Rapid increase in urbanization and growth in industrialization have escalated the demand for energy. Thus, rise in need for efficient energy management for appropriate use of the resources has acted as a major driver of the global heat recovery steam generator (HRSG) market. In addition, rise in prices of electricity and surge in need for more efficient power generation process have fueled the growth of the market. Furthermore, implementation of stringent government regulations for reduction of carbon footprint and increase in environmental awareness have boosted the adoption of HRSGs among industries. Owing to the ability to produce clean energy, HRSGs have witnessed popularity among the energy-efficient industries.
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However, high cost of transportation and high procuring & maintenance cost act as the key restraining factors of the global heat recovery steam generator market. On the contrary, the compact and effective designs with efficient power generation and lower carbon emission rate of HRSGs are anticipated to offer remunerative opportunities for the expansion of the global market.
Need for energy producing technologies has been rapidly increasing in the developed regions of North America and Europe leading to a significant growth of the market. A steady market growth is further anticipated in the Asia-Pacific region, owing to increase in industrial activities in emerging economies and surge in need for energy-efficient technologies.
COVID-19 scenario analysis
The outbreak of the novel coronavirus pandemic had severe impacts on the global heat recovery steam generator market.
- The economic downfall caused by the pandemic has severely affected the power generation sector by the steep fall in the crude oil prices, which, in turn, has impacted the global HRSG market.
- Owing to the restrictions that are imposed on transportation, the supply chain of manufacturers as well as the transportation of the HRSG units are hampered.
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Key benefits of the report
- This study presents the analytical depiction of the global heat recovery steam generator industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global heat recovery steam generator market share.
- The current market is quantitatively analyzed from 2022 to 2029 to highlight the global heat recovery steam generator market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
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