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Heat Recovery Steam Generator Market Size & Forecast

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Historic: 2022-2024 Base Year: 2025 Forecast: 2026–2033
US$ 1.62 Billion
Market Size 2025 · Base Year
US$ 2.54 Billion
Projected Market Size by 2033
5.78%
CAGR · 2026–2033
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BMIPUB00035444 56+ Countries Covered 10 Major Companies Profiled PEST & SWOT Analysis Competitive Heat Map
At a Glance

Report Coverage

56 +
Countries
56+ countries across North America, Europe, Asia-Pacific, South and Central America, Middle East and Africa
12
Year Assessment
Comprehensive Market Analysis Covering 3 Years of Historical Data (2022–2024), Base Year (2025), and 8-Year Forecast (2026–2033)
10 +
Major Players
Major companies profiled including General Electric, Siemens Energy, Mitsubishi Heavy Industries, Hitachi Ltd, Alstom SA
400
Report Pages
Pages of deep-dive analysis with PEST, SWOT, competitive heat maps and datasets
What's Fueling Growth

Market Drivers

  • Expanding gas-based power generation

  • Industrial steam demand growth

  • Replacement of conventional boilers

Where Growth Opportunities Exist

Key Opportunities

  • Hydrogen-ready HRSG systems

  • Flexible power generation

  • Industrial co-generation projects

What Could Slow It Down

Market Restraints

  • High installation costs

  • Complex hydrogen adaptation

  • Maintenance challenges

Market Segmentation

Coverage by Segment

Rated Power

Up to 30 MW
>30 MW

Application

Combined Cycle
CHP

End-User

Utilities
Chemicals
Refineries
Geographic Breakdown

Regional Intelligence

NA North America
EU Europe
APAC Asia-Pacific
SCA South & Central America
MEA Middle East & Africa
Competitive Landscape

Major Market Players

Listed for reference — companies are not ranked in any particular order.

General Electric
Siemens Energy
Mitsubishi Heavy Industries
Hitachi Ltd
Alstom SA
Kawasaki Heavy Industries
Sumitomo Heavy Industries
BHEL
John Wood Group
Babcock & Wilcox
What's Inside

Report Scope & Deliverables

Market Size 2025 US$ 1.62 Billion
Market Size 2033 US$ 2.54 Billion
CAGR 2026–2033 5.78%
Segments By Rated Power (Up to 30 MW, >30 MW)  |  By Application (Combined Cycle, CHP)  |  By End-User (Utilities, Chemicals, Refineries)
Geographies North America (US, Canada, Mexico)  ·  Europe (Germany, Italy, France, U.K., Spain, Belgium, Netherlands, Luxembourg, Norway, Finland, Denmark, Sweden, Switzerland, Austria, Greece, Portugal, Russia, Poland, Romania, Czech Republic, Ukraine, Slovakia, Bulgaria)  ·  Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Taiwan, Bangladesh)  ·  South and Central America (Brazil, Argentina, Chile, Colombia, Peru)  ·  Middle East and Africa (Saudi Arabia, United Arab Emirates, Kuwait, Bahrain, Qatar, Oman, Turkiye, South Africa, Egypt, Nigeria, Algeria)
Deliverables Historical analysis with CAGR · PEST & SWOT analysis · Market Size at Global, Regional, and Country Levels · Competitive heat map · Company profiles · Excel dataset
Report Code BMIPUB00035444
Lead Analyst Shivani Singh — Consultant, Research & Consulting · View Profile
With Full Report Access

Gain actionable insights with 400 pages of in-depth Heat Recovery Steam Generator Market, including historical trends, 8-year market forecasts, SWOT analysis, competitive landscapes, and downloadable Excel datasets in a single comprehensive package.

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