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 |
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).
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. |
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.
| 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 |
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.
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.
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. |
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.
Several prominent trends reshaping the market growth include:
Some prominent investment opportunities in the market include:
Some leading players operating in the market include:
| 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.
| 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.
| 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.
| 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.
| 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.
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.
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.
The report offers a comprehensive study of the following market segments and their leading categories.
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.
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 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.
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.
The report offers a comprehensive study of the subsequent market segments:
| 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 |