The market for Heat Recovery Steam Generators will surpass US$ 1.1 billion in 2021. The demand for energy-efficient power generation solutions and rising investments in enhancing power plant efficiency are identified as the main growth drivers.
These factors are expected to cause the market to expand steadily at a CAGR of 5.7%, with the U.K., the U.S., Germany, and Japan emerging as major producers.
Heat Recovery Steam Generator Market Expand Across the U.S.
According to a market survey conducted by FMI, the North American market for heat recovery steam generators is expected to grow at a modest 4.4% CAGR over the next few years, with the U.S. expected to experience strong demand. Sales of heat recovery steam generators in the United States will continue to increase thanks to a strong renewable energy infrastructure and a demand for environmentally friendly, economically viable energy solutions.
Additionally, a number of government-sponsored programmes to encourage the use of renewable energy will improve growth prospects in the market for heat recovery steam generators. For eligible renewable energy technology and projects, the federal government of the United States offers tax credits, grants, and loan programmes.
These incentives include the Residential Energy Credit (REC), the Investment Tax Credit (ITC), the Modified Accelerated Cost-Recovery System, and the Renewable Electricity Production Tax Credit (PTC).
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In addition, loans and grants are accessible from various government organisations, including the US. United States Department of Energy (DOE) U.S. Department of Agriculture and Office of the Interior. Additionally, a number of American states provide financial incentives to encourage and support the installation of renewable energy equipment.
The market for heat recovery steam generators in the United States is anticipated to benefit from the aforementioned factors.
Rising Adoption of Combined Cycle Power Plants Influence Heat Recovery Steam Generator Demand
Advanced energy systems may increase efficiency and improve sustainability by reducing environmental impact. These systems have been encouraged by rising energy demand and an alarming rise in greenhouse gas emissions. In recent years, there has been a tremendous amount of interest in the use of renewable energy, waste heat recovery, and combined cycle power generation. Many industrial processes produce waste heat, which can be utilised by a heat recovery steam generator system to produce electricity.
There are many uses for heat recovery steam generators, but combined cycles are increasingly popular. In combined cycles, waste heat from gas turbine exhaust gases is transferred to water to produce steam for the Rankine cycle, which produces electricity. A gas turbine that exhausts into a steam generator with heat recovery is used in the simplest forms of combined cycles. The most effective method of power generation at the moment, the heat recovery steam generator provides steam to steam turbine cycles to generate electricity.
It has been discovered that heat recovery steam generators have a significant impact on the economic and technical operation of combined cycles, and that combined cycles can improve efficiency, economic, and environmental aspects of power production through gas turbine cycles. Comparing combined cycles to conventional fossil-fired power plants, these advantages include high overall plant efficacy, low investment costs, better operational flexibility, and phased installation.
A great source of clean energy, gas-burning combined cycle plants are also perfect for use in densely populated areas due to their high efficacy and low emission levels. Additionally, combined cycle plants’ favourable thermodynamic characteristics make it easier to generate heat and electricity simultaneously. Combining increased output with high cycle efficiency, low emission levels, and lower investment costs makes combined cycle power generation very appealing.
As essential parts of combined cycles, heat recovery steam generators will see lucrative sales opportunities in the coming years as combined cycles are increasingly used for energy production.
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High Installation Costs Might Stunt Heat Recovery Steam Generator Market Growth
Heat recovery steam generators offer cost-effective advantages, but they can be expensive to install, which could limit the market’s growth potential. Low-quality waste heat is produced during industrial processes, and it can be challenging to use all of the low-quality heat that is present in the waste heat medium. Due to the additional equipment needed as a result, costs are greatly increased.
Additionally, not all industries can use heat-recovery steam generators. For instance, the manufacturing of chemicals, cement, sulfuric acid, and cabin rotary kilns all generate significant amounts of high-temperature waste heat. The full potential of heat recovery steam generators can be utilised in this situation to increase energy savings.
Heat recovery steam generators can, however, be more expensive to install and maintain for businesses that generate little waste heat.
Heat Recovery Steam Generator Market by Category
By Design Type:
- Modular Construction
- C-Section Construction
- Bundle Construction
- Fully Assembled
By Configuration Type:
- Horizontal Drum Units
- Vertical Drum Units
- Horizontal-Once Through Units
By Output Power Type:
- 0-60 MW
- 60-100 MW
- 100 MW & Above
By Application Type:
- Co-generation (Process Heating)
- Combined Cycle
- Combined Heat & Power (CHP)
By Region, the Heat Recovery Steam Generator Market is segmented as:
- North America
- Latin America
- Western Europe
- Eastern Europe
- China
- Japan
- India
- South East Asia & Others (SEA)
- Middle East & Africa (MEA)
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