The utilization of cogeneration, or combined heat and power (CHP), is witnessing a significant growth trajectory in various industries. This technique, which involves the simultaneous production of electricity and heat from a single energy source, is gaining popularity due to its ability to increase generation capacity and improve energy efficiency. As a result, the demand for heat recovery steam generators (HRSGs) is expected to expand.
Several factors contribute to the expansion of the HRSG market. First, ongoing technological advancements in HRSG systems enhance their efficiency and performance, making them more attractive to industries seeking to optimize energy utilization. Additionally, the rising costs of power and the need for energy-intensive industries to reduce operational expenses drive the adoption of HRSGs as a cost-effective solution for generating electricity and capturing waste heat for various applications.
A heat recovery steam generator (HRSG), an energy recovery heat exchanger, extracts heat from a hot gas stream generated by a combustion turbine or another waste gas stream. It has steam, which can power a cogeneration process or a steam turbine. A steam turbine is powered by the steam that is created. A heat recovery steam generator (HRSG), which uses hot exhaust gas from a gas turbine to create steam that powers a steam turbine, is widely used in combined-cycle power plants (CC).
Growth Rate in Heat Recovery Steam Generators Market
- According to the analysis conducted by Data Bridge Market Research, the heat recovery steam generator (HRSG) market is projected to exhibit steady growth over the forecast period from 2023 to 2030. In 2022, the market was valued at USD 1.13 billion, and it is expected to reach USD 1.51 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.67%.
- The comprehensive market reports provided by Data Bridge Market Research offer valuable insights into various aspects of the HRSG market. These reports include a detailed assessment of market scenarios, encompassing market value, growth rate, segmentation, geographical coverage, and major players operating in the industry.
- Moreover, the market reports compiled by Data Bridge Market Research offer in-depth expert analysis, providing a comprehensive understanding of the factors influencing the HRSG market’s growth trajectory. These insights enable stakeholders to make informed business decisions and strategize effectively.
- The reports also provide a geographical representation of company-wise production and capacity, allowing stakeholders to identify key players and their respective market presence in different regions. Additionally, the network layouts of distributors and partners are outlined, aiding in understanding the market’s distribution channels and supply chain dynamics.
Covid 19 impact on rate in heat recovery steam generators market
The COVID-19 pandemic had a notable impact on various industries, including the heat recovery steam generator (HRSG) market. The pandemic disrupted global supply chains, caused project delays, and led to economic uncertainties that affected the market’s growth rate.
During the initial phase of the pandemic, many countries implemented strict lockdown measures and travel restrictions, which resulted in a significant slowdown in construction activities and industrial operations. As a result, the demand for HRSGs witnessed a decline, as new projects were put on hold or postponed.
The global economic downturn caused by the pandemic also affected investment decisions and financing for infrastructure projects, including those related to power generation. Many businesses faced financial constraints, leading to a cautious approach towards capital expenditures and project development.
Furthermore, the disruption in the global supply chain and logistical challenges impacted the delivery of HRSG components and equipment. Manufacturing facilities experienced closures or reduced production capacity, leading to delays in project timelines.
However, as the world adapted to the challenges posed by the pandemic, certain factors helped mitigate the impact on the HRSG market. Governments and international organizations introduced economic stimulus packages and infrastructure development initiatives to revive economies, which included investments in renewable energy projects and power generation infrastructure. These measures helped create opportunities for HRSG installations and utilization.
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