The Combined Cycle Heat Recovery Steam Generator Market is estimated at USD 661.1 million in 2022. Further, the market is expected to grow from USD 685.2 million in 2023 to USD 926.9 million in 2030 at a CAGR of 4.41%.
Combined Cycle Heat Recovery Steam Generator Market Market Overview
Combined cycle power plants are power generation system that uses gas and steam turbines to produce electricity. The gas turbine generates electricity by burning natural gas or other fuels, while the steam turbine generates additional electricity by using the waste heat from the gas turbine to produce steam, which then drives the steam turbine. The power generation industry is leaning towards combined cycles, which are in high demand for their minimal delivery time and higher efficiency.
A heat recovery steam generator (HRSG) is a critical combined cycle power plant component. It captures the waste heat from the gas turbine and generates steam, which is then used to drive the turbine. It boasts high thermal efficiency and produces minimal CO2 emissions. The heat is recovered in the form of steam, serving as the power source of a power-generating steam turbine. The construction of combined cycle power plants is considered a promising investment in a sustainable energy future for the coming decades.
Latest Trends in Combined Cycle Heat Recovery Steam Generator Market
Increasing adoption of combined cycle power plants:
Combined cycle power plants are becoming more popular as they offer higher efficiency, lower emissions, and greater flexibility compared to traditional power plants. This is driving the demand for HRSGs, which are a key component of combined cycle power plants. A combined-cycle power plant uses both a gas and a steam turbine together to produce up to 50% more electricity from the same fuel than a traditional simple-cycle plant. The waste heat from the gas turbine is routed to the nearby steam turbine, which generates extra power. A combined-cycle power system is an established technology for larger, onshore power generation plants. The technology has also been used on three offshore installations for over 20 years in Norway. Offshore operators have experienced various corrosion issues and fatigue of tubes in the HRSG, mainly caused by maloperation.
Driving Factors
Emphasis on Energy Efficiency:
Heat recovery steam generators are used to recover waste heat from the exhaust of gas turbines, boosting efficiency from 35% to 40% in a simple cycle (also known as open cycle) mode to a range of 55% to 60% in a combined cycle mode. The steam generated by the HRSG can be used for process heating or generating electricity in a steam turbine. Such units are installed on gas turbines ranging from below 1 MW to 320 MW. There is a growing emphasis on energy efficiency, and HRSGs are a key component in achieving this goal. HRSGs recover waste heat from gas turbines, which can be used to generate steam for electricity production, reducing the amount of fuel needed to produce the same amount of electricity.
Market Challenges
High Cost & Availability of Other Technologies:
The installation of HRSGs in combined cycle power plants can be expensive, which can limit their adoption in some regions. This high initial cost may deter some power plant owners and operators from investing in HRSG technology. HRSGs are designed to recover waste heat from gas turbines, which limits their fuel flexibility. The use of alternative fuel sources such as biomass or coal may require modifications to the HRSG design, which can add to the cost and complexity of the technology.
HRSGs are complex pieces of equipment that require specialized expertise to design, operate, and maintain. This complexity can increase the cost and time required for installation, as well as ongoing maintenance and repairs. While HRSGs offer several advantages, they also face competition from other technologies such as solar and wind power. These technologies may be more cost-effective and easier to deploy in certain regions.
Companies Mentioned
General Electric Company
Mitsubishi Heavy Industries, Ltd.
ABB Ltd
John Wood Group Plc
Cleaver-Brooks Inc.
Siemens AG
Market Segmentation
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TABLE OF CONTENTS
1. GLOBAL COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR INDUSTRY
1.1. Market Scope and Definition
1.2. Study Assumptions
2. COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET LATEST TRENDS, DRIVERS AND CHALLENGES, 2021-2030
2.1. Combined Cycle Heat Recovery Steam Generator Market Latest Trends
2.1.1. Increasing adoption of combined cycle power plants:
2.1.2. Growing Investments & focus on digitalization and automation:
2.1.3. Technological Advancements in materials and design:
2.1.4. Infrastructure Upgrades and Replacements:
2.2. Combined Cycle Heat Recovery Steam Generator Market Insights, 2022-2030
2.2.1. Leading Combined Cycle Heat Recovery Steam Generator, by Design, 2022-2030
2.2.2. Leading Combined Cycle Heat Recovery Steam Generator, by End-User, 2022-2030
2.2.3. Dominant Combined Cycle Heat Recovery Steam Generator Power Rating, 2022-2030
2.2.4. Fast-Growing Geographies for Combined Cycle Heat Recovery Steam Generator, 2021-2030
2.3. Combined Cycle Heat Recovery Steam Generator Market Drivers to 2030
2.3.1. Emphasis on Energy Efficiency:
2.3.2. Increasing Demand for Electricity:
2.3.3. Growing Focus on Renewable Energy:
2.3.4. Government Support & Policies:
2.4. Combined Cycle Heat Recovery Steam Generator Market Restraints to 2030
2.4.1. High Cost & Availability of Other Technologies:
2.4.2. Uncertainty around Government Policies:
2.5. Combined Cycle Heat Recovery Steam Generator Market-Five Forces Analysis
3. GLOBAL COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE, AND FORECAST TO 2030
3.1. Global Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
3.2. Global Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Design, 2021-2030
3.2.1. Horizontal Drum CCHRSG
3.2.2. Vertical Drum CCHRSG
3.3. Global Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
3.3.1. Power Utilities
3.3.2. Independent Power Producers (IPP)
3.3.3. Industrial Sector
3.3.4. Other End-Users
3.4. Global Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
3.4.1. up to 30 MW CCHRSG
3.4.2. 31-100 MW CCHRSG
3.4.3. Above100 MW CCHRSG
3.5. Global Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Region, 2021-2030
4. NORTH AMERICA COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE, AND FORECAST TO 2030
4.1. North America Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
4.2. North America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Design, 2021-2030
4.3. North America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
4.4. North America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
4.5. North America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Country, 2021-2030
4.5.1. United States
4.5.2. Canada
4.5.3. Mexico
5. EUROPE COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE, AND FORECAST TO 2030
5.1. Europe Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
5.2. Europe Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Design, 2021-2030
5.3. Europe Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
5.4. Europe Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
5.5. Europe Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Country, 2021-2030
5.5.1. Germany
5.5.2. Turkiye
5.5.3. UK
5.5.4. Italy
5.5.5. Spain
5.5.6. Rest of Europe
6. ASIA PACIFIC COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE AND FORECAST TO 2030
6.1. Asia Pacific Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
6.2. Asia Pacific Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Design, 2021-2030
6.3. Asia Pacific Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
6.4. Asia Pacific Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
6.5. Asia Pacific Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Country, 2021-2030
6.5.1. China
6.5.2. Japan
6.5.3. South Korea
6.5.4. India
6.5.5. Rest of Asia Pacific
7. SOUTH AND CENTRAL AMERICA COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE AND FORECAST TO 2030
7.1. South and Central America Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
7.2. South and Central America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Design, 2021-2030
7.3. South and Central America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
7.4. South and Central America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
7.5. South and Central America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Country, 2021-2030
7.5.1. Brazil
7.5.2. Argentina
7.5.3. Rest of South and Central America
8. MIDDLE EAST AFRICA COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE AND FORECAST TO 2030
8.1. Middle East Africa Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
8.2. Middle East Africa Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Design, 2021-2030
8.3. Middle East Africa Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
8.4. Middle East Africa Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
8.5. Middle East Africa Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Country, 2021-2030
8.5.1. Middle East
8.5.2. Africa
9. COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET STRUCTURE
9.1. General Electric Company
9.2. Mitsubishi Heavy Industries, Ltd.
9.3. ABB Ltd
9.4. John Wood Group Plc
9.5. Cleaver-Brooks Inc.
9.6. Siemens AG
10. APPENDIX
10.1. About Us
10.2. Sources
10.3. Research Methodology
10.4. Contact Information
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