Heat Recovery Steam Generator Market By Pressure Level (Single Pressure, Dual Pressure, Triple Pressure); By Configuration (Horizontal Drum, Vertical Drum, Once-Through); By End User (Utilities, Industrial Plants, District Energy, Others); By Geography, Segment Revenue Estimation, Forecast, 2024–2030.

Introduction And Strategic Context

The Global Heat Recovery Steam Generator Market will witness a robust CAGR of 6.3 % , valued at $3.5 billion in 2024 , expected to appreciate and reach $ 5.04 billion by 2030 , confirms Strategic Market Research. Figures are inferred based on internal modeling of combined-cycle additions, cogeneration uptake, and aftermarket revenue between 2024–2030.

 

Heat recovery steam generators (HRSGs) sit between a gas turbine or process exhaust and a steam cycle, capturing high -temperature waste gases to produce steam for power generation, industrial heating, or process use. In practical terms, HRSGs are the efficiency backbone of combined -cycle gas turbine (CCGT) plants and a core asset in cogeneration/CHP facilities across refining, chemicals, steel, cement, and large campuses. Their strategic relevance over 2024–2030 is shaped by three converging realities: grids need fast, flexible capacity to backstop variable renewables; industry faces pressure to decarbonize without risking uptime; and owners want assets that are hydrogen -ready and lifecycle -cost predictable. In short, HRSGs translate waste into watts (or useful heat) with measurable carbon and fuel savings.

 

On the power side, gas capacity remains a swing resource as solar and wind scale. HRSGs enable CCGT fleets to hit mid -50s to 60%+ thermal efficiency while supporting rapid starts and cycling—now a baseline requirement in markets with high renewable penetration. In industry, HRSGs attached to furnaces, reformers, cracking units, and kilns are becoming standard for process heat recovery, helping plants cut fuel bills and Scope 1 emissions without re -plumbing entire thermal systems. Owners increasingly view HRSG retrofits as the “no -regrets” decarbonization step before deeper electrification.

 

Policy signals reinforce this direction. Tighter emissions norms, fuel efficiency standards, and carbon pricing in parts of North America and Europe reward heat recovery economics. Several Asian markets are also prioritizing efficiency upgrades in gas -fired power and industrial clusters to manage fuel import costs. Meanwhile, equipment specs are shifting: higher exhaust temperatures from advanced gas turbines push HRSG designs toward triple -pressure with reheat, upgraded materials, and smarter attemperation . Digitalization is spreading too—predictive monitoring for tube leaks, fouling, and thermal stress is now part of the core value proposition, not an add -on.

 

The 2024 stakeholder map is broad. OEMs and HRSG specialists (e.g., GE Vernova , Siemens Energy, Mitsubishi Power, CMI Energy, Nooter /Eriksen, Rentech Boiler Systems, Doosan), EPCs, and boiler/tube fabricators shape the supply side. Utilities, IPPs, and industrial owners (refining, LNG, petrochemicals, pulp & paper, metals) drive specifications and service contracts. Regulators, financial sponsors, insurers, and O&M providers influence project bankability, performance guarantees, and lifecycle risk. The aftermarket—inspections, module replacements, pressure -part upgrades, and controls—now accounts for a rising share of revenue as fleets cycle harder.

 

Risks exist. New -build gas approvals face scrutiny in some geographies; hydrogen co -firing remains early, and supply chains for pressure -parts can be tight. Yet the investment case is practical: HRSGs monetize heat that would otherwise be vented. That’s fuel saved, emissions avoided, and flexibility added—benefits that remain relevant across most energy transition scenarios. To be candid, HRSGs aren’t the headline act of the transition, but they’re the reliable rhythm section keeping efficiency and resilience on beat.

 

Market Segmentation And Forecast Scope

The heat recovery steam generator market spans design choices, duty cycles, and buyer types that don’t always look alike on paper but converge around one outcome: converting hot exhaust into bankable steam. Below is the structure we’ll use for sizing and forecasting through 2024–2030 (revenues, USD), with breakouts by design, application, end user, component, and region. Where shares are shown, they are inferred from installed base patterns, current order books, and expected cycling intensity over the period.

By Design

• Horizontal drum HRSGs
  The mainstream choice for utility -scale combined -cycle plants and large industrial CHP. Known for maintainability and robust pressure -part layouts.

• Vertical HRSGs
  Favored where plot space is tight or for aero -derivative gas turbines in peaking and cogeneration roles.

• Single/dual/triple -pressure with reheat
  Pressure staging drives efficiency. Triple -pressure with reheat dominates high -output CCGT blocks, while single/dual -pressure designs fit mid -merit and industrial heat recovery. Expect more dual -pressure retrofits as cycling duty rises .

• With/without supplementary firing
  Supplementary -fired HRSGs add duct burners to lift steam output for process peaks or grid support; unfired HRSGs suit baseload efficiency plays and OPEX discipline .

 

By Application

• Combined -cycle power generation (CCGT)
  The volume anchor of the market, attached to F -, H -, and J -class gas turbines for grid supply. In 2024 , CCGT -linked units account for ~62% of revenue (inferred), reflecting steady additions and a large serviceable installed base.

• Cogeneration/CHP (industrial and district energy)
  Deployed in refineries, petrochemicals, LNG trains, and district heating plants. Growth is tied to process electrification limits and fuel -efficiency mandates.

• Process heat recovery (steel, cement, glass, non -ferrous)
  Tailored HRSGs capture kiln or furnace exhaust to raise steam for upstream or downstream steps. These projects often clear internal hurdle rates on fuel savings alone.

 

By End User

• Utilities and IPPs
  Purchase utility -scale HRSG trains via EPC contracts, prioritize lifecycle guarantees, cycling resilience, and digital diagnostics.

• Industrial owners (oil & gas, chemicals, metals, pulp & paper, food & beverage)
  Mix of greenfield CHP and brownfield tie -ins. Decisions hinge on steam curves, plot plan constraints, and downtime windows.

• Campus & district energy operators
  Smaller blocks, high part -load operation, and frequent seasonal turndown.

 

By Component

• Pressure parts: economizer, evaporator, superheater, reheater, drums
  Core revenue line for new builds and replacements.

• Balance of plant: duct burners, casing/stack/silencer, diverter damper, SCR/CO catalyst housing, attemperators
  Scope expands with emissions and flexibility requirements.

• Controls, monitoring, and analytics
  Upgrade cycle accelerates as owners chase tube -life extension and forced -outage avoidance. Software -plus -service is becoming a meaningful attach revenue stream.

 

By Region

Asia Pacific , North America , Europe , LAMEA Asia Pacific leads revenue with ~44% in 2024 (inferred), driven by CCGT programs in gas -importing economies and industrial CHP in China, India, and Southeast Asia. North America shows a strong aftermarket and selective new -builds; Europe skews to CHP upgrades and decarbonization retrofits; LAMEA is project -driven with refining/LNG clusters as demand nodes.

 

Forecast scope and notes

We model revenues from greenfield HRSG trains, brownfield retrofits, module replacements, and controls/analytics upgrades across 2024–2030 , aligning deliveries with gas -turbine order cycles, industrial capex plans, and regional fuel/pricing policy. Fastest growth is expected in dual -/triple -pressure units with advanced attemperation and digital condition monitoring, as cycling duty becomes the norm rather than the exception.

 

Market Trends And Innovation Landscape

The heat recovery steam generator (HRSG) sector is evolving rapidly, driven by the convergence of higher-efficiency gas turbines, decarbonization mandates, and digital O&M practices. Between 2024 and 2030, the technology shift in HRSG design and operation is less about incremental tweaks and more about fundamental re-engineering for flexibility, thermal resilience, and low-carbon compatibility. In other words, HRSGs are becoming smarter, hotter, and more adaptable to uncertain fuel futures.

Advanced Materials for High-Temperature Operations
Next-generation gas turbines are pushing exhaust temperatures beyond 600°C, forcing HRSG OEMs to adopt upgraded alloys, improved creep-resistant steels, and advanced coatings. These materials extend pressure part lifespans under rapid cycling, a growing operational reality in renewable-heavy grids. Research collaborations between boiler fabricators and metallurgical institutes are also yielding composite tube solutions that improve heat transfer while resisting corrosion from variable fuels, including hydrogen blends.

 

Triple-Pressure with Reheat Becomes the Norm in New-Builds
In combined-cycle plants, the triple-pressure reheat configuration is increasingly standard, not a premium option. This setup maximizes steam turbine output while minimizing fuel use, delivering thermal efficiencies north of 60%. OEMs are refining modular designs so that EPCs can tailor the heat exchange surfaces for site-specific exhaust profiles—critical for markets with mixed-fuel or hybrid-turbine fleets.

 

Digital Twin and Predictive Maintenance Integration
Digital twins—once niche—are now embedded in many OEM service offerings. They replicate real-time HRSG performance, flagging thermal stress patterns, finned-tube fouling, or attemperator malfunctions before they escalate into forced outages. AI-enabled monitoring systems use vibration, temperature, and acoustic data to optimize cleaning schedules and extend run hours between overhauls. For asset managers, the shift is from reactive repairs to strategic lifecycle management.

 

Hydrogen Readiness and Carbon Capture Pairing
Hydrogen co-firing is still in the pilot phase, but OEMs are future-proofing HRSG headers, ducting, and seals to handle altered flame temperatures and exhaust chemistry. Designs are also being modified to integrate post-combustion carbon capture systems, where the HRSG steam cycle supports solvent regeneration. In industrial CHP, this compatibility opens the door to “net-zero heat ” configurations.

 

Modular and Compact HRSGs for Distributed Power
Outside of utility-scale plants, smaller modular HRSGs are gaining traction for on-site cogeneration in data centers , LNG terminals, and process plants. These pre-fabricated units shorten installation timelines and reduce capex. Several OEMs are now offering containerized HRSG packages that can be relocated or scaled with demand.

 

OEM–Utility Collaboration for Flexible Operations
Recognizing the wear from frequent starts and stops, utilities are partnering with OEMs to co-develop fast-start HRSGs capable of full load in under 30 minutes. This involves advanced attemperation control, sliding pressure operation, and stress-tolerant designs. The payoff: better economics in grids where gas plants serve as renewable balancers.

 

Aftermarket Innovation for Aging Fleets
For the large installed base from the 2000s gas boom, aftermarket upgrades—new finned tube bundles, improved seals, advanced cleaning systems—are extending asset life by 10–15 years. Independent service providers are innovating on rapid tube replacement kits to cut outage windows in half.

Bottom line: HRSG innovation is no longer about chasing marginal efficiency gains—it’s about survival in a market that demands faster starts, longer life under stress, and readiness for a post-fossil fuel era.

 

Competitive Intelligence And Benchmarking

The HRSG market is concentrated among a mix of large power equipment OEMs, specialized boiler manufacturers, and regional EPC/service providers. While the competitive field is mature, the playbook is shifting—away from pure new-build competition toward lifecycle service, modular retrofits, and technology partnerships. The most successful players are those pairing equipment expertise with digital and operational agility.

GE Vernova
A leading force in the global combined-cycle space, GE Vernova leverages its deep gas turbine portfolio to integrate HRSG designs optimized for its F-, H-, and HA-class machines. The company’s edge lies in its in-house materials R&D and the ability to bundle turbines, HRSGs, and long-term service agreements. Recent focus includes hydrogen-compatible HRSG configurations and digital twin-enabled maintenance.

 

Siemens Energy
Siemens Energy maintains strong positions in Europe, Asia, and the Middle East, often delivering turnkey CCGT projects where its Benson-type once-through HRSGs are favored for high-pressure, flexible cycling duty. The company is investing in heat transfer surface innovations and AI-enabled performance monitoring. Strategic collaborations with industrial clusters for decarbonized CHP are also shaping its project pipeline.

 

Mitsubishi Power
Known for its triple-pressure reheat HRSGs in high-output plants, Mitsubishi Power differentiates on thermal efficiency and reliability under high exhaust temperatures. The company’s hydrogen-fired turbine projects in Japan and the U.S. are pushing HRSG designs toward new material standards. Mitsubishi also positions itself as a lifecycle partner, with remote monitoring centers providing predictive O&M insights.

 

CMI Energy
A specialist in complex HRSG designs, CMI Energy has carved a niche in custom-engineered solutions for both utility-scale and industrial CHP applications. Its expertise in supplementary-fired units for process industries gives it an advantage in projects demanding flexible steam output. CMI also offers modular retrofit kits aimed at aging fleet modernization.

 

Nooter /Eriksen
A North American leader, Nooter /Eriksen focuses heavily on HRSGs for large-frame gas turbines and industrial cogeneration plants. Its strong domestic manufacturing base and responsiveness in custom configurations give it a competitive edge in EPC-led projects. The company has been active in supplying components for partial retrofits, allowing industrial plants to incrementally boost efficiency.

 

Rentech Boiler Systems
Rentech serves both power generation and process industries, with a reputation for fast-track delivery of packaged HRSGs. The company emphasizes rugged design for severe service environments and has been expanding its presence in Latin America and Southeast Asia through regional partnerships.

 

Doosan Enerbility
Strong in Asia-Pacific, Doosan delivers HRSGs for both baseload and cycling duty in CCGT and CHP plants. Its recent activity includes hybrid projects integrating solar thermal and HRSG steam cycles to reduce gas consumption. The company’s manufacturing integration allows for competitive cost positioning in high-growth markets.

Benchmarking Insights

• Global OEMs (GE Vernova , Siemens, Mitsubishi) dominate in large CCGT projects with vertically integrated offerings.

• Specialists (CMI, Nooter /Eriksen, Rentech ) win on customization, aftermarket responsiveness, and niche industrial applications.

• Asian manufacturers (Doosan) combine competitive pricing with expanding technological capabilities, especially in high-growth APAC markets.

The competitive race over 2024–2030 will hinge less on who can deliver the most efficient HRSG, and more on who can keep it running at high performance for 30+ years under volatile operating conditions.

 

Regional Landscape And Adoption Outlook

The HRSG market’s regional dynamics are shaped by gas turbine deployment rates, industrial CHP demand, policy incentives for efficiency, and the pace of decarbonization. While global growth is steady, the drivers vary significantly by geography—ranging from grid balancing in renewables-heavy economies to fuel cost control in import-dependent nations.

North America
The U.S. and Canada maintain a large installed base of combined-cycle plants, many from the early-2000s buildout. Growth here is more about aftermarket services and upgrades than new builds, as utilities prepare fleets for heavier cycling duty to backstop wind and solar. Supplementary firing retrofits and SCR/catalyst upgrades are common. Mexico’s industrial corridor, particularly in petrochemicals and metals, is seeing new CHP-linked HRSG demand due to competitive gas pricing. Environmental permitting is a gating factor in some U.S. states, nudging projects toward efficiency retrofits rather than greenfield capacity.

 

Europe
Western Europe’s market is tied closely to decarbonization strategies. Countries like Germany, the Netherlands, and the UK are investing in flexible CCGT plants designed for hydrogen readiness. CHP systems in Scandinavia and Central Europe are also being retrofitted with HRSGs to capture process heat. The Russia-Ukraine conflict has accelerated investment in domestic power security, leading to targeted CCGT builds in Eastern Europe. EU emissions rules are pushing OEMs to design HRSGs with integrated carbon capture compatibility.

 

Asia Pacific
APAC is the revenue leader, accounting for an estimated ~ 44 % of the 2024 market (inferred). China’s industrial CHP programs and India’s urban district heating/cooling initiatives are major demand sources. Southeast Asia—particularly Vietnam, Malaysia, and Indonesia—is adding CCGT capacity to stabilize grids as renewables expand. Japan and South Korea are early movers on hydrogen-turbine pilots, which will require next-generation HRSGs with high thermal resilience. The region’s combination of industrial growth, fuel import costs, and government efficiency targets creates a strong multi-segment opportunity.

 

Latin America
Brazil’s industrial clusters and LNG import terminals are fueling CHP-linked HRSG orders. Mexico’s manufacturing sector is also contributing, particularly in auto, glass, and chemicals. Limited capital budgets in parts of the region mean a preference for modular HRSGs or staged installations. Currency fluctuations and financing access remain barriers to faster adoption.

 

Middle East & Africa (MEA)
In the Middle East, gas-rich economies like the UAE, Saudi Arabia, and Qatar are investing in large CCGT complexes, often with supplementary-fired HRSGs to supply both electricity and desalination steam. North Africa’s adoption is tied to industrial modernization, with Egypt and Morocco emerging as hot spots for CHP in cement and fertilizers. Sub-Saharan Africa’s market is small but growing, mostly in mining and LNG export projects requiring process heat recovery.

Regionally, the common thread is flexibility—whether to support renewables, adapt to fuel shifts, or deliver process steam on demand. OEMs and EPCs that can tailor HRSG configurations to local grid codes, industrial loads, and policy goals will be best placed to capture growth between now and 2030.

 

End-User Dynamics And Use Case

HRSG purchasing is rarely about buying a boiler. It’s an operations decision that touches fuel strategy, steam reliability, emissions compliance, and balance -of -plant constraints. End users weigh performance guarantees, outage windows, and lifecycle risk as much as first cost. Said simply, the “best” HRSG is the one that keeps the steam curve flat and the CFO calm.

Utilities and IPPs
For utilities and independent power producers, HRSGs are part of a dispatchable capacity stack. Priorities: rapid starts, high ramp rates, sliding -pressure operation, and long intervals between water -wash/cleaning. LTSAs commonly bundle digital monitoring with pressure -part warranties. Owners increasingly ask for hydrogen -blend readiness and carbon -capture compatibility to future -proof the asset. KPI focus: heat rate, equivalent operating hours, start reliability, and stack NOx/CO compliance.

 

Industrial Owners
Refining, petrochemicals, LNG, steel, cement, and pulp & paper run HRSGs as steam anchors for process units. Decisions start with the steam balance: header pressures, seasonal turndown, and response to unplanned process trips. Supplementary firing is attractive where steam demand spikes, while unfired configurations suit steady baseloads tied to continuous processes. Downtime risk dominates—owners want modular tube bundles, easy casing access, and spares strategies that align with turnaround cycles. KPI focus: steam reliability, fuel savings, and avoided flaring/venting.

 

Campus, District Energy, and Data Centers
Operators of district heating/cooling networks, universities, hospitals, and hyperscale data centers value compact footprints, acoustic control, and part -load efficiency. Here, pre -fabricated HRSG modules and standardized controls reduce installation time and commissioning risk. Integrations with absorption chillers and thermal storage are rising to flatten daily demand swings. KPI focus: delivered thermal MWh per unit of gas, part -load efficiency, and noise/vibration limits.

 

EPCs, O&M Providers, and Insurers
While not end users, EPC contractors, third -party O&M firms, and insurers shape technical specifications. EPCs push constructability, modularization, and logistics (lift weights, crane time). O&M teams emphasize access platforms, drain/vent locations, and instrumentation that supports predictive maintenance. Insurers scrutinize attemperation schemes and thermal -stress mitigation to price risk; their input often steers material selection and control logic.

 

Procurement Patterns and Commercial Models
Utilities lean toward turnkey EPC awards with tightly defined performance tests and liquidated damages. Industrial owners mix EPC(M) with owner -furnished equipment to control critical path items. Long -term service agreements are widening to include analytics subscriptions, catalyst lifecycle management, and periodic tube life assessments. In capital -constrained settings, staged scopes—unfired today, duct burners later—keep options open as loads grow.

 

What Drives the Buying Decision

• Flexibility: start times, hot restarts, and ramp rates without thermal penalty

• Reliability: tube -leak avoidance, fouling resistance, and proven attemperation control

• Future -proofing: hydrogen -blend tolerance, carbon -capture compatibility, and digital twins for lifecycle planning

• Constructability: modular pressure parts, minimized site welding, and shorter outage windows

• Total cost: not just capex—chemistry, water, catalyst, and cleaning cycles matter
   

Use Case Highlight
A Gulf Coast refinery in the U.S. upgraded from a single -pressure unfired HRSG on a 40 -MW gas turbine to a dual -pressure, supplementary -fired unit tied into two steam headers (medium and high pressure). The objective was to retire an aging package boiler, stabilize steam to the hydrocracker, and cut purchased power during summer peaks. The new HRSG added fast -response duct burners, redesigned attemperators, and a digital fouling model linked to soot -blowing routines. Within the first operating season, the site recorded steadier header pressure under transient loads, a meaningful reduction in auxiliary boiler run hours, and a shorter restart sequence after process trips. Unplanned outages fell, and the refinery captured incremental power export during off -peak hours—improving the energy balance without major changes to upstream units.

Bottom line: end users buy HRSGs for certainty—certainty that steam will be there under stress, that cycling won’t destroy tubes, and that tomorrow’s fuels won’t strand today’s investment.

 

Recent Developments + Opportunities & Restraints

Recent Developments (Last 2 Years)

• GE Vernova commissioned a new triple-pressure HRSG design in 2024 for a Middle Eastern combined-cycle plant, incorporating advanced attemperation controls and hydrogen co-firing readiness.

• Doosan Škoda Power announced in late 2023 a strategic partnership with a European EPC to supply modular HRSG units optimized for offshore LNG-to-power barges.

• Nooter /Eriksen launched an upgraded finned-tube design in 2023 to reduce fouling in high-dust gas turbine exhaust applications, targeting industrial cogeneration markets.

• Mitsubishi Power completed a retrofit project in 2024 integrating carbon capture-ready HRSG modifications for a U.S. combined cycle fleet.

• CMI Energy piloted AI-driven thermal stress monitoring systems in two Asian HRSG installations, aiming to extend tube life under high cycling conditions.

 

Opportunities

• Hydrogen Blending & Low-Carbon Fuels –
  As utilities target decarbonization, HRSGs that can handle hydrogen-rich exhaust without derating will see rapid uptake, especially in Europe and East Asia.

• Lifecycle Optimization Services –
  Predictive maintenance, digital twins, and remote monitoring can extend HRSG service life, reduce forced outages, and improve fuel efficiency for both utility and industrial operators.

• Emerging Market Industrialization –
  Fast-growing economies in Southeast Asia, Africa, and Latin America are expanding refining, petrochemicals, and steel production—each creating new opportunities for cogeneration HRSG deployments.

 

Restraints

• High Capital Cost & Long Lead Times –
  Custom HRSG builds often require over a year from order to commissioning, tying up capital and extending payback horizons for project developers.

• Thermal Cycling Fatigue –
  In markets with increasing renewable penetration, HRSGs face frequent start-stop cycles, accelerating tube wear and raising O&M costs without advanced design features.
   

7.1. Report Coverage Table

Report Attribute	Details
Forecast Period	2024 – 2030
Market Size Value in 2024	USD 3.5 Billion
Revenue Forecast in 2030	USD 5.04 Billion
Overall Growth Rate	CAGR of 6.3% (2024 – 2030)
Base Year for Estimation	2024
Historical Data	2019 – 2023
Unit	USD Million, CAGR (2024 – 2030)
Segmentation	By Pressure Level, By Configuration, By End User, By Region
By Pressure Level	Single Pressure, Dual Pressure, Triple Pressure
By Configuration	Horizontal Drum, Vertical Drum, Once-Through
By End User	Utilities, Industrial Plants, District Energy, Others
By Region	North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Country Scope	U.S., UK, Germany, China, India, Japan, Brazil, etc.
Market Drivers	- Growth in combined cycle installations - Shift toward hydrogen and low-carbon fuels - Rising industrial cogeneration demand
Customization Option	Available upon request