Europe Heat Recovery Steam Generator Market Size - By Design (Horizontal Drum, Vertical Drum), By Mode of Operation (Cogeneration, Combined Cycle), By Application (Utilities, Commercial, Chemicals, Refineries, Pulp & Paper), Rated Power & Forecast, 2023 – 2032

Europe Heat Recovery Steam Generator Market Size - By Design (Horizontal Drum, Vertical Drum), By Mode of Operation (Cogeneration, Combined Cycle), By Application (Utilities, Commercial, Chemicals, Refineries, Pulp & Paper), Rated Power & Forecast, 2023 – 2032

Europe Heat Recovery Steam Generator Market Size

Europe Heat Recovery Steam Generator market size crossed USD 381.9 million in 2022 and is anticipated to record at a CAGR of 4.8% from 2023 to 2032. The global heat recovery steam generator market is set to cross USD 2 billion by 2030. The HRSG is typically a large pressure vessel that consists of a series of heat exchangers, including a boiler, superheater, economizer, and other components. The industry has witnessed a steady upsurge in recent years on account of shifting trends toward renewable energy sources, energy efficiency regulations, and growing need to reduce carbon emissions.

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Shifting focus on improving the efficiency and performance of HRSGs through the use of advanced technologies including advanced materials, coatings, and control systems have led the positive impact on product adoption across the region. Supportive environment regulation, increasing costs of electricity, and a decrease in the capital costs of the systems will influence the product penetration across the industrial activities including manufacturing facilities, refineries, petrochemical plants, and power generation. In addition, rapid industrialization, growing energy demand along with government initiatives aimed at improving energy efficiency will complement the heat recovery steam generator market landscape.
 

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COVID-19 Impact

The COVID-19 pandemic had a widespread impact on industries, from disruptions in supply chain networks to decreased demand for goods and services. The chemical industry was particularly affected, with declining demand across various end markets and significant drops in stock prices of chemical companies. This negative impact also extended to the implementation of essential components such as heat exchanger systems, which are necessary in the chemical sector to regulate the temperature of corrosive liquids and condense gases as part of chemical processes.

Europe Heat Recovery Steam Generator Market Trends

Surging demand for energy efficiency units in line with shifting trends toward integration of renewable energy source will augment the deployment of these units. Rising energy demand along with significant investment in the development of advanced turbine systems have created favorable business environment. Effective energy utilization policies have also encouraged the expansion of combined cycle power plants, which in turn will drive the industry growth. Moreover, the growth in renewable-based power generation coupled with increasing electricity demand will sway the business landscape. The replacement of coal by gas in small-scale industrial applications combined with the growing product deployment in process industries is expected to create significant growth opportunities for the industry.

Europe Heat Recovery Steam Generator Market Analysis

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The Europe heat recovery steam generator market from horizontal drum design segment is set to expand at 4% CAGR between 2023 and 2032, owing to its ease of compatibility and lower capital expenditure. The systems are equipped with horizontal exhaust gas fans and heat exchanger tube bundles arranged in a vertical configuration. They are designed to facilitate the natural circulation of a mixture of water and steam across the evaporator tubes. Additionally, continuous technological development coupled with robust growth in combined cycle power plants will stimulate the market growth.

The rapid development of industrial and commercial sector comprising of refineries, chemical processing plants, textile plants, and food processing will drive the demand for vertical drums. These compact and flexible systems are typically used with gas turbines and offer the necessary flexibility and performance required for cogeneration and industrial systems. Ongoing investment toward the development of heating industry and manufacturing sector across emerging nations will provide favorable growth for the industry.

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The < 30 MW of heat recovery steam generator market accounted for over USD 140 million revenue in 2022, due to high adoption rate across the small-scale generation plants and industrial sectors. These units are ideal for process heating and commercial spaces in cold climatic conditions. Rising demand for micro gas turbine and ongoing adoption of cogeneration systems have influenced favorable business scenarios to the industry players for expansion. The expansion and development of Combined Heat and Power units to sustain heat and energy consumption across small industrial, commercial, and isolated grid networks will further augment the business growth. Furthermore, accelerating investments in the development of effective combined cycle plants to sustain low heat requirements across these establishments will boost industry growth.

The >30 MW – 50 MW rated capacity is set to gain an appreciable upliftment over the forecast timeline, on account of their widespread utilization across mechanical drive, oil & gas, power generating stations, and other industrial processes. Furthermore, the favorable consumers and industry proximity supported by favorable regulatory reforms by respective government authorities will complement the business outlook. The shift towards cleaner energy to reduce emissions is driving the demand for these units.

The Europe heat recovery steam generator market from combined cycle operation segment is poised to observe around 4% CAGR through 2032, attributed to increasing concern of environment and adoption of sustainable power generation technology. Higher efficiency and lower emissions as compared to traditional products will augment the industry size. Countries including UK, Denmark, and Russia are replacing their coal-fired power plants with sustainable systems to meet their emission reduction targets. For instance, in 2021, 324 coal-based power plants in Europe have either closed or announced plans to retire before 2030. High-grade heat availability, low emissions, and high reliability are the key parameters impacting the market growth.

Ongoing government regulation toward reduction of coal-based power plants will further accelerate the development of cogeneration technologies in the region. Over the past decade, exponential increase in energy demands in line with favorable tariff structures has energized the overall industry size. Moreover, the growth of cogeneration technologies has provided an opportunity for product expansion. The integration of sustainable energy networks coupled with the adoption of energy-efficient technology system have created favorable business scenario for cogeneration technologies, which in turn will propel the demand for these HRSG’s systems.

The Europe heat recovery steam generator market from commercial application dominated over USD 60 million in 2022 and is estimated to surge at a CAGR of over 5% till 2032, on account of supporting government fundings schemes to expand infrastructure in respective countries. A positive outlook toward sustainable energy sources coupled with ongoing expansion of thermal power stations across developing nations will thrust the demand for these units. Implementation of strict emission norms has created an opportunity to deploy combined cycle plants, ultra-supercritical, and supercritical system thereby enhancing the industry outlook. In addition, the rapid industrialization and improving living standards in emerging economies have led to an increased demand for electricity thereby, creating growth opportunities for the industry.

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Germany heat recovery steam generator market is projected to cross USD 100 million by 2032. Favorable regulatory policies and fundings in line with advancements in cogeneration technology will accelerate the investment opportunity across the country. The country is anticipated to upsurge owing to large population centers and strong industrial presence. The growing focus toward sustainable energy along with several government incentives for development of cogeneration technology will drive the Germany market. Ongoing modernization and refurbishment of power infrastructures by investing in waste heat recovery generation system will support waste heat and steam generation units across the country.

Europe Heat Recovery Steam Generator Market Share

The key players operating in Europe heat recovery steam generator market are

• S.A. HAMON
• Thermax Limited
• Sofinter S.p.a
• Siemens Energy
• General Electric
• Mitsubishi Heavy Industries, Ltd
• John Cockerill
• Clayton Industries
• Babcock & Wilcox Enterprises, Inc
• John Wood Group PLC

Europe Heat Recovery Steam Generator Industry News

• In January 2020, AC Boiler, a subsidiary of Sofinter Group, delivered a horizontal HRSG system to the Presenzano power plant. The scope of the supply included natural circulation along with three pressure levels plus the RH type, which was designed for an advanced steam level conditions that were needed in the H class AEN GT 36 of combined cycle. AC Boiler products have provided key contributions to clean power generation via high efficiencies coupled with the Italian energy & European policies.
   
• In September 2019, Siemens announced to construct a new combined cycle power plant in Western France, which valued at approximately USD 450 million. The company signed an agreement for maintenance & operation for a period of twenty years. The plant’s total capacity was 446 MW, which strengthened the electricity demand in Brittany, France.

Europe heat recovery steam generator market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” from 2019 to 2032, for the following segments

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Market, By Design

• Horizontal Drum
• Vertical Drum

Market, By Rated Power

• ≤ 30 MW
• ≥ 30 - 50 MW
• ≥ 50 - 100 MW
• ≥ 100 - 200 MW
• ≥ 200 MW

Market, By Mode of Operation

• Cogeneration
• Combined Cycle

Market, By Application

• Utilities
• Commercial
• Chemicals
• Refineries
• Pulp & paper

The above information has been provided for the following countries

• Europe
  • UK
  • France
  • Russia
  • Germany
  • Denmark
  • Sweden
  • Italy
  • Netherlands