What HRSG tube materials best resist high-temperature creep in combined-cycle duty?

Grade 91 (9Cr-1Mo-V) steel is the industry standard for superheater and reheater tubes operating above 565 °C. Inconel 617 is used for the most demanding once-through applications exceeding 620 °C [13]. Read More

How do procurement lead times for HRSGs compare between OEM and EPC channels?

Direct OEM orders typically deliver in 14–18 months, while EPC-bundled routes extend to 20–26 months due to integration scope. Securing high-pressure drum forgings early is the critical-path item [18]. Read More

What performance guarantees should buyers negotiate in Heat Recovery Steam Generator Market contracts?

Buyers should target guaranteed steam output within ±2% of design, heat-rate guarantees at ISO conditions, and penalty clauses for start-up time exceedance. Liquidated damages of 5–10% of contract value are common [7]. Read More

How does cycling frequency affect Heat Recovery Steam Generator Market unit lifespan?

Daily hot-cycling can reduce drum and header fatigue life by 30–40% compared to baseload operation. Buyers should specify fatigue-life analyses per EN 12952-4 and negotiate cycling-duty warranties [13]. Read More

What distinguishes aftermarket service models in the Heat Recovery Steam Generator Market?

Long-term service agreements covering 12–16 years are standard among top-tier OEMs. Digital monitoring add-ons now contribute 8–12% of lifetime contract value and significantly reduce unplanned outage risk [21]. Read More

How are carbon-capture requirements changing Heat Recovery Steam Generator Market specifications?

CCS-ready HRSGs require 15–20% additional heat-exchange surface to offset exhaust back-pressure from amine scrubbers. This raises unit cost by approximately 10–15% but qualifies projects for 45Q tax credits [16]. Read More

What financing structures are most common for Heat Recovery Steam Generator Market projects in emerging economies?

Export credit agency financing and multilateral development bank guarantees dominate in Asia and Africa. Japanese JBIC and Korean K-EXIM-backed facilities typically cover 70–85% of HRSG procurement cost [17]. Read More

Heat Recovery Steam Generator Market (2026 - 2035)

ID: MRFR/EnP/21785-HCR

128 Pages

Priya Nagrale

Last Updated: August 24, 2026

Heat Recovery Steam Generator Market Size, Share & Growth Analysis Report By Design (Horizontal Drum HRSG, Vertical Drum HRSG, Once-Through HRSG), By End User (Power Plants, Oil and Gas Facilities, Chemical and Fertilizer Plants, Metal and Mining, Pulp and Paper, Others) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) – Industry Growth & Forecast to 2035

Heat Recovery Steam Generator Market

Market Size

Forecast Period2026-2035

CAGR (2026-2035)5.52%

2025 Market SizeUSD 1.60 Billion

2035 Market SizeUSD 2.68 Billion

Key Players

GE Vernova

Siemens Energy

Mitsubishi Power

Doosan Enerbility

AC Boilers

Nooter/Eriksen

Trends

CCGT Capacity Additions
Industrial Emissions Regulations
Hydrogen Co-firing Readiness

Opportunities

Modular and Skid-Mounted HRSG Solutions
Carbon-Capture-Ready Retrofits
Digital Twin and Predictive-Maintenance Platforms

Summary Table of Contents Segmentation Methodology Download PDF

1 Market Overview |
1. 1.1 Study Assumptions & Market Definition |
2. 1.2 Scope of the Study |
3. 1.3 Research Methodology
2 Market Summary & Key Takeaways
3 Market Dynamics |
1. 3.1 Market Drivers Analysis | |
  1. 3.1.1 CCGT Capacity Additions Globally | |
  2. 3.1.2 Industrial Emissions Tightening | |
  3. 3.1.3 Hydrogen Co-firing Readiness Mandates | |
  4. 3.1.4 Data-Center Cogeneration Demand | |
  5. 3.1.5 LNG-to-Power Project Proliferation | |
  6. 3.1.6 Carbon-Capture-Ready CCGT Designs | |
  7. 3.1.7 Fleet Repowering and Modernization |
2. 3.2 Market Restraints Analysis | |
  1. 3.2.1 Supply-Chain Tightness for High-Pressure Drums | |
  2. 3.2.2 Renewable Energy Cannibalization of Gas Dispatch | |
  3. 3.2.3 Skilled Fabrication Labor Shortages | |
  4. 3.2.4 Extended Project Permitting Timelines | |
  5. 3.2.5 Capital Cost Escalation for Specialty Alloys |
3. 3.3 Market Opportunity Analysis | |
  1. 3.3.1 Modular and Skid-Mounted HRSG Solutions | |
  2. 3.3.2 Carbon-Capture-Ready Retrofits | |
  3. 3.3.3 Digital Twin and Predictive-Maintenance Platforms | |
  4. 3.3.4 Emerging Markets: Sub-Saharan Africa and ASEAN Gas Monetization | |
  5. 3.3.5 Waste-Heat Recovery in Heavy Industry |
4. 3.4 Industry Value Chain Analysis |
5. 3.5 Porter's Five Forces Analysis
4 Global Heat Recovery Steam Generator Market Size & Forecast (2021–2035) |
1. 4.1 Historical Market Size (2021–2025) |
2. 4.2 Current & Forecast Market Size (2026–2035) |
3. 4.3 Market Size by Revenue (USD Billion) |
4. 4.4 Year-over-Year Growth Analysis
5 Segmentation Analysis |
1. 5.1 By Design | |
  1. 5.1.1 Horizontal Drum HRSG | |
  2. 5.1.2 Vertical Drum HRSG | |
  3. 5.1.3 Once-Through HRSG |
2. 5.2 By End User | |
  1. 5.2.1 Power Plants | |
  2. 5.2.2 Oil and Gas Facilities | |
  3. 5.2.3 Chemical and Fertilizer Plants | |
  4. 5.2.4 Metal and Mining | |
  5. 5.2.5 Pulp and Paper | |
  6. 5.2.6 Others
6 Regional Analysis |
1. 6.1 North America | |
  1. 6.1.1 United States | |
  2. 6.1.2 Canada | |
  3. 6.1.3 Mexico |
2. 6.2 Europe | |
  1. 6.2.1 Germany | |
  2. 6.2.2 United Kingdom | |
  3. 6.2.3 France | |
  4. 6.2.4 Italy | |
  5. 6.2.5 Spain | |
  6. 6.2.6 Nordic Countries | |
  7. 6.2.7 Russia | |
  8. 6.2.8 Rest of Europe |
3. 6.3 Asia-Pacific | |
  1. 6.3.1 China | |
  2. 6.3.2 India | |
  3. 6.3.3 Japan | |
  4. 6.3.4 South Korea | |
  5. 6.3.5 ASEAN | |
  6. 6.3.6 Rest of Asia-Pacific |
4. 6.4 South America | |
  1. 6.4.1 Brazil | |
  2. 6.4.2 Argentina | |
  3. 6.4.3 Rest of South America |
5. 6.5 Middle East & Africa | |
  1. 6.5.1 Saudi Arabia | |
  2. 6.5.2 UAE | |
  3. 6.5.3 South Africa | |
  4. 6.5.4 Egypt | |
  5. 6.5.5 Rest of MEA
7 Competitive Landscape |
1. 7.1 Market Share Analysis (2025) |
2. 7.2 Competitive Benchmarking Matrix |
3. 7.3 Company Profiles | |
  1. 7.3.1 GE Vernova | |
  2. 7.3.2 Siemens Energy | |
  3. 7.3.3 Mitsubishi Power | |
  4. 7.3.4 Doosan Enerbility | |
  5. 7.3.5 AC Boilers (Sofinter) | |
  6. 7.3.6 Nooter/Eriksen | |
  7. 7.3.7 John Cockerill | |
  8. 7.3.8 Thermax | |
  9. 7.3.9 Sumitomo SHI FW | |
  10. 7.3.10 CMI Energy
8 Future Outlook & Strategic Recommendations (2026–2035) |
1. 8.1 Hydrogen Transition and Fuel Flexibility |
2. 8.2 Digitalization and Autonomous Operations |
3. 8.3 Carbon Capture Integration |
4. 8.4 Grid Flexibility and Fast-Start Requirements
9 Recent Developments & News
10 Frequently Asked Questions (FAQs)
11 Report Scope & Methodology |
1. 11.1 Study Period & Base Year |
2. 11.2 Data Sources & Citations |
3. 11.3 Abbreviations
12 LIST OF TABLES |
TABLE 1 Global Heat Recovery Steam Generator Market Size & Forecast, by Revenue (USD Billion), 2021–2035 |
TABLE 2 Global Heat Recovery Steam Generator Market — Year-over-Year Growth Analysis, 2021–2035 |
TABLE 3 Global Heat Recovery Steam Generator Market — Driver Impact Analysis |
TABLE 4 Global Heat Recovery Steam Generator Market — Restraint Impact Analysis |
TABLE 5 Global Heat Recovery Steam Generator Market Size, by Design, 2021–2035 (USD Billion) |
TABLE 6 Global Heat Recovery Steam Generator Market Size, by End User, 2021–2035 (USD Billion) |
TABLE 7 Global Heat Recovery Steam Generator Market Size, by Region, 2021–2035 (USD Billion) |
TABLE 8 North America Heat Recovery Steam Generator Market Size, by Country, 2021–2035 (USD Billion) |
TABLE 9 North America Heat Recovery Steam Generator Market Size, by Design, 2021–2035 (USD Billion) |
TABLE 10 North America Heat Recovery Steam Generator Market Size, by End User, 2021–2035 (USD Billion) |
TABLE 11 Europe Heat Recovery Steam Generator Market Size, by Country, 2021–2035 (USD Billion) |
TABLE 12 Europe Heat Recovery Steam Generator Market Size, by Design, 2021–2035 (USD Billion) |
TABLE 13 Europe Heat Recovery Steam Generator Market Size, by End User, 2021–2035 (USD Billion) |
TABLE 14 Asia-Pacific Heat Recovery Steam Generator Market Size, by Country, 2021–2035 (USD Billion) |
TABLE 15 Asia-Pacific Heat Recovery Steam Generator Market Size, by Design, 2021–2035 (USD Billion) |
TABLE 16 Asia-Pacific Heat Recovery Steam Generator Market Size, by End User, 2021–2035 (USD Billion) |
TABLE 17 South America Heat Recovery Steam Generator Market Size, by Country, 2021–2035 (USD Billion) |
TABLE 18 South America Heat Recovery Steam Generator Market Size, by Design, 2021–2035 (USD Billion) |
TABLE 19 South America Heat Recovery Steam Generator Market Size, by End User, 2021–2035 (USD Billion) |
TABLE 20 Middle East & Africa Heat Recovery Steam Generator Market Size, by Country, 2021–2035 (USD Billion) |
TABLE 21 Middle East & Africa Heat Recovery Steam Generator Market Size, by Design, 2021–2035 (USD Billion) |
TABLE 22 Middle East & Africa Heat Recovery Steam Generator Market Size, by End User, 2021–2035 (USD Billion) |
TABLE 23 Competitive Benchmarking Matrix — Global Heat Recovery Steam Generator Market, 2025 |
TABLE 24 Company Profiles — Key Players, Global Heat Recovery Steam Generator Market |
TABLE 25 Recent Developments & Strategic Announcements, 2023–2025 |
TABLE 26 Report Scope & Methodology Summary
13 LIST OF FIGURES |
FIGURE 1 Heat Recovery Steam Generator Market Dynamics — Drivers, Restraints, and Opportunities |
FIGURE 2 Industry Value Chain Analysis — Heat Recovery Steam Generator Market |
FIGURE 3 Porter's Five Forces Analysis — Heat Recovery Steam Generator Market |
FIGURE 4 Global Heat Recovery Steam Generator Market Size Trend (USD Billion), 2021–2035 |
FIGURE 5 Heat Recovery Steam Generator Market Share, by Design, 2025 (%) |
FIGURE 6 Heat Recovery Steam Generator Market Share, by End User, 2025 (%) |
FIGURE 7 Heat Recovery Steam Generator Market Share, by Region, 2025 (%) |
FIGURE 8 North America Heat Recovery Steam Generator Market Size (USD Billion), 2021–2035 |
FIGURE 9 Europe Heat Recovery Steam Generator Market Size (USD Billion), 2021–2035 |
FIGURE 10 Asia-Pacific Heat Recovery Steam Generator Market Size (USD Billion), 2021–2035 |
FIGURE 11 South America Heat Recovery Steam Generator Market Size (USD Billion), 2021–2035 |
FIGURE 12 Middle East & Africa Heat Recovery Steam Generator Market Size (USD Billion), 2021–2035 |
FIGURE 13 Competitive Landscape — Market Share of Top Players, 2025

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Segmentation Quick Reference

Dimension	Sub-Segments	Dominant Segment	Fastest Growing Segment
By Design	Horizontal Drum HRSG, Vertical Drum HRSG, Once-Through HRSG	Horizontal Drum HRSG (62.3% share, 2025)	Once-Through HRSG (6.91% CAGR)
By End User	Power Plants, Oil and Gas Facilities, Chemical and Fertilizer Plants, Metal and Heat Recovery Steam Generator Market, Pulp and Paper, Others	Power Plants (55.9% share, 2025)	Chemical and Fertilizer Plants (6.55% CAGR)
By Geography	North America, Europe, Asia-Pacific, South America, Middle East & Africa	Asia-Pacific (45.8% share, 2025)	Asia-Pacific (6.14% CAGR)

Market Segmentation Overview

By Design

Sub-Segment	Key Trend
Horizontal Drum HRSG	Industry workhorse for utility-scale CCGT; proven natural-circulation reliability
Vertical Drum HRSG	Preferred in footprint-constrained industrial cogeneration installations
Once-Through HRSG	Fastest adoption driven by fast-start grid-balancing CCGT requirements

Horizontal Drum HRSGs continue to dominate new CCGT project specifications globally due to their operational track record and compatibility with a wide range of gas-turbine exhaust profiles. Once-Through designs are rapidly closing the gap as grid flexibility requirements intensify, particularly in European and North American markets prioritizing daily cycling capability.

By End User

Sub-Segment	Key Trend
Power Plants	Core demand segment tied to global CCGT commissioning cycles
Oil and Gas Facilities	Refinery waste-heat recovery and LNG processing cogeneration
Chemical and Fertilizer Plants	Regulatory-driven process heat integration and ammonia production
Metal and Heat Recovery Steam Generator Market	Blast-furnace and electric-arc-furnace exhaust gas recovery
Pulp and Paper	Biomass-gas cogeneration and process steam self-sufficiency
Others	Data centers, food processing, textile manufacturing, and cement plants

Power generation remains the single largest demand pool, but chemical and fertilizer plants are emerging as the highest-growth segment as emissions mandates and energy-cost pressures incentivize deeper waste-heat recovery integration across process industries.

By Geography

Sub-Segment	Key Trend
North America	Fleet repowering; LNG-to-power; data-center on-site generation
Europe	Hydrogen-ready CCGT transition; CCS-ready mandates
Asia-Pacific	Large-scale CCGT build-out in China, India, and ASEAN
South America	Pre-salt gas monetization; industrial cogeneration
Middle East & Africa	Gas-fired capacity for desalination and industrial development

Asia-Pacific leads in both current market size and forecast growth rate, anchored by China's sustained CCGT capacity program and India's ambitious gas-power targets. North America and Europe drive technology premiums through hydrogen readiness and carbon capture integration requirements.

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