Heat Recovery Steam Generator Market - Global Trends & Forecast to 2020 - New Study Released

Heat Recovery Steam Generator Market by Rated Power (Up To 30 MW & >30 MW), by Application (Combined Cycle & CHP), by End-User (Utilities, Chemicals, Refineries, Pulp & Paper, Commercial & Others), and by Region - Global Trends & Forecast to 2020

"The heat recovery steam generator market to grow at a CAGR of 3.7% during the forecast period"

The heat recovery steam generator market is expected to reach a value of USD 888.20 million by 2020, at a CAGR of 3.7% from 2015 to 2020. Increasing demand for electric power worldwide and subsequent investments in creating new generating capacity, efforts taken globally to reduce carbon emissions, and growing adoption of CCPP & CHP are driving the market globally. The shale gas boom & upgrade of aging existing thermal power plants in North America and decommissioning of nuclear plants in Europe could boost the demand for heat recovery steam generators in the two regions. In Asia-Pacific and RoW, the demand for heat recovery steam generators would be influenced by the upcoming new gas-fired power plants.

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"The utilities segment would dominate the global market"

The utilities segment is estimated to account for more than 50% of the global heat recovery steam generator market in 2015. Increased primary energy consumption and governments providing incentives have paved way for several private players to set up power generation plants to cater to domestic demands. With growing concerns towards environmental conservation and curbing carbon emissions, clean tech power generation has received a big incentive push globally. This has resulted in an increase in the number of CCPP and CHP plants.

"Europe: The largest market for heat recovery steam generators"

Europe is currently the largest market for heat recovery steam generators, followed by Asia-Pacific and North America. The U.K. accounted for the majority share in Europe in 2014, while Russia is projected to grow at the highest CAGR from 2015 to 2020. Europe has the highest number of CHP plants, which further boosts the demand for heat recovery steam generators, and Russia is the market leader for CHP in the region. Asia-Pacific is the fastest growing market for heat recovery steam generators. In countries such as China and India, factors such as strong growth in demand for electricity fuelled by high levels of urbanization, industrialization, & infrastructural developments and subsequent investments in developing new large gas-fired combined cycle power generation, apart from other power plants, would spur the demand for heat recovery steam generators.

Breakdown of Primaries:

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