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

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

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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.
 

Europe Heat Recovery Steam Generator Market Report Attributes
Report Attribute Details
Base Year 2022
Europe Heat Recovery Steam Generator Market Size in 2022 USD 381.9 Million
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 4.8%
2032 Value Projection USD 618.5 Million
Historical Data for 2019 to 2022
No. of Pages 200
Tables, Charts & Figures 230
Segments covered Design, Rated Power, Mode of Operation, Application
Growth Drivers
  • Increasing utilization of cogeneration technology
  • Focus on combined cycle generation
Pitfalls & Challenges
  • High initial investments

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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

Rising energy costs and the push for greener solutions are fueling a surge in demand for energy efficiency units, especially those that can integrate renewable energy sources. This growing trend is creating a favorable market environment for businesses. Governments are also playing a role by implementing policies that promote energy-efficient technologies. This has led to an increase in the use of combined cycle power plants, which are highly efficient at converting fuel into electricity. The growth in renewable energy generation, such as solar and wind power, is also driving demand for energy efficiency units. As more people adopt renewable energy sources, they need efficient ways to store and use the energy they produce. In addition, the replacement of coal with gas in small-scale industrial applications and the growing use of energy efficiency units in process industries are creating even more 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 market for small heat recovery steam generators (below 30 MW) is thriving, with revenues exceeding $140 million in 2022. This growth is largely driven by their popularity in small-scale power plants and industries. These generators are particularly useful for heating processes and buildings in cold climates. The increasing use of micro gas turbines and Combined Heat and Power systems has created a favorable environment for industry players to expand. The construction of Combined Heat and Power units is also increasing, meeting the energy and heating needs of small industrial, commercial, and remote areas. Moreover, investments in advanced combined cycle plants are accelerating, catering to the low heat requirements of these establishments and driving industry growth further.

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.

Hey there! I've got some interesting news about a growing market in Europe. It's all about heat recovery steam generators (basically, they help make energy more efficient), especially in power plants that use a combo of gas and steam. Why is this market heating up (pun intended!)? Well, people are getting more worried about the environment and want to find cleaner ways to generate electricity. These heat recovery steam generators are pretty awesome because they're not only more efficient than older tech but also spew out fewer harmful emissions. Countries like the UK, Denmark, and Russia are going all-in on these eco-friendly systems. They're ditching those dirty coal-fired power plants to meet their goals of cutting down on pollution. Last year alone, over 300 coal plants in Europe either shut down or said they're going to retire soon. These heat recovery steam generators have got it going on. They can handle high-heat situations, keep emissions low, and are super dependable. That's why this market is set to keep growing over the next decade.

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.

Europe's market for steam generators that recover heat from power plants is expected to keep growing. In 2022, the commercial sector brought in over $60 million, and experts say that by 2032, this number will go up by more than 5% each year. This is partly due to government programs that give money to build more infrastructure in different countries. The push for cleaner energy and the building of more power plants in developing countries are also helping the market for these generators. Governments are also making it harder to pollute, which is making it more common to use power plants that combine different technologies, such as combined cycle, ultra-supercritical, and supercritical systems. This is good news for the industry. On top of that, developing economies are industrializing quickly and people's lives are getting better, which is leading to a need for more electricity. This is opening up new chances for the industry to grow.

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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

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