North America Heat Recovery Steam Generator Market (2025-2031) | Outlook, Size, Share, Analysis, Growth, Industry, Revenue, Companies, Value, Forecast & Trends

Market Forecast by Countries (United States, Canada), By Rated Power (Up to 30 MW, >30 MW), By Application (Combined cycle, CHP), By End User (Utilities, Chemicals, Refineries, Pulp & Paper, Commercial & Others) And Competitive Landscape

Product Code: ETC4623121 Publication Date: Jul 2023 Updated Date: Nov 2025 Product Type: Report
Publisher: 6Wresearch Author: Ravi Bhandari No. of Pages: 200 No. of Figures: 90 No. of Tables: 300

North America Heat Recovery Steam Generator Market Size & Growth Rate

According to 6Wresearch internal database and industry insights, the North America Heat Recovery Steam Generator Market was valued at USD 2.7 billion in 2024 and is projected to reach USD 5.8 billion by 2031, indicating a compound annual growth rate (CAGR) of 11.4% during the forecast period (2025–2031).

Five-Year Growth Trajectory of the North America Heat Recovery Steam Generator Market with Core Drivers

Below mentioned are the evaluation of year-wise growth rate along with key drivers:

Years Est. Annual Growth (%) Growth Drivers
2020 1.5 Growing adoption of gas-fired power plants across industrial facilities.
2021 2.4 Increased efficiency upgrades in existing combined-cycle power infrastructure.
2022 3.9 Rise in demand for waste heat utilization systems in refineries and chemical plants.
2023 4.8 Expansion of cogeneration (CHP) systems across manufacturing sectors.
2024 5.6 Strong push for energy-efficient technologies supported by federal clean energy programs.

Topics Covered in the North America Heat Recovery Steam Generator Market Report

The North America Heat Recovery Steam Generator Market report thoroughly covers the market by By Application, By type, and By Countries. The report provides an unbiased and detailed analysis of ongoing market trends, opportunities/high growth areas, and market drivers, which would help stakeholders devise and align their market strategies according to the current and future market dynamics.

North America Heat Recovery Steam Generator Market Highlights

Report Name North America Heat Recovery Steam Generator Market
Forecast Period 2025-2031
CAGR (Compound Annual Growth Rate) 11.4%
Market Size USD 5.8 billion by 2031
Growing Sector Utilities

North America Heat Recovery Steam Generator Market Synopsis

The North America Heat Recovery Steam Generator Market growth is projected to surge in the coming years, this is driven by its high demand to capture exhaust heat from gas turbines to produce steam for power generation and industrial processes. Additionally, various factors that have increased the demand for heat recovery steam generator are increasing investments in combined-cycle power plants, energy efficiency regulations, and the rising focus on recovering waste heat across refineries and chemical processing units. 

Evaluation of Growth Drivers in the North America Heat Recovery Steam Generator Market

Below mentioned are some prominent drivers and their influence to the market dynamics:

Drivers Primary Segments Affected Why it matters (evidence)
Growth of Combined-Cycle Power Plants >30 MW; Combined Cycle, Utilities Increasing electricity demand and efficiency goals drive utilities to adopt combined-cycle systems requiring HRSGs.
Industrial Waste Heat Recovery Demand Up to 30 MW; CHP, Chemicals, Refineries Strong push for fuel-saving and emission reduction increases reliance on heat recovery systems in industrial operations.
Federal Energy Efficiency Regulations >30 MW; Utilities, Commercial & Others U.S. DOE efficiency rules promote HRSG integration for better plant performance.
Rising Adoption of Cogeneration (CHP) Up to 30 MW; CHP, Pulp & Paper, Chemicals Manufacturing and processing sectors increasingly adopt CHP systems for steam and power optimization.
Expansion of Natural Gas Infrastructure >30 MW; Combined Cycle, Utilities Growth of gas-fired capacity encourages deployment of high-capacity HRSG units for boosted efficiency.

The North America Heat Recovery Steam Generator Market Size is projected to grow at a CAGR of 11.4% during the forecast period (2025–2031). The increasing adoption of combined-cycle and CHP systems across utilities and industrial facilities and rapid expansion of natural gas infrastructure are contributing to the market growth. In addition to this, a strong investment in refining and chemical manufacturing. Additionally, a rise in the electricity demand and the focus on improving overall plant efficiency through waste heat utilization. The need for HRSGs to optimize thermal energy recovery and reduce operating costs remains high, as the adoption of cogeneration (CHP) systems in industrial sectors such as chemicals, pulp & paper, and refining is growing. Additionally, an increase in the integration of natural gas-based power generation and a rise in the investments in industrial modernization collectively enhance the demand for HRSG systems.

Evaluation of Restraints in the North America Heat Recovery Steam Generator Market

Below mentioned are some major restraints and their influence to the market dynamics:

Restraint Primary Segments Affected What this means (evidence)
High Installation Costs >30 MW; Utilities & Refineries Integrating HRSG systems with gas turbines requires high upfront capital investment.
Complex Maintenance Requirements CHP & Combined Cycle Maintenance of pressure parts and heat exchangers increases operational complexity.
Regulatory Delays Utilities & Chemicals Lengthy approval processes for power and industrial projects may slow HRSG deployment.
Dependence on Natural Gas Prices Combined Cycle Fluctuations in gas prices influence new combined-cycle project viability.
Space Constraints in Older Plants CHP, Commercial Retrofitting HRSG systems in legacy plants becomes difficult due to space limitations.

North America Heat Recovery Steam Generator Market Challenges

However, the market has numerous challenges, such as the high initial investment required for HRSG installation and fluctuating natural gas prices. Additionally, the technical complexity of integration with turbine systems is another major challenge. The market expansion is hampered by a limited space in older plants and bureaucratic delays. 

North America Heat Recovery Steam Generator Market Trends

Several prominent trends reshaping the market growth include:

  • Modular HRSG Designs – Increased adoption of modular and packaged HRSG units for quick installation and reduced downtime.
  • Advanced Digital Monitoring – Rising integration of IoT-based monitoring for temperature, pressure, and performance optimization.
  • Multi-Pressure HRSG Configurations – Growing preference for dual and triple-pressure HRSGs for higher thermal efficiency in utilities and refineries.

Investment Opportunities in the North America Heat Recovery Steam Generator Industry

Some prominent investment opportunities in the market include:

  • High-Capacity HRSG Solutions – Rising need for advanced HRSG units (above 30 MW) in combined-cycle power plants.
  • Industrial Cogeneration Systems – Increasing demand for CHP solutions across chemicals, refineries, and pulp & paper industries.
  • Digital Performance Optimization – Investments in monitoring systems and predictive maintenance platforms for HRSG systems.

Top 5 Leading Players in the North America Heat Recovery Steam Generator Market

Some leading players operating in the market include:

1. GE Vernova

Company Name GE Vernova
Established Year 1892
Headquarters Massachusetts, USA
Official Website Click Here

GE provides advanced HRSG systems widely used across combined-cycle and industrial plants in North America.

2. Siemens Energy

Company Name Siemens Energy
Established Year 2020
Headquarters Munich, Germany
Official Website Click Here

Siemens Energy delivers high-performance HRSG solutions suitable for utilities, refineries, and chemical facilities.

3. Mitsubishi Power

Company Name Mitsubishi Power
Established Year 2014
Headquarters Tokyo, Japan
Official Website Click Here

Mitsubishi Power offers state-of-the-art HRSG technologies supporting large-scale combined-cycle installations in North America.

4. Babcock & Wilcox Enterprises, Inc.

Company Name Babcock & Wilcox Enterprises, Inc.
Established Year 1867
Headquarters Ohio, USA
Official Website Click Here

Babcock & Wilcox supplies HRSG and waste heat recovery equipment for industrial and utility-grade power systems.

5. Doosan Enerbility

Company Name Doosan Enerbility
Established Year 1962
Headquarters Seoul, South Korea
Official Website Click Here

Doosan provides engineered HRSG systems for high-efficiency combined-cycle and cogeneration applications.

Government Regulations Introduced in the North America Heat Recovery Steam Generator Market

North American governments are encouraging industrial and power plants to adopt efficient heat recovery technologies. The U.S. Department of Energy (DOE) promotes advanced combined heat and power systems through energy efficiency grants. Additionally, the Environmental Protection Agency (EPA) sets emission rules for gas turbine operations, indirectly supporting HRSG adoption. In Canada, the Clean Energy for Rural and Remote Communities Program encourages industrial waste heat recovery systems to improve energy efficiency.

Future Insights of the North America Heat Recovery Steam Generator Market

The North America Heat Recovery Steam Generator Market Share is estimated to increase in the future, underpinned by the rising need for efficient energy systems across utilities, refineries, and chemical manufacturing units. Additionally, the rising expansion of combined-cycle power plants, industrial modernization and a rise in the focus on cost-efficient and environmentally sustainable energy production will continue to boost the industry expansion. Increased adoption of digitized HRSG control systems is expected to drive further market revenue. 

Market Segmentation Analysis

The report offers a comprehensive study of the following market segments and their leading categories.

>30 MW to Dominate the Market – By Rated Power

According to Mansi Ahuja, Senior Research Analyst at 6Wresearch, the >30 MW category holds the largest market share in the North America HRSG Market. This dominance is attributed to large-scale combined-cycle power plants and high-capacity industrial operations across the United States that require multi-pressure HRSG systems for improved plant efficiency and reduced fuel consumption.

Combined Cycle to Dominate the Market – By Application

The Combined Cycle segment dominates the market owing to the extensive use of HRSGs in natural-gas-fired power stations. Driven by growing electricity demand and stronger emphasis on maximizing turbine exhaust heat utilization, combined-cycle systems remain the primary choice for utilities in North America.

Utilities to Dominate the Market – By End User

Utilities hold the largest share of the HRSG Industry due to continuous investment in energy-efficient technologies, expansion of natural gas power generation, and adoption of multi-pressure HRSG units to enhance overall power plant efficiency.

United States to Dominate the Market – By Countries

The United States dominates the North America HRSG Market due to high natural gas-based power generation, strong investment in industrial cogeneration systems, and rapid modernization of utility infrastructure requiring advanced heat recovery technologies.

Key Attractiveness of the Report

  • 10 Years of Market Numbers.
  • Historical Data Starting from 2021 to 2024.
  • Base Year: 2024.
  • Forecast Data until 2031.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report:

  • North America Heat Recovery Steam Generator Market Outlook
  • Market Size of North America Heat Recovery Steam Generator Market, 2024
  • Forecast of North America Heat Recovery Steam Generator Market, 2031
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Revenues & Volume for the Period 2021 - 2031F
  • North America Heat Recovery Steam Generator Market Trend Evolution
  • North America Heat Recovery Steam Generator Market Drivers and Challenges
  • North America Heat Recovery Steam Generator Price Trends
  • North America Heat Recovery Steam Generator Porter's Five Forces
  • North America Heat Recovery Steam Generator Industry Life Cycle
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By Rated Power for the Period 2021 - 2031F
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By Up to 30 MW for the Period 2021 - 2031F
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By >30 MW for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By Rated Power for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By Up to 30 MW for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By >30 MW for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By Rated Power for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By Up to 30 MW for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By >30 MW for the Period 2021 - 2031F
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By Application for the Period 2021 - 2031F
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By Combined cycle for the Period 2021 - 2031F
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By CHP for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By Application for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By Combined cycle for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By CHP for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By Application for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By Combined cycle for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By CHP for the Period 2021 - 2031F
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By End User for the Period 2021 - 2031F
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By Utilities for the Period 2021 - 2031F
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By Chemicals for the Period 2021 - 2031F
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By Refineries for the Period 2021 - 2031F
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By Pulp & Paper for the Period 2021 - 2031F
  • Historical Data and Forecast of North America Heat Recovery Steam Generator Market Revenues & Volume By Commercial & Others for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By End User for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By Utilities for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By Chemicals for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By Refineries for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By Pulp & Paper for the Period 2021 - 2031F
  • Historical Data and Forecast of United States Heat Recovery Steam Generator Market Revenues & Volume By Commercial & Others for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By End User for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By Utilities for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By Chemicals for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By Refineries for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By Pulp & Paper for the Period 2021 - 2031F
  • Historical Data and Forecast of Canada Heat Recovery Steam Generator Market Revenues & Volume By Commercial & Others for the Period 2021 - 2031F
  • North America Heat Recovery Steam Generator Market - Key Performance Indicators
  • North America Heat Recovery Steam Generator Market - Import Export Trade Statistics
  • North America Heat Recovery Steam Generator Market - Opportunity Assessment By Countries
  • North America Heat Recovery Steam Generator Market - Opportunity Assessment By Rated Power
  • North America Heat Recovery Steam Generator Market - Opportunity Assessment By Application
  • North America Heat Recovery Steam Generator Market - Opportunity Assessment By End User
  • North America Heat Recovery Steam Generator Market - Top Companies Market Share
  • North America Heat Recovery Steam Generator Market - Top Companies Profiles
  • North America Heat Recovery Steam Generator Market - Comparison of Players in Technical and Operating Parameters
  • North America Heat Recovery Steam Generator Market - Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Rated Power

  • Up to 30 MW
  • >30 MW

By Application

  • Combined Cycle
  • CHP

By End User

  • Utilities
  • Chemicals
  • Refineries
  • Pulp & Paper
  • Commercial & Others

By Countries

  • United States
  • Canada

North America Heat Recovery Steam Generator Market (2025-2031): FAQs

The North America Heat Recovery Steam Generator Market is projected to grow at a CAGR of approximately 11.4% during the forecast period.
The market was valued at USD 2.7 billion in 2024 and is expected to reach around USD 5.8 billion by 2031.
The >30 MW category dominates due to high deployment in utility-scale combined-cycle plants.
Trends include modular HRSG systems and the popularity of multi-pressure HRSG units.
6Wresearch actively monitors the North America Heat Recovery Steam Generator Market and publishes its comprehensive annual report, highlighting emerging trends, growth drivers, revenue analysis, and forecast outlook. Our insights help businesses to make data-backed strategic decisions with ongoing market dynamics. Our analysts track relevent industries related to the North America Heat Recovery Steam Generator Market, allowing our clients with actionable intelligence and reliable forecasts tailored to emerging regional needs.
Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com
1 Executive Summary
2 Introduction
2.1 Key Highlights of the Report
2.2 Report Description
2.3 Market Scope & Segmentation
2.4 Research Methodology
2.5 Assumptions
3 North America Heat Recovery Steam Generator Market Overview
3.1 North America Regional Macro Economic Indicators
3.2 North America Heat Recovery Steam Generator Market Revenues & Volume, 2021 & 2031F
3.3 North America Heat Recovery Steam Generator Market - Industry Life Cycle
3.4 North America Heat Recovery Steam Generator Market - Porter's Five Forces
3.5 North America Heat Recovery Steam Generator Market Revenues & Volume Share, By Countries, 2021 & 2031F
3.6 North America Heat Recovery Steam Generator Market Revenues & Volume Share, By Rated Power, 2021 & 2031F
3.7 North America Heat Recovery Steam Generator Market Revenues & Volume Share, By Application, 2021 & 2031F
3.8 North America Heat Recovery Steam Generator Market Revenues & Volume Share, By End User, 2021 & 2031F
4 North America Heat Recovery Steam Generator Market Dynamics
4.1 Impact Analysis
4.2 Market Drivers
4.3 Market Restraints
5 North America Heat Recovery Steam Generator Market Trends
6 North America Heat Recovery Steam Generator Market, 2021 - 2031F
6.1 North America Heat Recovery Steam Generator Market, Revenues & Volume, By Rated Power, 2021 - 2031F
6.2 North America Heat Recovery Steam Generator Market, Revenues & Volume, By Application, 2021 - 2031F
6.3 North America Heat Recovery Steam Generator Market, Revenues & Volume, By End User, 2021 - 2031F
7 United States Heat Recovery Steam Generator Market, 2021 - 2031F
7.1 United States Heat Recovery Steam Generator Market, Revenues & Volume, By Rated Power, 2021 - 2031F
7.2 United States Heat Recovery Steam Generator Market, Revenues & Volume, By Application, 2021 - 2031F
7.3 United States Heat Recovery Steam Generator Market, Revenues & Volume, By End User, 2021 - 2031F
8 Canada Heat Recovery Steam Generator Market, 2021 - 2031F
8.1 Canada Heat Recovery Steam Generator Market, Revenues & Volume, By Rated Power, 2021 - 2031F
8.2 Canada Heat Recovery Steam Generator Market, Revenues & Volume, By Application, 2021 - 2031F
8.3 Canada Heat Recovery Steam Generator Market, Revenues & Volume, By End User, 2021 - 2031F
9 North America Heat Recovery Steam Generator Market Key Performance Indicators
10 North America Heat Recovery Steam Generator Market - Opportunity Assessment
10.1 North America Heat Recovery Steam Generator Market Opportunity Assessment, By Countries, 2021 & 2031F
10.2 North America Heat Recovery Steam Generator Market Opportunity Assessment, By Rated Power, 2021 & 2031F
10.3 North America Heat Recovery Steam Generator Market Opportunity Assessment, By Application, 2021 & 2031F
10.4 North America Heat Recovery Steam Generator Market Opportunity Assessment, By End User, 2021 & 2031F
11 North America Heat Recovery Steam Generator Market - Competitive Landscape
11.1 North America Heat Recovery Steam Generator Market Revenue Share, By Companies, 2024
11.2 North America Heat Recovery Steam Generator Market Competitive Benchmarking, By Operating and Technical Parameters
12 Company Profiles
13 Recommendations
14 Disclaimer
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