Heat recovery steam generator or waste heat boilers help to convert water into superheated steam. It involves four critical components, namely, evaporator, economizer, water preheater and superheater that are used to meet the operating requirements of the entire unit. It provides the thermodynamic link between the gas and the steam turbines to achieve optimum performance in a combined – cycle power plant. Heat recovery is extensively used in energy projects. Heat Recovery Steam Generators are used in gas power plants as a capital equipment to minimize carbon emission.
Future Market Insights has come up with a new in-depth research study on heat recovery steam generator market at a global level. The growth of the market was slow yet steady during the 2012-2016 timeline. In 2017, the global heat recovery steam generator market is valued at around US$ 836 Mn and is anticipated to touch about US$ 1500 Mn by the end of the year of assessment (2027), growing at a stellar value CAGR of 6.1%. The 2017-2027 period reflects high growth opportunities for the global market and is expected to showcase a 1.8x increase in valuation during the period of assessment. The increase in energy efficiency measures and research and development programs, increase in energy demand, growing awareness to reduce the exhaust gas released from gas turbine and growing need to increase the efficiency of the plant are few of the factors pushing the growth of the global heat recovery steam generator market. Prominent players are approaching the market with more advanced products characterized by high quality and relatively better efficiency and greater thermal flexibility.
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Modular segment to hold high market share in the global heat recovery steam generator market
The modular segment in the design category is expected to hold a high market share by the end of the assessment period. In 2017, this segment reflected a high market share of above 50% with a high market valuation of around US$ 449 Mn and is likely to continue with its dominating streak throughout the period of assessment to reach a significant valuation by the end of the year of assessment (2027). It is projected to grow at a steady CAGR during the said period.
Bundle segment in this category is poised to grow at a relatively high rate and is the second fastest growing segment with an expected value CAGR of 8.6%. However, this segment has a low market share and valuation. The C- section segment is the second largest and is anticipated to gain a 1.9x push in its value during the 2017-2027 timeline. In 2017 it reflected a value of above US$ 195 Mn securing its second place, after the modular segment.
Regional outlook: Asia Pacific excluding Japan (APEJ) and Middle East and Africa (MEA) to showcase high growth potential
The global heat recovery steam generator market is soaring across regions of Middle East and Africa and Asia Pacific excluding Japan (APEJ). The design category across these regions has been analysed which states that the modular segment in Middle East and Africa is expected to grow at a robust rate to reach a value of above US$ 190 Mn by the end of the assessment year. This segment in Asia Pacific excluding Japan (APEJ) is anticipated to grow at a value CAGR of 5.3% throughout the period of forecast.
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