Product Code: 53602
The global power generation is likely to grow at a CAGR of more than 3% during the forecast period of 2020-2025, which has a direct influence on heat recovery steam generator (HRSG) market. Adding to this, factors such as increasing energy efficiency and less emission of greenhouse gases is likely to drive heat recovery steam generator market in the forecast period. However, the initial cost of investment is high for HRSG which, in turn, is expected to have a negative impact on the market studied.
- The power generation segment is expected dominate the heat recovery steam generators market in the forecast period.
- Countries such as Germany, United Kingdom and United States are focusing on reducing their greenhouse gas emission significantly by 2030, which in turn, is expected to create a significant opportunity for heat recovery steam generators in the forecast period.
- Asia-Pacific has dominated the market in 2018, owing to its increasing energy demand and targets to reduce greenhouse gases emissions.
Key Market Trends
Power Generation Going to Dominate the Market
- According to International Energy Agency (IEA) the power generation segment in which heat recovery steam generators are widely used is likely to grow at a CAGR of 3% in the upcoming years. The, in turn, is expected to boost the demand for HRSGs in the coming years.
- In 2011 the electric power consumed by the world was 22258 Terawatt-Hour (TWh) which kept on increasing in the coming years showing the increasing energy requirement of the world.
- In 2018 Sumitomo SHI FW was awarded a contract by Hyundai Engineering & Construction (HDEC) to design and supply equipment for its Daesan Biomass Power Plant in Finland. This contract also includes the installation of heat recovery steam generator.
- The movement in Europe carbon emission targets, which aims to cut down greenhouse gases by at least 40% by 2030, compared to 1990 has increased the usage of heat recovery steam generators in the past both in the power generation sector and wind energy sector.
- In 2018 Israel Electric Corporation (IEC) has awarded General Electric Company a contract to build the first of two combined cycle gas turbine (CCGT) units. The project is intended to convert part of the Orot Rabin coal-fired power plant to burn gas. This contract also include installation of heat recovery steam generator provided by General Electric Company.
- Therefore, the above power generation projects are likely to drive the heat recovery steam generator market in the forecast period as usage of heat recovery steam generator increases efficiency and also decreases the carbon dioxide emission.
Asia-Pacific to Dominate the Market
- Asia-Pacific has dominated the heat recovery steam generator market in the past and is going to dominate the market in the forecast period because of the several power projects under construction.
- Patratu Super Thermal Power Project, Jharkhand in India, started in 2018 and is expected to be completed in 2022. The project has the capacity to produce 4000 mega-watts (MW) of power and is likely to use huge capacity heat recovery steam generator.
- A Joint Venture of Marubeni Corporation and General Electric Company in 2019 was awarded a EPC contract by Taiwan Power Company for expansion of its DaTan Combined Cycle Power Plant Project for Units 8&9. This EPC contract also include the installation of heat recovery steam generator from General Electric Company and is likely to drive the heat recovery steam generator market in the forecast period.
- Bharat Heavy Electricals Limited was awarded a contract by Ramagundam Fertilizers and Chemicals Ltd (RFCL) in Telangana to build a gas turbine of 32.5 Megawatt capacity. This contract also include the setting up of heat recovery steam generator and is likely to drive the market in the forecast period.
- Hence, from the above points it can be concluded that Asia-Pacific is going to dominate the heat recovery steam generator market in the forecast period.
The heat recovery steam generator market is moderately fragmented. Some of the key players in market include Siemens AG, Mitsubishi Hitachi Power Systems Ltd, Sofinter S.p.a, General Electric Company, and Thermax Limited.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Force Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGEMENTATION
- 5.1 End-User
- 5.1.1 Power Plants
- 5.1.2 Oil and Gas Facilities
- 5.1.3 Chemical and Fertilizer Plants
- 5.1.4 Other End-Users
- 5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 South America
- 5.2.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
- 6.2 Strategies Adopted by Key Players
- 6.3 Key Companies Profile
- 6.3.1 Thermax Limited
- 6.3.2 Siemens AG
- 6.3.3 Mitsubishi Hitachi Power Systems, Ltd
- 6.3.4 AC BOILERS SpA
- 6.3.5 Kelvion Holding GmbH
- 6.3.6 General Electric Company
- 6.3.7 Alfa Laval AB
- 6.3.8 Mersen SA
- 6.3.9 Sofinter S.p.a
7 Market Opportunities and Future Trends