Heat Recovery Steam Generators Market: Snapshot
The global demand for heat recovery steam generators, the machines that act as a thermodynamic link between steam and gas turbines in combined-cycle power plants, has witnessed an encouraging rise in the past few years. An increasing inclination of policy makers and governments towards cleaner and optimal energy options for the generation of electricity for a continuously rising world population has led to an increased number of combined-cycle power plants globally. These considerably cleaner and more energy efficient power plants as compared to conventional power plants are the key employers of heat recovery steam generators. The rising numbers of these power plants translate into an increased demand for heat recovery steam generators.
This report on the global heat recovery steam generators market presents a complete analysis of the present state of the market and verifiable predictions about the way the market’s growth dynamic is expected to evolve over the report’s forecast period. The report also includes a thorough overview of factors such as growth drivers, trends, restraints, and regulations, expected to have a notable influence on the overall development of the market in the next few years. The report also includes an analysis of the recent developments observed in the market in terms of technology and product varieties, Porter’s fiver forces analysis of the competitive landscape, and detailed business profiles of some of the key vendors in the market.
Heat Recovery Steam Generators Market: Trends and Opportunities
The vast rise in demand for improved energy efficiency of power plants and the power generation process and the availability of encouraging government incentives and rebates for enhancing the energy efficiency of the same are the key factors fueling the growth of the global heat recovery steam generators market. An increasing inclination towards the use of clean power generation technologies, the thriving industrial sector, especially across developing economies such as India and China, is also driving the increased demand for heat recovery steam generators globally.
However, the after-effects of recent economic slowdowns in established markets such as Europe and certain parts of North America have adversely affected the prices of natural gas, which has dampened the spirits of power generation companies wanting to foray into the field of mixed-cycle power plants to a certain extent. However, the issue is expected to have only a moderate impact on the overall growth prospects of the market in the near future. Another key challenge faced by companies in the global heat recovery steam generators market is the lack of product differentiation, which has led to intense competition in terms of product costs.
Heat Recovery Steam Generators Market: Geographical and Competitive Landscape
The report analyzes the market for heat recovery steam generators across regions such as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. The report states that Middle East could be an opportunity area for the manufacturers of heat recovery steam generators as the region is rich in oil reserves and natural gas. Power generation through natural gas is a key component of the region’s overall energy mix. As such, the demand for heat recovery steam generators is also high in the region. Regulatory policies encouraging the development of the natural gas sector and heavy investment plans are anticipated to drive the market in the region in the next few years. Iran and Saudi Arabia are expected to contribute the most to the growth of the market in the region over the next few years.
Some of the key companies operating in the global heat recovery steam generators are Sofinter S.p.a, ALSTOM, Technology Transfer Services, Foster Wheeler AG, CMI Groupe, Hitachi, Ltd, The Babcock & Wilcox Company, and Thermax Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.