Global Heat Recovery Steam Generator Market: Overview
Heat recovery steam generator is a simple heat exchanger device developed to recover the exhaust or waste heat from various power plants. It develops steam by using waste heat that can be utilized for generating power and electricity. They are also used in industry due to their wide application in component integration, manufacturing, designing, service activities, and installation.
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Global Heat Recovery Steam Generator Market: Growth Factors
The global heat recovery steam generator market is likely to elevate in the coming period. The rise in the demand of heat recovery steam generator for producing green and clean energy in the industry has boosted the growth of the global market. In addition to this, use of advanced technology in the development of heat recovery steam generators is also driving the growth of the global heat recovery steam generator market. The increase in the demand from the industry is also one of the main reasons that are lowering the gas global heat recovery steam generator market.
On the other hand, the high cost of the transportation is the main reason hampering the global heat recovery steam generator market. In addition to this, the high cost of ownership of the heat recovery steam generators is also one of the significant factors that are hindering the growth of the Global Heat recovery steam generator market. Additionally, the high value for maintenance is one of the main reasons that are restraining the growth of the global market.
Global Heat Recovery Steam Generator Market: Segmentation
Based on applications, the global market for heat recovery steam generator is mainly classified as combined cycle and CHP.
On the basis of rated power, the global market is segmented into up to 30 MW and > 30 MW.
Based on the end user, the global market for heat recovery steam generator is bifurcated as chemicals, utilities, pulp & paper, refineries, commercial, and others.
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Global Heat Recovery Steam Generator Market: Regional Analysis
The global heat recovery steam generator market is regionally segmented as North America, Asia-Pacific, and the Middle East and Africa. Use of advanced technology has boosted the global market in North America. Increased demand for heat recovery steam generators for the production of efficient and clean energy is driving the global heat recovery steam generator market in India and China. Increased job opportunity is elevating the growth of the global market in the Europe.
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Global Heat Recovery Steam Generator Market: Competitive Players
Key players in the global market for the heat recovery steam generator are Thermax Ltd., Alstom SA, Softer S.P.A., Foster Wheeler AG, Technology Transfer Services, Mitsubishi Heavy Industries, CMI Group, Bharat Heavy Electricals Ltd., AE&E Australia Pvt. Ltd., and Doosan Heavy Industries & Construction Co. Ltd.
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