LONDON–(BUSINESS WIRE)–The new heat recovery steam generator (HSRG) market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the heat recovery steam generator (HSRG) market.
“One of the primary growth drivers for this market is the increase in energy efficiency,” says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the heat recovery steam generator (HSRG) market size to grow by USD 189.65 million during the period 2020-2024.
Heat Recovery Steam Generator (HRSG) Market Segment Highlights for 2020
- The heat recovery steam generator (HSRG) market is expected to post a year-over-year growth rate of -6.84%.
- Based on the product, the horizontal HRSG segment led the market in 2019. Horizontal HRSG units have a low installation period and design complexities when compared to other HSRG types, which is driving their adoption among end-users.
- The market growth in the segment will be significant during the forecast period.
- 54% of the growth will originate from the APAC region.
- The increased adoption of natural gas power plants will significantly drive HRSG market growth in APAC during the forecast period.
- China and Japan are the key markets for heat recovery steam generators in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The heat recovery steam generator (HSRG) market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The heat recovery steam generator (HSRG) market is segmented into Product (Horizontal HRSG and Vertical HRSG) and Geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Babcock & Wilcox Enterprises Inc., Clayton Industries, Doosan Heavy Industries & Construction Co. Ltd., General Electric Co., John Wood Group Plc, Kawasaki Heavy Industries Ltd., Kelvion Holding GmbH, Mitsubishi Heavy Industries Ltd., Siemens AG, and Thermax Ltd.
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