According to Goldstein Research, “Rising urbanization has significantly augmented the intense demand for electricity, which led the government to increase their electricity generation capacity by setting up nuclear or thermal power plants, which is the major factor for the growth of Heat Recovery Steam Generators Market.” Moreover, rising environmental concern led to the demand for highly efficient boilers/steam generators technology, which is likely to fuel advanced heat recovery steam generators across the globe.
“Global Heat Recovery Steam Generators Market Outlook 2024”
The global heat recovery steam generators market is segmented based on product type, by gas turbine output power and by construction method. The product type is further bifurcated into horizontal and vertical steam generators. In 2016, horizontal heat recovery steam generators accounted for the major share of more than 65% in the global market. Further, rising demand for horizontal steam generator units from developing countries is expected to drive the market growth over the forecast period.
Browse Full Report: Heat Recovery Steam Generators Market.
The global heat recovery steam generators market valued at USD850.0 million in 2016, and is expected to grow at a CAGR of 6.4% to reach USD 1.4 billion by 2024, on the back of rising electricity demand and replacement of old inefficient steam generators.
North America is the largest region for heat recovery steam generators market in 2016with more than 30% revenue share in the global market. The electricity generating power plant operators in the region have augmented the number of power plants that run on natural gas. This had led to an plenty of gaseous emissions and consequently the more heat recovery steam generators installations in the region. The Americas is expected to continue to hold the leading position of the market shares until the end of 2024.
Augmented Demand for Electricity: Major Boost
Rapid urbanization across the globe is one of the major factors for the growth of power plants which is significantly propelling the growth of steam generators market. Further, the rising need to replace inefficient heat recovery steam generators will augment the demand for efficient heat recovery steam generators. Moreover, rising investment by the governments of the developing countries across the globe to increase generation of electricity from the natural gas is propelling the global heat recovery steam generators manufacturers to invest more in the developing countries.
“Global Heat Recovery Steam Generators Market Outlook 2024” contains a detailed overview of the global heat recovery steam generators market in terms of market segmentation by product type, by gas turbine output power and by construction method.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Heat Recovery Steam Generators Market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as General Electric Company, Siemens AG, Amec Foster Wheeler plc., Babcock & Wilcox Company, Doosan Engineering & Construction Co. Ltd.etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services, and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global heat recovery steam generators market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future
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