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Global Heat Recovery Steam Generators Industry

Global Heat Recovery Steam Generators Industry

  • September 2020
  • 491 pages
  • ID: 5956927
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

MARKET IMPACT SURVEY - COVID-19 & LOOMING RECESSION

Timely market intelligence is paramount in these uncertain times!

We launched an impact survey to update this project with timely insights during 2020. Update frequency will depend upon evolving market conditions and executive opinions. Our participants are executives driving strategy, marketing, sales and product management at competitive companies worldwide. All updates during the rest of the year are complimentary to clients!

The global market for Heat Recovery Steam Generator is projected to reach US$921.4 million by 2025, driven by the urgent need to recover energy from waste heat and step up energy savings. The world is wasting more energy than It uses even as global leaders strategize to reduce carbon emissions and climate change. In the U. S, which leads the world in energy wastages, the losses stand at about 1.5% to 2.5% of revenues. As the social, economic and environmental cost of energy wastages rises, it can no longer be considered as a part of operational business costs. Reducing wastages is emerging as a priority for utilities not only for improving bottom-line but also for enhancing sustainability and conformance to energy regulations. Energy related GHG emissions without technical energy efficiency gains stands at an estimated 40 Gt of CO2 in 2020. With implementation of energy efficiency emissions can be reduced to 32 Gt of CO2. The scenario will create opportunities for energy efficiency solutions. The role of energy efficiency in long-term climate change goals will undeniably become bigger. Utilities present the right business candidates for heat recovery steam generators, given that the cost of non-technical energy losses in utilities stands at US$100.5 billion in 2020, a figure which will rise to US$120.8 billion by 2025. Utility spending on energy efficiency programs globally is therefore on the rise, benefiting investments in heat recovery steam generator (HRSG). Reduced cost of electricity, better energy performance, increased reliability and higher profits are all for the picking by adroit utilities deploying the technology.

Heat Recovery Steam Generator (HRSG) is primarily an energy recovery heat exchanger that is responsible for recovering heat through a hot gas stream, including waste gas stream or combustion turbine. HRSGs produce steam that could be utilized in a cogeneration process or utilized for driving steam turbines through a combined cycle for generating power or generating steam for factories or district heating. HRSG comprises the most significant part in cogeneration power plants and combined cycles. Steam, a major source of energy, comprises an important part within the energy supply system, performing various important functions, including district heating or operating a turbine in the form of process steam for industrial use. Consequently, HRSG that falls between a steam turbine and a gas turbine significantly increases the overall efficiency of a plant, minimizing fuel costs. The systems also offer more flexibility in part load operations while changing loads, or by using diverter bypass stack systems.

Over the coming few years, a combination of factors, including significant reduction in the prices of natural gas, due to its abundant supply; expansion of applications; and a scenario of favorable regulations among others is expected to drive demand growth for combined heat and power or cogeneration systems worldwide. Future growth in the market will be driven by growing need for eco-friendly, economic, and energy-efficient power generation technologies to meet the ever-increasing demand for electricity worldwide, significant reduction in the prices of natural gas due to its abundant supply; expanding applications; steady evolution of the next generation technologies such as Trigeneration and Quattro generation; and favorable regulatory environment. Technology advancements and increased cooperation from utilities, financiers, businesses and industries are also expected to provide the required impetus to continuous growth of cogeneration projects in the coming years. Robust demand for microCHP systems, particularly from the residential and SME sectors represent another important growth driver. Key factors driving adoption of microCHP systems include reduction in consumers’ electricity bills, and efficient harvesting of heat produced during the power generation process for space and water heating purposes.

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