Inclination towards cleaner and more energy-efficient options for generating power has resulted in the growth of the heat recovery steam generator’s market. Government bodies and utilities are under constant pressure to increase their power capacities so as to keep pace with economic growth and at the same time to minimize any negative environmental impact. As such, CCTG (Combined Cycle Gas Turbine) power plants consisting of heat recovery steam generators are widely accepted by these regulatory bodies. Thus the market for heat recovery steam generators is on a steep rise from last few years.
The ever increasing demand for improved efficiency, the availability of government incentives & rebates for enhancing the energy efficiency are the major drivers fueling the growth of heat recovery steam generators global market. Even the demand for emission reductions are expected to sustain the Heat recovery steam generators market. Economic activity, inclination towards use of cleaner thermal power and the overall growth, especially in developing countries like India and China, has helped to increase the demand for heat recovery steam generators.
The global economic crisis has adversely affected the prices of natural gas and it has resulted in lower demand for new installations owing to financial issues. This is expected to decline the sales of Heat recovery steam generators during the period 2011-2015.The global economic crisis is also inhibiting the investments in this sector which is restraining the growth of Heat recovery steam generators market. Another major challenge faced by the HRSG manufacturers is the lack of product differentiation. Red Ocean strategy adopted by most of the Asian manufacturers is proving to be a hindrance in the growth of heat recovery steam generators market.
The Middle East is expected to be an opportunity area for the Heat recovery steam generators manufacturers since this region is rich in natural gas and oil reserves. Middle East also has tremendous growth opportunities for power generation through natural gas and thus for the Heat recovery steam generators market. Lucrative policies and heavy investment plans are anticipated to drive the market in Middle East. Iran and Saudi Arabia are expected to contribute the most to the growth of the Heat recovery steam generators market.
Some of the major market players in this market are ALSTOM, Foster Wheeler AG, Technology Transfer Services, Thermax Ltd., CMI Groupe, NEM, Sofinter S.p.a, The Babcock & Wilcox Company and Hitachi, Ltd.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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- Current market trends
- Market structure
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