.3.2. Chemical
7.3.3. Power Plants
7.3.4. Manufacturing
7.4. Market Analysis, Insights and Forecast, 2020-2035, By Design
7.4.1. Single Pressure
7.4.2. Dual Pressure
7.4.3. Triple Pressure
7.5. Market Analysis, Insights and Forecast, 2020-2035, By Country
7.5.1. Germany
7.5.2. France
7.5.3. United Kingdom
7.5.4. Spain
7.5.5. Italy
7.5.6. Russia
7.5.7. Rest of Europe
8. Asia-Pacific Heat Recovery Steam Generator Market Analysis, Insights 2020 to 2025 and Forecast 2026-2035
8.1. Market Analysis, Insights and Forecast, 2020-2035, By Application
8.1.1. Power Generation
8.1.2. Waste Heat Recovery
8.1.3. Process Industries
8.1.4. Combined Heat and Power
8.2. Market Analysis, Insights and Forecast, 2020-2035, By Type
8.2.1. Vertical Heat Recovery Steam Generators
8.2.2. Horizontal Heat Recovery Steam Generators
8.2.3. Modular Heat Recovery Steam Generators
8.3. Market Analysis, Insights and Forecast, 2020-2035, By End Use
8.3.1. Oil and Gas
8.3.2. Chemical
8.3.3. Power Plants
8.3.4. Manufacturing
8.4. Market Analysis, Insights and Forecast, 2020-2035, By Design
8.4.1. Single Pressure
8.4.2. Dual Pressure
8.4.3. Triple Pressure
8.5. Market Analysis, Insights and Forecast, 2020-2035, By Country
8.5.1. China
8.5.2. India
8.5.3. Japan
8.5.4. South Korea
8.5.5. New Zealand
8.5.6. Singapore
8.5.7. Vietnam
8.5.8. Indonesia
8.5.9. Rest of Asia-Pacific
9. Latin America Heat Recovery Steam Generator Market Analysis, Insights 2020 to 2025 and Forecast 2026-2035
9.1. Market Analysis, Insights and Forecast, 2020-2035, By Application
9.1.1. Power Generation
9.1.2. Waste Heat Recovery
9.1.3. Process Industries
9.1.4. Combined Heat and Power
9.2. Market Analysis, Insights and Forecast, 2020-2035, By Type
9.2.1. Vertical Heat Recovery Steam Generators
9.2.2. Horizontal Heat Recovery Steam Generators
9.2.3. Modular Heat Recovery Steam Generators
9.3. Market Analysis, Insights and Forecast, 2020-2035, By End Use
9.3.1. Oil and Gas
9.3.2. Chemical
9.3.3. Power Plants
9.3.4. Manufacturing
9.4. Market Analysis, Insights and Forecast, 2020-2035, By Design
9.4.1. Single Pressure
9.4.2. Dual Pressure
9.4.3. Triple Pressure
9.5. Market Analysis, Insights and Forecast, 2020-2035, By Country
9.5.1. Brazil
9.5.2. Mexico
9.5.3. Rest of Latin America
10. Middle East and Africa Heat Recovery Steam Generator Market Analysis, Insights 2020 to 2025 and Forecast 2026-2035
10.1. Market Analysis, Insights and Forecast, 2020-2035, By Application
10.1.1. Power Generation
10.1.2. Waste Heat Recovery
10.1.3. Process Industries
10.1.4. Combined Heat and Power
10.2. Market Analysis, Insights and Forecast, 2020-2035, By Type
10.2.1. Vertical Heat Recovery Steam Generators
10.2.2. Horizontal Heat Recovery Steam Generators
10.2.3. Modular Heat Recovery Steam Generators
10.3. Market Analysis, Insights and Forecast, 2020-2035, By End Use
10.3.1. Oil and Gas
10.3.2. Chemical
10.3.3. Power Plants
10.3.4. Manufacturing
10.4. Market Analysis, Insights and Forecast, 2020-2035, By Design
10.4.1. Single Pressure
10.4.2. Dual Pressure
10.4.3. Triple Pressure
10.5. Market Analysis, Insights and Forecast, 2020-2035, By Country
10.5.1. South Africa
10.5.2. Saudi Arabia
10.5.3. UAE
10.5.4. Rest of Middle East and Africa
11. Competitive Analysis and Company Profiles
11.1. Market Share of Key Players
11.1.1. Global Company Market Share
11.1.2. Regional/Sub-Regional Company Market Share
11.2. Company Profiles
11.2.1. Alstom
11.2.1.1. Business Overview
11.2.1.2. Products Offering
11.2.1.3. Financial Insights (Based on Availability)
11.2.1.4. Company Market Share Analysis
11.2.1.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.1.6. Strategy
11.2.1.7. SWOT Analysis
11.2.2. TSMC
11.2.2.1. Business Overview
11.2.2.2. Products Offering
11.2.2.3. Financial Insights (Based on Availability)
11.2.2.4. Company Market Share Analysis
11.2.2.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.2.6. Strategy
11.2.2.7. SWOT Analysis
11.2.3. Doosan Heavy Industries
11.2.3.1. Business Overview
11.2.3.2. Products Offering
11.2.3.3. Financial Insights (Based on Availability)
11.2.3.4. Company Market Share Analysis
11.2.3.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.3.6. Strategy
11.2.3.7. SWOT Analysis
11.2.4. Siemens
11.2.4.1. Business Overview
11.2.4.2. Products Offering
11.2.4.3. Financial Insights (Based on Availability)
11.2.4.4. Company Market Share Analysis
11.2.4.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.4.6. Strategy
11.2.4.7. SWOT Analysis
11.2.5. Hitachi
11.2.5.1. Business Overview
11.2.5.2. Products Offering
11.2.5.3. Financial Insights (Based on Availability)
11.2.5.4. Company Market Share Analysis
11.2.5.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.5.6. Strategy
11.2.5.7. SWOT Analysis
11.2.6. General Electric
11.2.6.1. Business Overview
11.2.6.2. Products Offering
11.2.6.3. Financial Insights (Based on Availability)
11.2.6.4. Company Market Share Analysis
11.2.6.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.6.6. Strategy
11.2.6.7. SWOT Analysis
11.2.7. ABB
11.2.7.1. Business Overview
11.2.7.2. Products Offering
11.2.7.3. Financial Insights (Based on Availability)
11.2.7.4. Company Market Share Analysis
11.2.7.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.7.6. Strategy
11.2.7.7. SWOT Analysis
11.2.8. Emerson Electric
11.2.8.1. Business Overview
11.2.8.2. Products Offering
11.2.8.3. Financial Insights (Based on Availability)
11.2.8.4. Company Market Share Analysis
11.2.8.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.8.6. Strategy
11.2.8.7. SWOT Analysis
11.2.9. Samsung Engineering
11.2.9.1. Business Overview
11.2.9.2. Products Offering
11.2.9.3. Financial Insights (Based on Availability)
11.2.9.4. Company Market Share Analysis
11.2.9.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.9.6. Strategy
11.2.9.7. SWOT Analysis
11.2.10. Wrtsil
11.2.10.1. Business Overview
11.2.10.2. Products Offering
11.2.10.3. Financial Insights (Based on Availability)
11.2.10.4. Company Market Share Analysis
11.2.10.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.10.6. Strategy
11.2.10.7. SWOT Analysis
11.2.11. Mitsubishi Power
11.2.11.1. Business Overview
11.2.11.2. Products Offering
11.2.11.3. Financial Insights (Based on Availability)
11.2.11.4. Company Market Share Analysis
11.2.11.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.11.6. Strategy
11.2.11.7. SWOT Analysis
11.2.12. Wood Group
11.2.12.1. Business Overview
11.2.12.2. Products Offering
11.2.12.3. Financial Insights (Based on Availability)
11.2.12.4. Company Market Share Analysis
11.2.12.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.12.6. Strategy
11.2.12.7. SWOT Analysis
11.2.13. Ansaldo Energia
11.2.13.1. Business Overview
11.2.13.2. Products Offering
11.2.13.3. Financial Insights (Based on Availability)
11.2.13.4. Company Market Share Analysis
11.2.13.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.13.6. Strategy
11.2.13.7. SWOT Analysis
11.2.14. Foster Wheeler
11.2.14.1. Business Overview
11.2.14.2. Products Offering
11.2.14.3. Financial Insights (Based on Availability)
11.2.14.4. Company Market Share Analysis
11.2.14.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.14.6. Strategy
11.2.14.7. SWOT Analysis
11.2.15. Babcock & Wilcox
11.2.15.1. Business Overview
11.2.15.2. Products Offering
11.2.15.3. Financial Insights (Based on Availability)
11.2.15.4. Company Market Share Analysis
11.2.15.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.15.6. Strategy
11.2.15.7. SWOT Analysis
11.2.16. Solar Turbines
11.2.16.1. Business Overview
11.2.16.2. Products Offering
11.2.16.3. Financial Insights (Based on Availability)
11.2.16.4. Company Market Share Analysis
11.2.16.5. Recent Developments (Product Launch, Mergers and Acquisition, etc.)
11.2.16.6. Strategy
11.2.16.7. SWOT Analysis

List of Figures

List of Tables

Table 1: Global Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Application, 2020-2035

Table 2: Global Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Type, 2020-2035

Table 3: Global Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by End Use, 2020-2035

Table 4: Global Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Design, 2020-2035

Table 5: Global Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Region, 2020-2035

Table 6: North America Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Application, 2020-2035

Table 7: North America Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Type, 2020-2035

Table 8: North America Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by End Use, 2020-2035

Table 9: North America Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Design, 2020-2035

Table 10: North America Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Country, 2020-2035

Table 11: Europe Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Application, 2020-2035

Table 12: Europe Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Type, 2020-2035

Table 13: Europe Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by End Use, 2020-2035

Table 14: Europe Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Design, 2020-2035

Table 15: Europe Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035

Table 16: Asia Pacific Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Application, 2020-2035

Table 17: Asia Pacific Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Type, 2020-2035

Table 18: Asia Pacific Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by End Use, 2020-2035

Table 19: Asia Pacific Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Design, 2020-2035

Table 20: Asia Pacific Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035

Table 21: Latin America Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Application, 2020-2035

Table 22: Latin America Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Type, 2020-2035

Table 23: Latin America Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by End Use, 2020-2035

Table 24: Latin America Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Design, 2020-2035

Table 25: Latin America Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035

Table 26: Middle East & Africa Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Application, 2020-2035

Table 27: Middle East & Africa Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Type, 2020-2035

Table 28: Middle East & Africa Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by End Use, 2020-2035

Table 29: Middle East & Africa Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Design, 2020-2035

Table 30: Middle East & Africa Heat Recovery Steam Generator Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035

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Industrial Automation Equipment Market Research

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