According to the U.S. Energy Information Administration, the contribution of coal in total U.S. energy consumption had declined by 4% in 2018 as compared to 2017.
According to a recently published report by Research Nester on “Global Heat Recovery Steam Generator Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global Heat Recovery Steam Generator market in terms of market segmentation by design, by rated power, by mode of operation, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Expanding industrial sector with shifting trend towards non-conventional energy utilization is anticipated to positively influence the market growth. Rise in the cost of electricity, support of regulatory environment and decline in the capital costs are the factors augmenting the growth of the market. Moreover, increase in the utilization of cogeneration technology with growing investment in generation capacity expansion is expected to stimulate the growth of the market. On account of these factors, the market is anticipated to record a CAGR of around 4.5% over the forecast period i.e. 2019-2027 and is estimated to surpass USD 9.83 Billion by 2027.
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The market is segmented by design into horizontal drum and vertical drum, out of which, the horizontal drum segment is anticipated to have significant growth owing to ease of compatibility and low capital expenditure. The market is further segmented by rated power into 0-30 MW, 30-50 MW, 50-100 MW, 100-200 MW, more than 200 MW, out of which, 0-30 MW capacity heat recovery steam generator is expected to witness growth attributing to expansion of cogenerating units in order to sustain energy and heat consumption in small industrial, commercial and isolated grid networks. On the basis of mode of operation, the market is segmented into cogeneration HRSG and combined cycle plants, out of which, cogeneration heat recovery steam generator is anticipated to grow at a significant rate owing to the technology widely used with cogeneration application in U.S. and in European countries on account of growing adoption of gas-fired technology.
Asia Pacific region is expected to witness significant growth owing to hastening investments towards the development of industrial base with government policies and regulations in order to minimize the carbon footprint. Europe region is anticipated to have leading shares on account of European Union guidelines, for cleaner energy, to be followed by countries in the region.
Increase in Energy Efficiency to boost the Market Growth
Energy generation from steam has wide scope of efficiency improvement as the energy loss can be reduced by the implementation of heat recovery steam generator. With rising challenges from the contemporary generation technologies, the efficiency improvement has led to the reduction in the cost of unit energy production and this is expected to boost the market growth.
Huge Investments and Lack of Skilled Labor
The installation of HRSG requires huge investment and maintenance of the product requires huge costs. This factor is expected to restrain the market growth during the forecast period. Additionally, the labor is not skilled enough to operate HRSG which may further hinder the growth of the market.
This report also provides the existing competitive scenario of some of the key players of the global Heat Recovery Steam Generator market which includes company profiling of Siemens AG, General Electric, Mitsubishi Hitachi Power Systems Ltd., Rentech Boilers Systems Inc., and Innova Global Limited.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Heat Recovery Steam Generator 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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