The Combined Cycle Heat Recovery Steam Generator Market is estimated at USD 661.1 million in 2022. Further, the market is expected to grow from USD 685.2 million in 2023 to USD 926.9 million in 2030 at a CAGR of 4.41%.
The combined cycle heat recovery steam generator (HRSG) market is witnessing steady growth driven by the increasing deployment of combined cycle power plants worldwide to meet rising electricity demand with higher efficiency and lower emissions. HRSGs are critical components in combined cycle configurations, recovering waste heat from gas turbine exhaust to produce steam for additional power generation via steam turbines, thus enhancing overall plant thermal efficiency up to 60%. Market demand is supported by the global shift toward natural gas-based power generation, decommissioning of coal-fired plants, and growing integration of combined cycle plants with renewable energy for grid stability. HRSG systems are used across utility-scale power plants, industrial cogeneration facilities, and integrated LNG terminals where operational efficiency and emission compliance are critical priorities for stakeholders.
Regionally, Asia Pacific leads the combined cycle HRSG market, driven by significant capacity additions in China, India, and Southeast Asia alongside increasing investments in LNG-based power plants to meet energy security and emission targets. North America follows closely, supported by shale gas abundance, modernization of aging thermal infrastructure, and combined cycle repowering projects to replace older coal units. Europe maintains a steady market with efficiency upgrade programs and flexible gas-fired capacity supporting renewable energy integration. However, challenges include high capital costs, complex installation requirements, and maintenance constraints for large multi-pressure HRSG systems. Key market players are investing in modular HRSG designs, advanced materials for higher temperature operations, and integrated digital monitoring solutions to enhance performance, reduce operational costs, and support decarbonization goals. As countries aim for cleaner and more reliable power generation, the combined cycle HRSG market is poised for sustained growth in the coming years.
Horizontal drum HRSG is the largest segment by design in the combined cycle heat recovery steam generator market due to its widespread use in utility-scale combined cycle plants, offering high thermal efficiency, ease of maintenance, and suitability for multi-pressure configurations needed in large power generation projects. Vertical drum HRSG is the fastest-growing segment as its compact design and smaller footprint make it ideal for industrial cogeneration facilities and space-constrained installations.
Power utilities are the largest end-user segment, driven by extensive deployment of combined cycle plants for grid-scale electricity generation to achieve higher efficiency and lower emissions. Independent power producers (IPPs) are the fastest-growing segment, supported by rising private sector investments in combined cycle projects across liberalized power markets to provide flexible and reliable generation capacity efficiently.
Key Insights
- The combined cycle heat recovery steam generator (HRSG) market is driven by rising global adoption of combined cycle power plants, which use HRSGs to improve thermal efficiency by capturing waste heat from gas turbines to produce additional power via steam turbines, reducing fuel consumption per MWh generated.
- Asia Pacific remains the largest regional market due to extensive gas-fired power plant capacity additions in China, India, and Southeast Asia, supported by government initiatives to replace aging coal plants with cleaner and more efficient combined cycle gas turbine (CCGT) facilities.
- North America continues to invest in HRSG installations for repowering projects that convert older simple-cycle gas turbine plants into combined cycle configurations, enhancing overall plant efficiency and reducing emissions to meet environmental regulations.
- Triple-pressure HRSG systems are in demand for utility-scale projects, offering enhanced steam generation capabilities and higher cycle efficiency, making them ideal for large gas turbine capacities and integrated LNG-to-power applications.
- Key market players are focusing on modular HRSG designs to reduce site installation time, lower civil works costs, and improve flexibility in accommodating diverse plant layouts, which is crucial for both greenfield and brownfield power projects.
- Technological advancements in HRSG materials and design are enabling higher temperature operations, supporting the latest high-efficiency gas turbines with elevated exhaust temperatures, thereby enhancing plant output without compromising equipment lifespan.
- Digital monitoring and predictive maintenance solutions are increasingly integrated into HRSG systems to provide real-time performance data, optimize operational efficiency, and prevent unplanned outages, reducing lifecycle costs for plant operators.
- Europe maintains a steady HRSG market driven by efficiency retrofits, decarbonization targets, and flexible combined cycle capacity additions that support intermittent renewable energy sources like wind and solar on the grid.
- High capital costs and complex multi-pressure installation requirements remain key challenges for HRSG market growth, prompting OEMs to invest in simplified design engineering, modular assembly, and standardized fabrication approaches to enhance competitiveness.
- Strategic partnerships between HRSG manufacturers, EPC firms, and turbine suppliers are strengthening market reach, enabling integrated solutions that reduce project risk, ensure compatibility, and accelerate deployment timelines for combined cycle power plants worldwide.
Reort Scope
| Parameter | Detail |
|---|---|
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2026-2034 |
| Market Size-Units | USD billion |
| Market Splits Covered | By Product, By Application, By End User, By Technology, By Distribution Channel |
| Countries Covered |
North America (USA, Canada, Mexico) Europe (Germany, UK, France, Spain, Italy, Rest of Europe) Asia-Pacific (China, India, Japan, Australia, Rest of APAC) The Middle East and Africa (Middle East, Africa) South and Central America (Brazil, Argentina, Rest of SCA) |
| Analysis Covered | Latest Trends, Driving Factors, Challenges, Supply-Chain Analysis, Competitive Landscape, Company Strategies |
| Customization | 10 % free customization (up to 10 analyst hours) to modify segments, geographies, and companies analyzed |
| Post-Sale Support | 4 analyst hours, available up to 4 weeks |
| Delivery Format | The Latest Updated PDF and Excel Datafile |
Market Segmentation
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What You Receive
• Global Combined Cycle Heat Recovery Steam Generator market size and growth projections (CAGR), 2024- 2034• Impact of recent changes in geopolitical, economic, and trade policies on the demand and supply chain of Combined Cycle Heat Recovery Steam Generator.
• Combined Cycle Heat Recovery Steam Generator market size, share, and outlook across 5 regions and 27 countries, 2025- 2034.
• Combined Cycle Heat Recovery Steam Generator market size, CAGR, and Market Share of key products, applications, and end-user verticals, 2025- 2034.
• Short and long-term Combined Cycle Heat Recovery Steam Generator market trends, drivers, restraints, and opportunities.
• Porter’s Five Forces analysis, Technological developments in the Combined Cycle Heat Recovery Steam Generator market, Combined Cycle Heat Recovery Steam Generator supply chain analysis.
• Combined Cycle Heat Recovery Steam Generator trade analysis, Combined Cycle Heat Recovery Steam Generator market price analysis, Combined Cycle Heat Recovery Steam Generator Value Chain Analysis.
• Profiles of 5 leading companies in the industry- overview, key strategies, financials, and products.
• Latest Combined Cycle Heat Recovery Steam Generator market news and developments.
The Combined Cycle Heat Recovery Steam Generator Market international scenario is well established in the report with separate chapters on North America Combined Cycle Heat Recovery Steam Generator Market, Europe Combined Cycle Heat Recovery Steam Generator Market, Asia-Pacific Combined Cycle Heat Recovery Steam Generator Market, Middle East and Africa Combined Cycle Heat Recovery Steam Generator Market, and South and Central America Combined Cycle Heat Recovery Steam Generator Markets. These sections further fragment the regional Combined Cycle Heat Recovery Steam Generator market by type, application, end-user, and country.
Who can benefit from this research
The research would help top management/strategy formulators/business/product development/sales managers and investors in this market in the following ways1. The report provides 2024 Combined Cycle Heat Recovery Steam Generator market sales data at the global, regional, and key country levels with a detailed outlook to 2034, allowing companies to calculate their market share and analyze prospects, uncover new markets, and plan market entry strategy.
2. The research includes the Combined Cycle Heat Recovery Steam Generator market split into different types and applications. This segmentation helps managers plan their products and budgets based on the future growth rates of each segment
3. The Combined Cycle Heat Recovery Steam Generator market study helps stakeholders understand the breadth and stance of the market giving them information on key drivers, restraints, challenges, and growth opportunities of the market and mitigating risks
4. This report would help top management understand competition better with a detailed SWOT analysis and key strategies of their competitors, and plan their position in the business
5. The study assists investors in analyzing Combined Cycle Heat Recovery Steam Generator business prospects by region, key countries, and top companies' information to channel their investments.
Available Customizations
The standard syndicate report is designed to serve the common interests of Combined Cycle Heat Recovery Steam Generator Market players across the value chain and include selective data and analysis from entire research findings as per the scope and price of the publication.However, to precisely match the specific research requirements of individual clients, we offer several customization options to include the data and analysis of interest in the final deliverable.
Some of the customization requests are as mentioned below :
Segmentation of choice – Our clients can seek customization to modify/add a market division for types/applications/end-uses/processes of their choice.
Combined Cycle Heat Recovery Steam Generator Pricing and Margins Across the Supply Chain, Combined Cycle Heat Recovery Steam Generator Price Analysis / International Trade Data / Import-Export Analysis
Supply Chain Analysis, Supply–Demand Gap Analysis, PESTLE Analysis, Macro-Economic Analysis, and other Combined Cycle Heat Recovery Steam Generator market analytics
Processing and manufacturing requirements, Patent Analysis, Technology Trends, and Product Innovations
Further, the client can seek customization to break down geographies as per their requirements for specific countries/country groups such as South East Asia, Central Asia, Emerging and Developing Asia, Western Europe, Eastern Europe, Benelux, Emerging and Developing Europe, Nordic countries, North Africa, Sub-Saharan Africa, Caribbean, The Middle East and North Africa (MENA), Gulf Cooperation Council (GCC) or any other.
Capital Requirements, Income Projections, Profit Forecasts, and other parameters to prepare a detailed project report to present to Banks/Investment Agencies.
Customization of up to 10% of the content can be done without any additional charges.
Note: Latest developments will be updated in the report and delivered within 2 to 3 working days.
TABLE OF CONTENTS
1. GLOBAL COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR INDUSTRY
1.1. Market Scope and Definition
1.2. Study Assumptions
2. COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET LATEST TRENDS, DRIVERS AND CHALLENGES, 2021-2030
2.1. Combined Cycle Heat Recovery Steam Generator Market Latest Trends
2.1.1. Increasing adoption of combined cycle power plants:
2.1.2. Growing Investments & focus on digitalization and automation:
2.1.3. Technological Advancements in materials and design:
2.1.4. Infrastructure Upgrades and Replacements:
2.2. Combined Cycle Heat Recovery Steam Generator Market Insights, 2022-2030
2.2.1. Leading Combined Cycle Heat Recovery Steam Generator, by Design, 2022-2030
2.2.2. Leading Combined Cycle Heat Recovery Steam Generator, by End-User, 2022-2030
2.2.3. Dominant Combined Cycle Heat Recovery Steam Generator Power Rating, 2022-2030
2.2.4. Fast-Growing Geographies for Combined Cycle Heat Recovery Steam Generator, 2021-2030
2.3. Combined Cycle Heat Recovery Steam Generator Market Drivers to 2030
2.3.1. Emphasis on Energy Efficiency:
2.3.2. Increasing Demand for Electricity:
2.3.3. Growing Focus on Renewable Energy:
2.3.4. Government Support & Policies:
2.4. Combined Cycle Heat Recovery Steam Generator Market Restraints to 2030
2.4.1. High Cost & Availability of Other Technologies:
2.4.2. Uncertainty around Government Policies:
2.5. Combined Cycle Heat Recovery Steam Generator Market-Five Forces Analysis
3. GLOBAL COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE, AND FORECAST TO 2030
3.1. Global Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
3.2. Global Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Design, 2021-2030
3.2.1. Horizontal Drum CCHRSG
3.2.2. Vertical Drum CCHRSG
3.3. Global Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
3.3.1. Power Utilities
3.3.2. Independent Power Producers (IPP)
3.3.3. Industrial Sector
3.3.4. Other End-Users
3.4. Global Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
3.4.1. up to 30 MW CCHRSG
3.4.2. 31-100 MW CCHRSG
3.4.3. Above100 MW CCHRSG
3.5. Global Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Region, 2021-2030
4. NORTH AMERICA COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE, AND FORECAST TO 2030
4.1. North America Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
4.2. North America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Design, 2021-2030
4.3. North America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
4.4. North America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
4.5. North America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Country, 2021-2030
4.5.1. United States
4.5.2. Canada
4.5.3. Mexico
5. EUROPE COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE, AND FORECAST TO 2030
5.1. Europe Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
5.2. Europe Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Design, 2021-2030
5.3. Europe Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
5.4. Europe Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
5.5. Europe Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Country, 2021-2030
5.5.1. Germany
5.5.2. Turkiye
5.5.3. UK
5.5.4. Italy
5.5.5. Spain
5.5.6. Rest of Europe
6. ASIA PACIFIC COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE AND FORECAST TO 2030
6.1. Asia Pacific Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
6.2. Asia Pacific Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Design, 2021-2030
6.3. Asia Pacific Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
6.4. Asia Pacific Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
6.5. Asia Pacific Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Country, 2021-2030
6.5.1. China
6.5.2. Japan
6.5.3. South Korea
6.5.4. India
6.5.5. Rest of Asia Pacific
7. SOUTH AND CENTRAL AMERICA COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE AND FORECAST TO 2030
7.1. South and Central America Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
7.2. South and Central America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Design, 2021-2030
7.3. South and Central America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
7.4. South and Central America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
7.5. South and Central America Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Country, 2021-2030
7.5.1. Brazil
7.5.2. Argentina
7.5.3. Rest of South and Central America
8. MIDDLE EAST AFRICA COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET VALUE, MARKET SHARE AND FORECAST TO 2030
8.1. Middle East Africa Combined Cycle Heat Recovery Steam Generator Market Overview, 2022
8.2. Middle East Africa Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Design, 2021-2030
8.3. Middle East Africa Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By End-User, 2021-2030
8.4. Middle East Africa Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook, By Power Rating, 2021-2030
8.5. Middle East Africa Combined Cycle Heat Recovery Steam Generator Market Size and Share Outlook by Country, 2021-2030
8.5.1. Middle East
8.5.2. Africa
9. COMBINED CYCLE HEAT RECOVERY STEAM GENERATOR MARKET STRUCTURE
9.1. General Electric Company
9.2. Mitsubishi Heavy Industries, Ltd.
9.3. ABB Ltd
9.4. John Wood Group Plc
9.5. Cleaver-Brooks Inc.
9.6. Siemens AG
10. APPENDIX
10.1. About Us
10.2. Sources
10.3. Research Methodology
10.4. Contact Information
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