DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/vtszk8/heat_recovery) has announced the addition of the "Heat Recovery Steam Generators (HRSGs) for Thermal Power, 2014 Update: Global Market Size, Market Share, Average Pricing and Trends to 2020" report to their offering.
Global Heat Recovery Steam Generator Market worth $3.2 Billion in 2013
The value of the global Heat Recovery Steam Generator (HRSG) market was estimated at more than $3.2 billion in 2013, having increased from $2.5 billion in 2006. The global market registered fluctuating growth during the period from 2006 to 2013, reaching peaks in 2006 and 2011 due to the high capacity additions made by gas-fired and coal-fired plants.
During the forecast period from 2014 to 2020, the market is expected to register steady growth. The US and China are some of the major markets, accounting for a combined share of more than half of the global HRSG market.
Heat Recovery Steam Generator Market to Register Substantial Growth
The increasing global demand for electrical power and the simultaneous increase in environmental concerns and legislation are expected to be major drivers for the HRSG market in future. In the current global power market, focus is being placed on issues related to climate change in order to meet government-mandated environmental targets and reduce dependency upon imported energy.
Global market participants have recognized the profound need for sustainable development through a well-balanced energy portfolio inclusive of energy-efficient technologies Combined-Cycle Gas Turbines (CCGT) are believed to offer a solution for these energy-related issues.
Moreover, international agreements such as the Kyoto Protocol have altered the outlook for coal-fired generation with a view to reducing the level of harmful emissions being released into the earth's atmosphere. Coal is the world's most utilized source for power generation, as well as being the most carbon-intensive.
The stringency of new regulations for companies generating power from coal has resulted in the growth of the market for HRSGs, which are used in CCGT plants. These rules and regulations are expected to drive the market in the long term, as they are expected to become increasingly stringent.
In addition, demand for higher efficiency and larger government incentives and rebates are also expected to augment market growth, as is the increase in economic activity around the globe, especially in countries such as India and China.
The US is by far the largest market for HRSG equipment globally, and is expected to continue to dominate throughout the forecast period. The value of the market increased from $423m in 2006 to $546m in 2013 at a CAGR of 3.7%. The recent discovery of shale gas in the US has increased the domestic production of natural gas and resulted in all-time-low gas prices.
This has encouraged utilities in the country to switch to economical gas-fired generation from coal-fired generation, as coal prices remain high due to high demand in international market. On the other hand, some utilities have opted for combined-cycle coal-gas plants. The high availability of shale gas reserves, as well as the imposition of stringent exhaust emission norms for diesel, is expected to drive the market for HRSGs in the country, and this trend is expected to continue throughout the forecast period.
Key Topics Covered:
List of Tables
List of Figures
Global Heat Recovery Steam Generator Market Analysis
Heat Recovery Steam Generator Market, Key Country Analysis
For more information visit http://www.researchandmarkets.com/research/vtszk8/heat_recovery
About Research and Markets
Research and Markets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.