According to the Graphical Research new growth forecast report titled “North America Heat Recovery Steam Generator Market Size By Design (Horizontal Drum, Vertical Drum), By Rated Power ( 0-30 MW, >30-50 MW, >100-200 MW, >200 MW), By Mode of Operation (Cogeneration, Combined Cycle), By Application (Utilities, Chemical, Refineries, Pulp & Paper), Industry Analysis Report, Country Outlook (U.S., Canada), Application Potential, Competitive Market Share & Forecast, 2020 – 2026”, to Register a Stout Growth by 2026.
North America Heat Recovery Steam Generator Market Size is anticipated to grow on account of government regulations to minimize carbon footprints along with adoption of sustainable energy technologies Surging adoption of energy efficient power generation systems along with flourishing industrial sector will positively influence the business outlook. For instance, in 2018, as per the U.S. Energy Information Administration, the proportion of coal in the U.S. energy consumption declined by 4% when compared to previous year.
Vertical drum heat recovery steam generator market will gain an appreciable momentum owing to increasing adoption of cogeneration technology and growing manufacturing activities. Wide adoption of product across commercial and industrial establishments including textile, food processing, refineries and chemical processing plants will provide a favorable business scenario. Top supported heating surfaces, ease of casing for the hot and cold section are key benefits driving the product deployment.
Introduction of distributed generation technologies across power generation applications will complement the 100-200 MW capacity. Ongoing development of cogeneration technology along with implementation of combined cycle plants to resist low heat requirements will strengthen the market growth. Lower electricity cost, minimal emissions and large potential to use waste fuels are the key parameters facilitating the product penetration.
Combined cycle plants are projected to grow on account of stringent government norms to reduce carbon emissions and surging development of thermal power plants. Effective design, high efficiency and easy configuration are the key advantages offered by the technology when compared to its counterparts. Ongoing expansion of petrochemical and refinery plants owing to increasing demand for hydrocarbon products will drive the business scenario.
U.S. heat recovery steam generator market is set to grow on account of increasing deployment of combined cycle power plants and ongoing replacement of coal fired power generating units. In In addition, favorable government policies & schemes and lower operating costs will amplify the industry growth. Ongoing funding toward expansion of combined cycle plants and modernization of electrical infrastructure will enhance the business outlook. Increasing investments across clean energy sources along with adoption of CHP & CCPP will foster the product growth.
Eminent industry players operating in the industry includes Larsen & Turbo, John Wood, Kawasaki, B&W, Clayton, AC Boilers, Mitsubishi, Siemens, Thermax Limited, Kelvion, Hamon and General Electric. The companies are developing advanced technologies and introducing new product portfolios for the substantial growth across the industry.