APO RESEARCH · REPORT
Heat Recovery Steam Generator (HRSG)
A heat recovery steam generator or HRSG is an energy recovery heat exchanger that recovers heat from a hot gas stream. It produces steam that can be used in a process (cogeneration) or used to drive a steam turbine (combined cycle).
Product & engineering
Understand the product.
A heat recovery steam generator or HRSG is an energy recovery heat exchanger that recovers heat from a hot gas stream. It produces steam that can be used in a process (cogeneration) or used to drive a steam turbine (combined cycle).
Selected research
Industry Growth & Trends
Global Heat Recovery Steam Generator (HRSG) Industry Growth and Trends Forecast to 2032
Market perspective
A heat recovery steam generator or HRSG is an energy recovery heat exchanger that recovers heat from a hot gas stream. It produces steam that can be used in a process (cogeneration) or used to drive a steam turbine (combined cycle).
Global Heat Recovery Steam Generator (HRSG) key players include Nooter Eriksen, BHI, CMI Energy, Doosan E&C, etc. Global top four manufacturers hold a share over 30%.
North America is the largest market, with a share about 25%, followed by China, and Europe, both have a share about 45 percent.
Read the full market overview
In terms of product, 100MW-300MW is the largest segment, with a share over 55%. And in terms of application, the largest application is Power Station, followed by Industrial Production.
Report Scope
This report provides a structured, data-driven view of the global Heat Recovery Steam Generator (HRSG) market, combining harmonized quantitative metrics with targeted qualitative insight to support business and growth strategy, market positioning, and capital allocation.
The Heat Recovery Steam Generator (HRSG) market size, estimates, and forecasts are presented in terms of sales volume (MW) and revenue (US$ million), with 2025 as the base year and historical and forecast data for 2021-2032. The report segments the global Heat Recovery Steam Generator (HRSG) market by Type, Application, region/country, and company, provides regional market sizes at the segment level, profiles the competitive landscape and key players and their market ranks, and reviews technology trends and new product developments relevant to Heat Recovery Steam Generator (HRSG).
Key Companies & Market Share Insights
This section analyzes the strategies and performance of leading manufacturers in the global Heat Recovery Steam Generator (HRSG) market, including portfolio focus, innovation and product development, mergers and acquisitions, collaborations, and geographic expansion used to sustain or enhance competitive positions. It also summarizes recent corporate developments and key financial indicators and provides global revenue, price, and sales volume data by manufacturer for 2020-2025, enabling benchmarking of scale, pricing, and market share and supporting assessment of market concentration through indicators such as CR5 and CR10.
Heat Recovery Steam Generator (HRSG) Market by Company
BHI
Foster Wheeler
Nooter Eriksen
CMI Energy
Alstom Power
Doosan E&C
Siemens (NEM Energy)
VOGT Power
STF
Babcock & Wilcox
Mitsubishi
Hangzhou Boiler
Bharat Heavy Electricals
Wuxi Huaguang
Heat Recovery Steam Generator (HRSG) Segment by Type
Below 50MW
50MW-100MW
100MW-300MW
Over 300MW
Heat Recovery Steam Generator (HRSG) Segment by Application
Power Station
Industrial Production
Heat Recovery Steam Generator (HRSG) Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Heat Recovery Steam Generator (HRSG) market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Heat Recovery Steam Generator (HRSG) and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market.
5. This report helps stakeholders to gain insights into which regions to target globally.
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Heat Recovery Steam Generator (HRSG).
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the study scope of this report, executive summary of market segments by type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 2: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Detailed analysis of Heat Recovery Steam Generator (HRSG) manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Sales, revenue of Heat Recovery Steam Generator (HRSG) in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter 5: Introduces market segments by application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 6: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 7, 8, 9, 10 and 11: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter 12: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics.
Chapter 13: Concluding Insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Below 50MW
- 50MW-100MW
- 100MW-300MW
- Over 300MW
Applications
- Power Station
- Industrial Production
Companies covered
- BHI
- Foster Wheeler
- Nooter Eriksen
- CMI Energy
- Alstom Power
- Doosan E&C
- Siemens (NEM Energy)
- VOGT Power
- STF
- Babcock & Wilcox
- Mitsubishi
- Hangzhou Boiler
- Bharat Heavy Electricals
- Wuxi Huaguang
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Heat Recovery Steam Generator (HRSG) Market Size Estimates and Forecasts (2021-2032)
- 1.2.2 Global Heat Recovery Steam Generator (HRSG) Sales Estimates and Forecasts (2021-2032)
- 1.3 Heat Recovery Steam Generator (HRSG) Market by Type
- 1.3.1 Below 50MW
- 1.3.2 50MW-100MW
- 1.3.3 100MW-300MW
- 1.3.4 Over 300MW
- 1.4 Global Heat Recovery Steam Generator (HRSG) Market Size by Type
- 1.4.1 Global Heat Recovery Steam Generator (HRSG) Market Size Overview by Type (2021-2032)
- 1.4.2 Global Heat Recovery Steam Generator (HRSG) Historic Market Size Review by Type (2021-2026)
- 1.4.3 Global Heat Recovery Steam Generator (HRSG) Forecasted Market Size by Type (2027-2032)
- 1.5 Key Regions Market Size by Type
- 1.5.1 North America Heat Recovery Steam Generator (HRSG) Sales Breakdown by Type (2021-2026)
- 1.5.2 Europe Heat Recovery Steam Generator (HRSG) Sales Breakdown by Type (2021-2026)
- 1.5.3 Asia-Pacific Heat Recovery Steam Generator (HRSG) Sales Breakdown by Type (2021-2026)
- 1.5.4 South America Heat Recovery Steam Generator (HRSG) Sales Breakdown by Type (2021-2026)
- 1.5.5 Middle East and Africa Heat Recovery Steam Generator (HRSG) Sales Breakdown by Type (2021-2026)
2 Global Market Dynamics
- 2.1 Heat Recovery Steam Generator (HRSG) Industry Trends
- 2.2 Heat Recovery Steam Generator (HRSG) Industry Drivers
- 2.3 Heat Recovery Steam Generator (HRSG) Industry Opportunities and Challenges
- 2.4 Heat Recovery Steam Generator (HRSG) Industry Restraints
3 Market Competitive Landscape by Company
- 3.1 Global Top Players by Heat Recovery Steam Generator (HRSG) Revenue (2021-2026)
- 3.2 Global Top Players by Heat Recovery Steam Generator (HRSG) Sales (2021-2026)
- 3.3 Global Top Players by Heat Recovery Steam Generator (HRSG) Price (2021-2026)
- 3.4 Global Heat Recovery Steam Generator (HRSG) Industry Company Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Heat Recovery Steam Generator (HRSG) Major Company Production Sites & Headquarters
- 3.6 Global Heat Recovery Steam Generator (HRSG) Company, Product Type & Application
- 3.7 Global Heat Recovery Steam Generator (HRSG) Company Establishment Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Heat Recovery Steam Generator (HRSG) Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Heat Recovery Steam Generator (HRSG) Players Market Share by Revenue in 2025
- 3.8.3 2025 Heat Recovery Steam Generator (HRSG) Tier 1, Tier 2, and Tier 3
4 Heat Recovery Steam Generator (HRSG) Regional Status and Outlook
- 4.1 Global Heat Recovery Steam Generator (HRSG) Market Size and CAGR by Region: 2021 VS 2025 VS 2032
- 4.2 Global Heat Recovery Steam Generator (HRSG) Historic Market Size by Region
- 4.2.1 Global Heat Recovery Steam Generator (HRSG) Sales in Volume by Region (2021-2026)
- 4.2.2 Global Heat Recovery Steam Generator (HRSG) Sales in Value by Region (2021-2026)
- 4.2.3 Global Heat Recovery Steam Generator (HRSG) Sales (Volume & Value), Price and Gross Margin (2021-2026)
- 4.3 Global Heat Recovery Steam Generator (HRSG) Forecasted Market Size by Region
- 4.3.1 Global Heat Recovery Steam Generator (HRSG) Sales in Volume by Region (2027-2032)
- 4.3.2 Global Heat Recovery Steam Generator (HRSG) Sales in Value by Region (2027-2032)
- 4.3.3 Global Heat Recovery Steam Generator (HRSG) Sales (Volume & Value), Price and Gross Margin (2027-2032)
5 Heat Recovery Steam Generator (HRSG) by Application
- 5.1 Heat Recovery Steam Generator (HRSG) Market by Application
- 5.1.1 Power Station
- 5.1.2 Industrial Production
- 5.2 Global Heat Recovery Steam Generator (HRSG) Market Size by Application
- 5.2.1 Global Heat Recovery Steam Generator (HRSG) Market Size Overview by Application (2021-2032)
- 5.2.2 Global Heat Recovery Steam Generator (HRSG) Historic Market Size Review by Application (2021-2026)
- 5.2.3 Global Heat Recovery Steam Generator (HRSG) Forecasted Market Size by Application (2027-2032)
- 5.3 Key Regions Market Size by Application
- 5.3.1 North America Heat Recovery Steam Generator (HRSG) Sales Breakdown by Application (2021-2026)
- 5.3.2 Europe Heat Recovery Steam Generator (HRSG) Sales Breakdown by Application (2021-2026)
- 5.3.3 Asia-Pacific Heat Recovery Steam Generator (HRSG) Sales Breakdown by Application (2021-2026)
- 5.3.4 South America Heat Recovery Steam Generator (HRSG) Sales Breakdown by Application (2021-2026)
- 5.3.5 Middle East and Africa Heat Recovery Steam Generator (HRSG) Sales Breakdown by Application (2021-2026)
6 Company Profiles
- 6.1 BHI
- 6.1.1 BHI Company Information
- 6.1.2 BHI Business Overview
- 6.1.3 BHI Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.1.4 BHI Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.1.5 BHI Recent Developments
- 6.2 Foster Wheeler
- 6.2.1 Foster Wheeler Company Information
- 6.2.2 Foster Wheeler Business Overview
- 6.2.3 Foster Wheeler Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.2.4 Foster Wheeler Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.2.5 Foster Wheeler Recent Developments
- 6.3 Nooter Eriksen
- 6.3.1 Nooter Eriksen Company Information
- 6.3.2 Nooter Eriksen Business Overview
- 6.3.3 Nooter Eriksen Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.3.4 Nooter Eriksen Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.3.5 Nooter Eriksen Recent Developments
- 6.4 CMI Energy
- 6.4.1 CMI Energy Company Information
- 6.4.2 CMI Energy Business Overview
- 6.4.3 CMI Energy Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.4.4 CMI Energy Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.4.5 CMI Energy Recent Developments
- 6.5 Alstom Power
- 6.5.1 Alstom Power Company Information
- 6.5.2 Alstom Power Business Overview
- 6.5.3 Alstom Power Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.5.4 Alstom Power Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.5.5 Alstom Power Recent Developments
- 6.6 Doosan E&C
- 6.6.1 Doosan E&C Company Information
- 6.6.2 Doosan E&C Business Overview
- 6.6.3 Doosan E&C Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.6.4 Doosan E&C Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.6.5 Doosan E&C Recent Developments
- 6.7 Siemens (NEM Energy)
- 6.7.1 Siemens (NEM Energy) Company Information
- 6.7.2 Siemens (NEM Energy) Business Overview
- 6.7.3 Siemens (NEM Energy) Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.7.4 Siemens (NEM Energy) Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.7.5 Siemens (NEM Energy) Recent Developments
- 6.8 VOGT Power
- 6.8.1 VOGT Power Company Information
- 6.8.2 VOGT Power Business Overview
- 6.8.3 VOGT Power Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.8.4 VOGT Power Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.8.5 VOGT Power Recent Developments
- 6.9 STF
- 6.9.1 STF Company Information
- 6.9.2 STF Business Overview
- 6.9.3 STF Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.9.4 STF Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.9.5 STF Recent Developments
- 6.10 Babcock & Wilcox
- 6.10.1 Babcock & Wilcox Company Information
- 6.10.2 Babcock & Wilcox Business Overview
- 6.10.3 Babcock & Wilcox Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.10.4 Babcock & Wilcox Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.10.5 Babcock & Wilcox Recent Developments
- 6.11 Mitsubishi
- 6.11.1 Mitsubishi Company Information
- 6.11.2 Mitsubishi Business Overview
- 6.11.3 Mitsubishi Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.11.4 Mitsubishi Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.11.5 Mitsubishi Recent Developments
- 6.12 Hangzhou Boiler
- 6.12.1 Hangzhou Boiler Company Information
- 6.12.2 Hangzhou Boiler Business Overview
- 6.12.3 Hangzhou Boiler Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.12.4 Hangzhou Boiler Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.12.5 Hangzhou Boiler Recent Developments
- 6.13 Bharat Heavy Electricals
- 6.13.1 Bharat Heavy Electricals Company Information
- 6.13.2 Bharat Heavy Electricals Business Overview
- 6.13.3 Bharat Heavy Electricals Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.13.4 Bharat Heavy Electricals Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.13.5 Bharat Heavy Electricals Recent Developments
- 6.14 Wuxi Huaguang
- 6.14.1 Wuxi Huaguang Company Information
- 6.14.2 Wuxi Huaguang Business Overview
- 6.14.3 Wuxi Huaguang Heat Recovery Steam Generator (HRSG) Sales, Revenue and Gross Margin (2021-2026)
- 6.14.4 Wuxi Huaguang Heat Recovery Steam Generator (HRSG) Product Portfolio
- 6.14.5 Wuxi Huaguang Recent Developments
7 North America by Country
- 7.1 North America Heat Recovery Steam Generator (HRSG) Sales by Country
- 7.1.1 North America Heat Recovery Steam Generator (HRSG) Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.1.2 North America Heat Recovery Steam Generator (HRSG) Sales by Country (2021-2026)
- 7.1.3 North America Heat Recovery Steam Generator (HRSG) Sales Forecast by Country (2027-2032)
- 7.2 North America Heat Recovery Steam Generator (HRSG) Market Size by Country
- 7.2.1 North America Heat Recovery Steam Generator (HRSG) Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.2.2 North America Heat Recovery Steam Generator (HRSG) Market Size by Country (2021-2026)
- 7.2.3 North America Heat Recovery Steam Generator (HRSG) Market Size Forecast by Country (2027-2032)
8 Europe by Country
- 8.1 Europe Heat Recovery Steam Generator (HRSG) Sales by Country
- 8.1.1 Europe Heat Recovery Steam Generator (HRSG) Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.1.2 Europe Heat Recovery Steam Generator (HRSG) Sales by Country (2021-2026)
- 8.1.3 Europe Heat Recovery Steam Generator (HRSG) Sales Forecast by Country (2027-2032)
- 8.2 Europe Heat Recovery Steam Generator (HRSG) Market Size by Country
- 8.2.1 Europe Heat Recovery Steam Generator (HRSG) Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.2.2 Europe Heat Recovery Steam Generator (HRSG) Market Size by Country (2021-2026)
- 8.2.3 Europe Heat Recovery Steam Generator (HRSG) Market Size Forecast by Country (2027-2032)
9 Asia-Pacific by Country
- 9.1 Asia-Pacific Heat Recovery Steam Generator (HRSG) Sales by Country
- 9.1.1 Asia-Pacific Heat Recovery Steam Generator (HRSG) Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.1.2 Asia-Pacific Heat Recovery Steam Generator (HRSG) Sales by Country (2021-2026)
- 9.1.3 Asia-Pacific Heat Recovery Steam Generator (HRSG) Sales Forecast by Country (2027-2032)
- 9.2 Asia-Pacific Heat Recovery Steam Generator (HRSG) Market Size by Country
- 9.2.1 Asia-Pacific Heat Recovery Steam Generator (HRSG) Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.2.2 Asia-Pacific Heat Recovery Steam Generator (HRSG) Market Size by Country (2021-2026)
- 9.2.3 Asia-Pacific Heat Recovery Steam Generator (HRSG) Market Size Forecast by Country (2027-2032)
10 South America by Country
- 10.1 South America Heat Recovery Steam Generator (HRSG) Sales by Country
- 10.1.1 South America Heat Recovery Steam Generator (HRSG) Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.1.2 South America Heat Recovery Steam Generator (HRSG) Sales by Country (2021-2026)
- 10.1.3 South America Heat Recovery Steam Generator (HRSG) Sales Forecast by Country (2027-2032)
- 10.2 South America Heat Recovery Steam Generator (HRSG) Market Size by Country
- 10.2.1 South America Heat Recovery Steam Generator (HRSG) Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.2.2 South America Heat Recovery Steam Generator (HRSG) Market Size by Country (2021-2026)
- 10.2.3 South America Heat Recovery Steam Generator (HRSG) Market Size Forecast by Country (2027-2032)
11 Middle East and Africa by Country
- 11.1 Middle East and Africa Heat Recovery Steam Generator (HRSG) Sales by Country
- 11.1.1 Middle East and Africa Heat Recovery Steam Generator (HRSG) Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.1.2 Middle East and Africa Heat Recovery Steam Generator (HRSG) Sales by Country (2021-2026)
- 11.1.3 Middle East and Africa Heat Recovery Steam Generator (HRSG) Sales Forecast by Country (2027-2032)
- 11.2 Middle East and Africa Heat Recovery Steam Generator (HRSG) Market Size by Country
- 11.2.1 Middle East and Africa Heat Recovery Steam Generator (HRSG) Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.2.2 Middle East and Africa Heat Recovery Steam Generator (HRSG) Market Size by Country (2021-2026)
- 11.2.3 Middle East and Africa Heat Recovery Steam Generator (HRSG) Market Size Forecast by Country (2027-2032)
12 Value Chain and Sales Channels Analysis
- 12.1 Heat Recovery Steam Generator (HRSG) Value Chain Analysis
- 12.1.1 Heat Recovery Steam Generator (HRSG) Key Raw Materials
- 12.1.2 Key Raw Materials Price
- 12.1.3 Raw Materials Key Suppliers
- 12.1.4 Manufacturing Cost Structure
- 12.1.5 Heat Recovery Steam Generator (HRSG) Production Mode & Process
- 12.2 Heat Recovery Steam Generator (HRSG) Sales Channels Analysis
- 12.2.1 Direct Comparison with Distribution Share
- 12.2.2 Heat Recovery Steam Generator (HRSG) Distributors
- 12.2.3 Heat Recovery Steam Generator (HRSG) Customers
13 Concluding Insights
14 Appendix
- 14.1 Reasons for Doing This Study
- 14.2 Research Methodology
- 14.3 Research Process
- 14.4 Authors List of This Report
- 14.5 Data Source
- 14.5.1 Secondary Sources
- 14.5.2 Primary Sources
- 14.6 Disclaimer
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