Heat Recovery Steam Generator Market to value USD 2 Billion

Selbyville, Delaware, Oct. 03, 2022 (GLOBE NEWSWIRE) —

The heat recovery steam generator market is expected to record a valuation of USD 2 billion by 2030, according to a new research report by Global Market Insights Inc.

According to the World Bank, around 56% of the world’s population resides in cities, indicating rapid urbanization. The constant rise in the urban population is driving residential and commercial infrastructure development, adding to the energy demand. In hot and tropical urban environments, buildings require air conditioning and ventilation solutions, which will further increase power requirements in modern infrastructure. Since heat exchangers play a key role in improving the efficiency of steam turbines to increase power generation capacities, accelerated urbanization and the subsequent rise in energy demand will bolster the adoption of HRSG solutions.

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Heat recovery steam generator market is poised to register a commendable valuation from the horizontal design segment by 2030, owing to better compatibility with gas turbines. The HRSGs used at power generation facilities are large and complex in design, making the installation of these systems a major undertaking. The natural circulation horizontal design is suitable for recovering heat from gas turbines, as the tubes are long and large in diameter. Additionally, the relatively cost-effective manufacturing of type of evaporator over vertical design tubes will also encourage the adoption of horizontal HRSG designs.

The heat recovery steam generator market share from combined cycle operation segment is predicted to witness substantial gains during the forecast period. This growth is attributed to the shifting preference toward gas-based power generation systems.  Combined cycle gas plants are gaining rapid traction due to major advantages such as ease of construction and…