Heat Recovery Steam Generator Market – Industry Structure Evaluation, Demand Drivers Analysis, Regional Growth Analysis and Identification, Competitive Positioning / Landscape Review & Global Market Size Forecast to 2034
Overview
The Heat Recovery Steam Generator Market size was valued at USD 1.54 Billion in 2025 and the total Heat Recovery Steam Generator revenue is expected to grow at a CAGR of 3.2% from 2026 to 2034, reaching nearly USD 2.05 Billion.
Heat Recovery Steam Generator (HRSG) is energy recovery heat exchanger which improves heat from a hot gas stream like combustion turbine or other waste gas stream. Heat recovery steam generates steam that can be used in a process or is used to drive the steam turbine. They aid in changing water into superheated steam in four different segments such as economizer, evaporator, and water preheater & super heater.
Heat Recovery Steam Generator Market Growth Outlook
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The scope of the MMR report includes a detailed study of global and regional markets for heat recovery steam generator with the reasons given for variations in the growth of the energy and power industry in certain regions. The upsurge in the utilization of cogeneration technology with rising investment in generation capacity growth is likely to stimulate the growth of the recovery steam generator market, such as, as per the U.S. Energy Information Administration, the contribution of coal in overall U.S. energy consumption had dropped by 4% in 2025 as compared to 2025. Additionally, the growing industrial sector with a shifting trend towards non-conventional energy use is expected to positively influence the heat recovery steam generator market growth.
The installation of a heat recovery steam generator needs huge maintenance and investment of the product involves huge costs is expected to hinder the demand for HRSG in the economies in the forecast period. Also, the labour is not skilled enough to operate a heat recovery steam generator which may further hamper the growth of the market.
By power rating, the below 100 MW segment was valued US$ xx Mn. in 2025 and is expected to reach US$ xx Mn. by 2034 at a CAGR of 33% over the forecast period. This is attributed to the growing use of co-generating units to resist energy and heat ingestion through small industries, sequestered and commercial grid networks. The MMR report will provide an accurate analysis of the contribution of the various segments to the growth of the heat recovery steam generator market.
As per the IEA (International Energy Agency), the power utility segment in which HRSG are widely used is likely to witness a CAGR of 3% in the forecast period. This, in turn, is projected to boost the demand for HRSGs in future.
By region, Asia Pacific is expected to continue to hold the largest xx% share in heat recovery steam generator market thanks to increased installments of greenfield projects of novel co-generation and combined power and heat plants by private and public initiatives with an expected growth above the global CAGR.
Companies such as Siemens AG, GE, Mitsubishi, Baker and others are involved in adopting sustainable strategies to gain competitive edges such as new product launch, product up-gradation and collaborative agreements.
The objective of the report is to present a comprehensive analysis of the Global Heat Recovery Steam Generator Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Heat Recovery Steam Generator Market dynamics, structure by analyzing the market segments and projects the Global Heat Recovery Steam Generator Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Heat Recovery Steam Generator Market make the report investor’s guide.
Heat Recovery Steam Generator Market Recent Industry Developments
| Date | Company | Development | Impact |
|---|---|---|---|
| 25 June 2026 | John Cockerill | John Cockerill Energy signed a contract with Ansaldo Energia to design and supply a high-efficiency Heat Recovery Steam Generator (HRSG) for the new 460 MW Ptolemais combined cycle power plant in Greece. | The project accelerates Greece's transition from lignite coal to natural gas while enhancing grid flexibility and lowering operating costs and CO₂ emissions. |
| 30 April 2026 | John Cockerill | John Cockerill Energy secured a commercial contract for the design and supply of two new Heat Recovery Steam Generators for energy transition projects in Hungary. | The dual-unit installation expands Central Europe's utility infrastructure while supporting national decarbonization targets and emission reduction goals. |
| 05 March 2026 | DEE Development Engineers Limited | DEE Development Engineers Limited's Thailand subsidiary received a Letter of Intent valued at approximately €1.9 million to prefabricate and supply piping and supports for a Heat Recovery Steam Generator project in Taiwan. | The agreement expands the company's international supply footprint for specialized process piping systems used in combined cycle power generation. |
| 25 February 2026 | John Cockerill | John Cockerill Energy was awarded contracts to design and supply two Heat Recovery Steam Generators for combined cycle power installations in Poland. | The deployment reinforces John Cockerill's European market leadership in utility-scale thermal recovery boilers engineered for low-carbon energy transitions. |
| 20 February 2026 | DEE Development Engineers Limited | DEE Development Engineers Limited received a Letter of Intent exceeding $40 million from a major U.S. power OEM to supply process piping solutions for 16 Heat Recovery Steam Generator units. | The contract substantially strengthens DEE's global order book and consolidates its position as a primary supplier of high-precision HRSG piping for thermal power projects. |
Heat Recovery Steam Generator Market Scope: Inquire before buying
| Heat Recovery Steam Generator Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2025 | Forecast Period: | 2026-2034 |
| Historical Data: | 2020 to 2025 | Market Size in 2025: | USD 1.54 Bn. |
| Forecast Period 2026 to 2034 CAGR: | 3.2% | Market Size in 2034: | USD 2.05 Bn. |
| Segments Covered: | by Power Rating | Below 100 MW 101 MW 200 MW Above 201 MW |
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| by Application | Power Utility Industrial Others |
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Heat Recovery Steam Generator Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Heat Recovery Steam Generator Market, Key Players
1. General Electric Company (U.S)
2. Siemens AG (Germany)
3. Amec Foster Wheeler Plc. (U.K)
4. Babock and Wilcox Company (U.S)
5. CMI Group (Belgium)
6. Doosan Engineering and Construction Co., Ltd. (South Korea)
7. Mitsubishi Heavy Industries Ltd.
8. John Wood Group PLC.
9. Larsen and Toubro Ltd.
10.Thermax
11.Bharat Heavy Electricals Ltd.
12.Baker Hughes
Frequently Asked Questions:
1. Which region has the largest share in Global Heat Recovery Steam Market?
Ans: Asia Pacific region held the highest share in 2025.
2. What was the Global Heat Recovery Steam Generator Market size in 2025?
Ans: The Global Heat Recovery Steam Generator Market size was USD 1.54 Billion in 2025.
3. What is scope of the Global Heat Recovery Steam market report?
Ans: Global Heat Recovery Steam Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Heat Recovery Steam market?
Ans: The important key players in the Global Heat Recovery Steam Market are – General Electric Company (U.S), Siemens AG (Germany), Amec Foster Wheeler Plc. (U.K), Babock and Wilcox Company (U.S), CMI Group (Belgium), Doosan Engineering and Construction Co., Ltd. (South Korea), Mitsubishi Heavy Industries Ltd., John Wood Group PLC., Larsen and Toubro Ltd., Thermax, Bharat Heavy Electricals Ltd., and Baker Hughes.
5. What is the study period of this market?
Ans: The Global Heat Recovery Steam Market is studied from 2020 to 2034.