Heat Recovery Steam Generator Market Size to Hit USD 4.41 Billion by 2035 | Research by SNS Insider

Austin, June 10, 2026 (GLOBE NEWSWIRE) -- Heat Recovery Steam Generator Market Size & Growth Insights:

According to the SNS Insider, “The global Heat Recovery Steam Generator Market was worth USD 2.68 Billion in 2025 and is projected to be USD 4.41 Billion by 2035, expanding at a CAGR of 5.15% over 2026–2035.”

Rising Deployment of Combined Cycle Power Plants and Industrial Cogeneration Projects to Augment Market Expansion Globally

The HRSG business is expected to see expansion in the next years, which will be a beneficial development, with increased investments in combined cycle power plants, industrial waste heat recovery plants, and energy efficient steam generating systems. The increased implementation of HRSG in utility and industrial sectors globally is driven by companies’ heightened emphasis on enhancing thermal efficiency, cutting fuel consumption and lowering operating emissions.

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Leading Market Players with their Product Listed in this Report are:

• General Electric Company
• Siemens Energy AG
• Mitsubishi Heavy Industries, Ltd.
• Babcock & Wilcox Enterprises, Inc.
• John Wood Group PLC
• Thermax Limited
• Nooter/Eriksen Inc.
• Bharat Heavy Electricals Limited (BHEL)
• Doosan Enerbility Co., Ltd.
• CMI Group
• Clayton Industries
• AC Boilers S.p.A.
• Rentech Boilers
• Aalborg Engineering A/S
• Siemens AG
• Cleaver-Brooks, Inc.
• Vogt Power International Inc.
• Hangzhou Boiler Group Co., Ltd.
• Harbin Electric Corporation
• Ansaldo Energia S.p.A.

Heat Recovery Steam Generator Market Report Scope:

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Key Segmentation Analysis:

By Design Type, Horizontal HRSG Dominated the Market; Modular HRSG Segment to Grow with the Fastest CAGR Globally

Horizontal HRSG market dominated the industry with revenue share of over 52.36% in 2025 due to high-capacity steam production in large combined cycle power plants as it has higher efficiency in thermal management, easy access for maintenance and is suitable for large capacity gas turbine plants. Modular HRSG is predicted to expand at the quickest CAGR of over 6.91% during 2026–2035, due to the increasing need for modular, space-saving, and quick-to-deploy steam recovery systems in decentralized power generation and industrial cogeneration projects.

By Application, Combined Cycle Power Plants Dominated the Market; Industrial Processing Plants Segment to Witness Fastest CAGR Growth Globally

Combined Cycle Power Plants accounted for a significant revenue share of around 58.44% in 2025 due to the growing electricity demand and rising gas-fired generating capacity, along with the international focus on reducing emissions globally. The fastest CAGR of around 6.75% is expected to drive the industry over the forecast period, due to the increasing HRSG installations in refineries, chemical plants, metal processing units globally.

By End User Industry, Utilities Dominated the Market; Manufacturing Industries Segment to Witness Fastest CAGR Growth Globally

The utilities had the largest market revenue share of roughly 49.18% in 2025, due to the rising use of advanced HRSG equipment globally in integrated cycle power plants and electrical generating units with high capacity to improve efficiency and reduce fuel waste. Manufacturing Industries is projected to expand at the highest CAGR of around 6.56% over 2026-2035 owing to increasing adoption of industrial waste heat recovery equipment and cogeneration facilities by heavy manufacturers for improved thermal efficiency and low production costs.

Regional Insights:

In 2025, North America had the largest share of 36.42% in the worldwide market due to rise in combined cycle gas power generating plants, industrial cogeneration systems, and refinery improvements in the U.S. and Canada. Several industrial facilities in Texas and Louisiana were upgraded to increase steam recovery systems, including modular HRSGs with cutting-edge pollution control technology, further establishing the region’s market-leading position.

The Asia Pacific is expected to have the fastest regional growth rate, at approximately 6.85% CAGR from 2026 to 2035, due to the rapid development of industrial manufacturing facilities, combined cycle power plants, and refinery capacity upgrades in China, India, Japan, and Southeast Asian countries. The country has boosted investments in industrial cogeneration plants and gas-fired power generation facilities. Manufacturers in the area have begun using waste heat recovery methods to enhance operational efficiency and minimize energy costs.

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Recent Developments:

• January 2025: GE Vernova expanded deployment of advanced HRSG systems for combined cycle gas turbine projects across Asia and North America, focusing on high-efficiency steam recovery technologies integrated with H-Class gas turbines for utility-scale power generation applications.
• 2026: GE Vernova supported recommissioning of Japan's Goi Thermal Power Station using advanced H-Class turbine and HRSG technologies, contributing approximately 2.3 GW of additional electricity generation capacity to Japan's utility infrastructure.

Exclusive Sections of the Heat Recovery Steam Generator Market Report (The USPs):

• HRSG DEPLOYMENT & POWER GENERATION EFFICIENCY METRICS – helps you understand usage trends across combined cycle, industrial, and cogeneration applications along with improvements in steam recovery performance, thermal efficiency, and fuel consumption reduction.
• COMBINED CYCLE & WASTE HEAT RECOVERY INTEGRATION METRICS – helps you evaluate adoption trends in combined cycle-supported HRSG deployment, modular steam recovery systems, industrial cogeneration integration, and real-time thermal management capabilities.
• INDUSTRIAL PROCESSING & REFINERY MODERNIZATION METRICS – helps you analyze demand across utility, refinery, and manufacturing applications along with waste heat utilization rates, refinery upgrade investment trends, and cogeneration system performance.
• ENERGY COST REDUCTION & OPERATIONAL EFFICIENCY METRICS – helps you uncover reductions in fuel consumption, thermal energy wastage, carbon emissions, and long-term industrial energy operational costs through advanced HRSG solutions.
• DIGITAL MONITORING & SMART THERMAL MANAGEMENT METRICS – helps you identify growth opportunities in automated thermal optimization systems, digital HRSG monitoring platforms, modular energy infrastructure, and smart grid integration across global utility and industrial networks.
• COMPETITIVE LANDSCAPE & HRSG MARKET EXPANSION METRICS – helps you gauge the competitive strength of key market players based on technology innovation, combined cycle project partnerships, modular HRSG development, and industrial energy efficiency solution portfolios globally.

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