As per the report titled ‘Heat Recovery Steam Generator Market Size By Design (Horizontal Drum, Vertical Drum), By Rated Power ( 0-30 MW, >30-50 MW, >50-100 MW, >100-200 MW, >200 MW), By Mode of Operation (Cogeneration, Combined Cycle), By Application (Utilities, Chemical, Refineries, Pulp & Paper), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Finland, Russia, Germany, Denmark, Sweden, Italy, Netherlands, China, Japan, South Korea, India, Australia, Indonesia, Singapore, Malaysia, Philippines, UAE, Saudi Arabia, Qatar, Oman, Kuwait, Egypt, South Africa, Nigeria, Brazil, Argentina, Chile, Peru), Application Potential, Competitive Market Share & Forecast, 2019 - 2025’ available with Market Study Report, the global heat recovery steam generator market is projected to cross USD 1.8 billion by the year 2025.
 

Increasing demand for energy efficient systems across the manufacturing industry, alongside rapid industrialization is spurring the growth of heat recovery steam generator market. Rising consumer awareness and stringent government regulations towards emission control is boosting the demand for heat recovery steam generators. In addition, low operational cost of these units and rising inclination towards sustainable energy sources are positively impacting the market outlook.
 

Increasing expenditure for construction of industrial and commercial spaces such as malls and colleges is positively impacting the market growth. Growing need for cost effective and energy efficient solutions for heat and electricity generation across these sectors is boosting the product penetration. These generators play a vital role of discharging and utilizing excess heat produced from the buildings.
 

Improved living standard coupled with expansion of urban areas will further encourage the installation of these systems on a large-scale. Growing focus towards lowering the dependency on fossil fuels coupled with volatile fuel prices are other growth drivers of heat recovery steam generator market.
 

Based on the mode of operation, cogeneration segment is expected to see a substantial growth over the analysis period. The segment growth can be affixed to rising consumer preference for efficient cogeneration solutions in conjunction with the increasing establishment of combined heat and power (CHP) plants.
 

Considering the geographical outlook, Asia Pacific heat recovery steam generator market is slated to grow by 5% through 2025. Inflowing investments in the industrial sector coupled with government regulations & policies to reduce carbon emissions are driving the regional growth.
 

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Furthermore, MEA heat recovery steam generator market is anticipated to see a considerable growth during the study period, on account of expansion of existing petrochemical plants and refineries to fulfill the increased demand for hydrocarbon products. Moreover, positive economy growth and increasing investments by financial institutions towards industrial expansion will greatly enhance the regional business outlook in the coming years.
 

Prominent players of heat recovery steam generator market are John Wood, John Cockerill, Thermax, Rentech, BHEL, Siemens, Cleaver-Brooks, Larsen & Toubro, Clayton, Mitsubishi, GE, B&W, AC Boilers, Kelvion, Kawasaki, and Hamon.