An introduction to the heat recovery steam generators market
Heat recovery steam generators or waste heat boilers help convert water into superheated steam in three different sections - evaporator, economizer, and superheater. These systems also help in waste heat recovery and utilize this energy for steam generation. They provide a thermodynamic link between gas and steam turbines to achieve optimum performance in a combined – cycle power plant.
Furthermore, the strong demand for highly efficient combined cycles to reduce fuel-related costs and facilitate fast start-up and extensive cycling operations have called for the greater use of heat recovery steam generators.
Heat recovery steam generators have contributed to the resolution of the greenhouse effect for the next decade. Innovations in heat recovery steam generators (HRSGs) have led to the further development of horizontal once-through unit type heat recovery steam generators, which eliminates the high pressure drum that strongly limits temperature gradients. The fatigue life consumption of thick components is due to the stresses induced by temperature gradients during shutdown and start-up cycles.
By application, heat recovery steam generators have been used in combined cycle, combined heat & power, and co-generation (process heating) type of plants. The market has been mainly governed by tier-1 players, with an aggregate market value share of over 50%. This can be termed as a high value high growth market.
Factors influencing the global heat recovery steam generators market growth
The growth of the global heat recovery steam generators market depends on growing awareness to reduce greenhouse gas emissions, power plant efficiency enhancement, adoption and installation of new co-generation power plants, and regional investments, as well as the scope of repair and maintenance of the existing units. However, high capital investments and lack of skilled workforce related to the operation of heat recovery steam generators might act as deterrents to the growth of the heat recovery steam generators market.
Gradual urbanization and industrialization across the globe, have, in turn, augmented energy consumption, which has also resulted in the considerable deployment of heat recovery steam generators to fulfil the demand.
The growth of the global heat recovery steam generators market is likely to gain from the regions of Middle East & Africa, Asia Pacific excluding Japan, and Eastern Europe, owing to increased instalments of greenfield projects of new co-generation and combined heat & power plants by public and private enterprises with a projected growth above the global CAGR.
The heat recovery steam generators market has gained near saturation levels in the developed economic regions of North America, Western Europe, and Japan, and is expected to witness growth at moderate levels during the forecast period
Global heat recovery steam generators market segmentation and forecast
On the basis of design, the fully assembled segment is slated to dominate the heat recovery steam generators market over its counterparts throughout the forecast period. In terms of configuration, the horizontal once through unit type of heat recovery steam generators is tipped to be the preferred prototype, due to high cost-effectiveness and ease of installation.
The segment is expected to be the fastest growing segment in the global heat recovery steam generators market during the forecast period. In terms of output power capacity, the 0-60 MW capacity segment is expected to expand at a CAGR of over 7% between 2018 and 2028, followed by the high power output capacity of heat recovery steam generators, i.e. over 100 MW, during the forecast period.
On the basis of application, the combined heat and power type of plant is estimated to emerge as the key consumer of heat recovery steam generators in the global market. The segment has a high CAGR index as compared to other segments, indicating a stable and sustained growth prospect in the current as well forecast period.
Co-generation plants for captive power consumption are also likely to fuel the demand of heat recovery steam generators in the future. The global heat recovery steam generators market is expected to be valued at US$ 1.5 Bn by the end of the forecast period.
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Market participants in the global heat recovery steam generators market
Some of the market participants involved in the production and sales of heat recovery steam generators include Cleaver-Brooks, Siemens AG, General Electric, CMI Group, John Wood Group PLC, Cannon S.p.A., Mitsubishi Hitachi Power Systems, Ltd., Rentech Boilers Systems Inc., Hamon Deltak, Inc., AC BOILERS SpA, SES Tlma?e, a.s., and Xizi United Holdings Limited.
Key players in the market are continuously trying to upgrade their existing products, and are also innovating and launching newer products to gain a competitive advantage over their competitors, and to foray in untapped regional markets.
Heat Recovery Steam Generators Market – Segmentation
- Modular Construction
- C-Section Construction
- Bundle Construction
- Fully Assembled
- Horizontal Drum Units
- Vertical Drum Units
- Horizontal-Once Through Units
- Co-generation (Process Heating)
- Combined Cycle
- Combined Heat & Power (CHP)
- 0-60 MW
- 60-100 MW
- 100 MW & Above
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East and Africa