PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358965
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358965
According to Stratistics MRC, the Global Heat Recovery Steam Generator Market is accounted for $1.35 billion in 2023 and is expected to reach $2.06 billion by 2030 growing at a CAGR of 6.2% during the forecast period. The Heat Recovery Steam Generator (HRSG) is a heat exchanger that recovers energy by enhancing the heat from a hot gas stream, such as one produced by a combustion turbine or another waste gas stream. Steam produced through heat recovery can be used in a process or to power a steam turbine. Systems for recovering heat that use cogeneration technology are well known for their high levels of efficiency while consuming less fuel than traditional systems. They are therefore a suitable green substitute for fuel optimization.
According to the U.S. Department of Energy, combustion air preheat is anticipated to optimize the furnace efficiency by as much as 50.0%.
In the power sector, clean energy is gaining significant traction. A clean energy source is more flexible in the power system, highly efficient, dependable, and technologically advanced. Thermal plant power generation has severely impacted the environment by increasing carbon emission levels and causing global warming. As a result, clean energy has grown significantly, enabling the use of combined-cycle power plants and cogeneration to produce electricity.
A collection of heat exchangers, comprising economizers to heat water nearly to saturation, superheaters to produce superheated steam, and evaporators to produce saturated steam, make up a heat recovery steam generator. One or two circuits with higher pressures are added to the system in order to extract more energy from the gas turbine exhaust gas. However, this raises the level of extraction. The power output of the steam turbine grows with each additional degree of pressure, which in turn raises the expense of the HRSG system's maintenance.
As a result of rising electricity consumption, there is a rise in power production and greenhouse gas emissions. To reduce emissions globally, there are stringent rules, official initiatives, and considerable investments. The most reliable and efficient energy sources for reducing greenhouse gas emissions are cogeneration and combined-cycle power plants. Additionally, the heat recovery steam generator in a combined cycle power plant takes heat from a hot gas stream. Thus, demand is rising as a result of adopting combined cycle power plants to reduce greenhouse gas emissions.
The demand for heat-recovery steam generators may be directly related to the development of CCPP and CHP facilities. Although pen-cycle and single-cycle plants are straightforward, inexpensive, and easy to build, some operators still rely on them. They also demand less space and equipment to run than CCPP. They don't require heat recovery system generators, which is more crucial because they may further degrade and cause restrictions.
The sharp decline in crude oil prices brought on by the pandemic's economic downturn has had a significant influence on the power generation industry, which in turn has had an effect on the world market for HRSG. The supply chain for manufacturers as well as the shipping of the HRSG units are impeded as a result of the transportation limitations. Moreover, particularly in the chemical sector, demand fell across all end markets, and the stock prices of these businesses suffered historically high losses.
As shopping malls can employ heat exchangers to operate the air conditioning system operating throughout the institution, the commercial category is anticipated to have the largest share of the market. Additionally, governments are also contributing financially to infrastructure expansion in their constituents' areas. For instance, in September 2022, Shanghai announced eight infrastructure projects with a combined investment of over USD 257 billion. The commercial outlook will improve as a result of the increased deployment of heat recovery steam generators brought on by this strong emphasis on infrastructure construction.
Due to the fact that horizontal drums are typically composed of higher-tensile-strength materials like titanium, carbon steel, clad steel, and copper alloy, the market for this category is predicted to develop profitably throughout the forecast period. Additionally, the water is heated in vertically placed evaporator tubes while the flow of gas is horizontal, creating a natural and economical circulation effect. For the power generation, oil and gas, and refinery industries, it offers greater efficiency and a zero-defect rate.
Due to increased investments in the oil and gas sector following the drop-in oil prices, particularly in the region, Asia Pacific held the largest share of the market during the projected period, which is certainly influencing the demand for HRSG systems. Additionally, it is projected that ongoing refinery and petrochemical plant expansion plans due to the exponentially rising demand for hydrocarbon products will further accelerate the expansion of the HRSG market.
Due to the need for energy-producing technology that is increasing rapidly in the developed region of North America, the region is predicted to experience lucrative growth. Moreover, owing to an increase in industrial activity in emerging economies and a rise in demand for energy-efficient technology, a steady market expansion is also projected in the area. Additionally, by promoting combined heat and power-friendly regulations and utility provision, the federal and state governments offer a variety of incentives and methods to lower operational costs in the region.
Some of the key players in the Heat Recovery Steam Generator Market include: Babcock & Wilcox Enterprises, Inc., Bharat Heavy Electricals Limited (BHEL), Clayton Industries, Kawasaki Heavy Industries, Ltd., Larsen & Toubro Limited, Cleaver-Brooks, Mitsubishi Heavy Industries, Ltd., John Wood Group PLC, General Electric, Siemens Energy, Rentech Boilers, Kelvion Holding GmbH and Thermax Limited.
In September 2023, Berkeley engineers partner with Siemens Energy on $3.7M DOE project to explore direct air capture for carbon sequestration. The DAC system will be anchored around Siemens Energy's large-scale solid sorbent capture technology, with smaller deployments of next-generation capture technologies.
In March 2023, Larsen & Toubro (L&T),an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services, have entered into an Electrolyzer Manufacturing Binding Agreement with McPhy Energy , a France-based leading electrolyzer technology and manufacturing company, for a long-term partnership to explore the opportunities unfolding in the emerging Green Hydrogen sector.