Combined Cycle Heat Recovery Steam Generator Market Outlook market

Published On: Feb, 2025
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Pages: 150

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


Market Split

    
     Detail

By Design

  • Horizontal Drum
  • Vertical Drum

By End-User

  • Power Utilities
  • Independent Power Producers
  • Industrial Sector
  • Others

By Power Rating

  • up to 30 MW
  • 31-100 MW
  • above 100 MW

By Geography

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Australia, Rest of APAC)
  • The Middle East and Africa (Middle East, Africa)
  • South and Central America (Brazil, Argentina, Rest of SCA)

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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From 2025 and beyond, the market is expected to expand at a steady CAGR, bolstered by investments in artificial intelligence for diagnostics, mHealth solutions, and real-world evidence platforms. Rising healthcare expenditure, growing prevalence of chronic diseases, and the push for home-based care are critical growth drivers. Furthermore, market dynamics are influenced by developments in the active pharmaceutical ingredients (API) market and regenerative medicine. The ongoing adoption of track-and-trace solutions and advancements in preimplantation genetic testing further exemplify North America's leadership in healthcare innovation.Europe Scaffold Technology Market OutlookThe European healthcare and pharmaceuticals market observed steady growth in 2024, fueled by the region's emphasis on sustainability, advanced therapeutics, and digital transformation. The strong focus on biopharmaceuticals, including antibody-based therapeutics and regenerative medicine, complements growing investments in healthcare simulation and remote patient monitoring. The Scaffold Technology market is anticipated to accelerate in 2025, with substantial gains through 2034 driven by EU healthcare reforms, greater adoption of proteomics and single-cell analysis, and initiatives promoting healthcare cloud computing and sterilization equipment. The demand for advanced diagnostic and therapeutic solutions is supported by government-backed R&D programs and a rising aging population. Additionally, Europe's leadership in clinical trial innovations, coupled with increasing adoption of IoT medical devices and mental health screening, enhances its position as a key global player in the healthcare sector.Asia-Pacific Healthcare & Pharmaceuticals MarketThe Asia-Pacific healthcare and pharmaceuticals market is set for dynamic expansion, underpinned by rapid advancements in biotechnology, digital healthcare solutions, and rising healthcare infrastructure investment. Growing economies like China and India are at the forefront, driving demand for mHealth solutions, biopreservation technologies, and smart medical devices. The Scaffold Technology market is projected to grow at the fastest pace globally during the forecast period 2025 to 2034, spurred by increasing healthcare access, population growth, and rising prevalence of chronic diseases. The adoption of laboratory information systems (LIS), real-world evidence solutions, and sepsis diagnostics reflects a trend toward data-driven, precision-focused healthcare. Strategic partnerships in the biopharmaceutical processing equipment and consumables sector, alongside burgeoning interest in 3D cell culture and amniotic membrane applications, highlight the region’s evolving role as a healthcare innovation hub.Middle East, Africa, Latin America Scaffold Technology Market OverviewThe Rest of the World Scaffold Technology market registering moderate growth in 2024, is driven by increasing healthcare initiatives in emerging markets and growing interest in telemedicine and at-home testing solutions. Investments in anesthesia drugs, animal health, and anti-counterfeit pharmaceuticals packaging are gaining traction, particularly in Latin America, Africa, and the Middle East. From 2025 through 2034, the market is expected to witness accelerated growth, fueled by expanding healthcare infrastructure and rising awareness of advanced healthcare solutions. Markets for remote patient monitoring, rehabilitation equipment, and radiation dose management systems are emerging as key areas of focus. Growth in these regions is supported by a rising middle-class population, greater healthcare access, and enhanced pharmaceutical supply chain capabilities. The adoption of smart medical devices and clinical trial innovations also underscores the evolving healthcare landscape in the Middle East, Africa, Latin America regions.Scaffold Technology Market Dynamics and Future AnalyticsThe research analyses the Scaffold Technology parent market, derived market, intermediaries’ market, raw material market, and substitute market are all evaluated to better prospect the Scaffold Technology market outlook. Geopolitical analysis, demographic analysis, and Porter’s five forces analysis are prudently assessed to estimate the best Scaffold Technology market projections.Recent deals and developments are considered for their potential impact on Scaffold Technology's future business. Other metrics analyzed include the Threat of New Entrants, Threat of New Substitutes, Product Differentiation, Degree of Competition, Number of Suppliers, Distribution Channel, Capital Needed, Entry Barriers, Govt. Regulations, Beneficial Alternative, and Cost of Substitute in Scaffold Technology market.Scaffold Technology trade and price analysis helps comprehend Scaffold Technology's international market scenario with top exporters/suppliers and top importers/customer information. The data and analysis assist our clients in planning procurement, identifying potential vendors/clients to associate with, understanding Scaffold Technology price trends and patterns, and exploring new Scaffold Technology sales channels. The research will be updated to the latest month to include the impact of the latest developments such as the Russia-Ukraine war on the Scaffold Technology market.Scaffold Technology Market Structure, Competitive Intelligence and Key Winning Strategies The report presents detailed profiles of top companies operating in the Scaffold Technology market and players serving the Scaffold Technology value chain along with their strategies for the near, medium, and long term period.OGAnalysis’ proprietary company revenue and product analysis model unveils the Scaffold Technology market structure and competitive landscape. Company profiles of key players with a business description, product portfolio, SWOT analysis, Financial Analysis, and key strategies are covered in the report. It identifies top-performing Scaffold Technology products in global and regional markets. New Product Launches, Investment & Funding updates, Mergers & Acquisitions, Collaboration & Partnership, Awards and Agreements, Expansion, and other developments give our clients the Scaffold Technology market update to stay ahead of the competition.Company offerings in different segments across Asia-Pacific, Europe, the Middle East, Africa, and South and Central America are presented to better understand the company strategy for the Scaffold Technology market. The competition analysis enables users to assess competitor strategies and helps align their capabilities and resources for future growth prospects to improve their market share. Scaffold Technology Market Research Scope• Global Scaffold Technology market size and growth projections (CAGR), 2024- 2034• Policies of USA New President Trump, Russia-Ukraine War, Israel-Palestine, Middle East Tensions Impact on the Scaffold Technology Trade and Supply-chain• Scaffold Technology market size, share, and outlook across 5 regions and 27 countries, 2023- 2034• Scaffold Technology market size, CAGR, and Market Share of key products, applications, and end-user verticals, 2023- 2034• Short and long-term Scaffold Technology market trends, drivers, restraints, and opportunities• Porter’s Five Forces analysis, Technological developments in the Scaffold Technology market, Scaffold Technology supply chain analysis• Scaffold Technology trade analysis, Scaffold Technology market price analysis, Scaffold Technology supply/demand• Profiles of 5 leading companies in the industry- overview, key strategies, financials, and products• Latest Scaffold Technology market news and developmentsThe Scaffold Technology Market international scenario is well established in the report with separate chapters on North America Scaffold Technology Market, Europe Scaffold Technology Market, Asia-Pacific Scaffold Technology Market, Middle East and Africa Scaffold Technology Market, and South and Central America Scaffold Technology Markets. These sections further fragment the regional Scaffold Technology market by type, application, end-user, and country. Regional Insights North America Scaffold Technology market data and outlook to 2034United StatesCanadaMexicoEurope Scaffold Technology market data and outlook to 2034GermanyUnited KingdomFranceItalySpainBeNeLuxRussiaAsia-Pacific Scaffold Technology market data and outlook to 2034ChinaJapanIndiaSouth KoreaAustraliaIndonesiaMalaysiaVietnamMiddle East and Africa Scaffold Technology market data and outlook to 2034Saudi ArabiaSouth AfricaIranUAEEgyptSouth and Central America Scaffold Technology market data and outlook to 2034BrazilArgentinaChilePeru* We can include data and analysis of additional coutries on demandWho can benefit from this researchThe research would help top management/strategy formulators/business/product development/sales managers and investors in this market in the following ways1. The report provides 2024 Scaffold Technology market sales data at the global, regional, and key country levels with a detailed outlook to 2034 allowing companies to calculate their market share and analyze prospects, uncover new markets, and plan market entry strategy.2. The research includes the Scaffold Technology market split into different types and applications. This segmentation helps managers plan their products and budgets based on the future growth rates of each segment3. The Scaffold Technology market study helps stakeholders understand the breadth and stance of the market giving them information on key drivers, restraints, challenges, and growth opportunities of the market and mitigating risks4. This report would help top management understand competition better with a detailed SWOT analysis and key strategies of their competitors, and plan their position in the business5. The study assists investors in analyzing Scaffold Technology business prospects by region, key countries, and top companies' information to channel their investments.Available CustomizationsThe standard syndicate report is designed to serve the common interests of Scaffold Technology Market players across the value chain and include selective data and analysis from entire research findings as per the scope and price of the publication. However, to precisely match the specific research requirements of individual clients, we offer several customization options to include the data and analysis of interest in the final deliverable.Some of the customization requests are as mentioned below –Segmentation of choice – Our clients can seek customization to modify/add a market division for types/applications/end-uses/processes of their choice. Scaffold Technology Pricing and Margins Across the Supply Chain, Scaffold Technology Price Analysis / International Trade Data / Import-Export Analysis, Supply Chain Analysis, Supply – Demand Gap Analysis, PESTLE Analysis, Macro-Economic Analysis, and other Scaffold Technology market analyticsProcessing and manufacturing requirements, Patent Analysis, Technology Trends, and Product InnovationsFurther, the client can seek customization to break down geographies as per their requirements for specific countries/country groups such as South East Asia, Central Asia, Emerging and Developing Asia, Western Europe, Eastern Europe, Benelux, Emerging and Developing Europe, Nordic countries, North Africa, Sub-Saharan Africa, Caribbean, The Middle East and North Africa (MENA), Gulf Cooperation Council (GCC) or any other.Capital Requirements, Income Projections, Profit Forecasts, and other parameters to prepare a detailed project report to present to Banks/Investment Agencies.Customization of up to 10% of the content can be done without any additional charges.Note Latest developments will be updated in the report and delivered within 2 to 3 working days

Published:Feb-2025