Heat Recovery Steam Generator Industry Grows from ‘Global Green Push’
The heat recovery steam generator (HRSG) market in China is expected to reach revenues of $186 million in 2020, climbing at a compound annual growth rate of 8.8 percent from this year’s expected market value of $95 million, according to power analysts at GlobalData.
Global HRSG shipments amounted to a total of 199 units in 2011, reports Heat Recovery Steam Generators (HRSGs) for Thermal Power, 2012 – Global Market Size, Market Share, Average pricing and Trends to 2020. Before the end of the decade, GlobalData predicts the average volume shipment to reach around 251 units each year by 2020.
According to the firm’s latest study, sales of HRSGs — boilers that recover exhaust heat from gas turbines in order to generate steam for the steam turbines — are expected to grow substantially over the next eight years, with the rising demand for electricity in China being a key factor.
China’s 12th Five Year Plan, spanning from 2011 to 2015, is focused on promoting clean energy sources, rapidly increasing energy produced at the lowest possible cost, and reducing the country’s dependence on energy imports.
Developed nations, according to the report, are typically utilizing HRSGs as part of a long-term goal to meet carbon emissions targets. International agreements such as the Kyoto Protocol have reduced the outlook for coal-fired generation. While coal is globally the most utilized source of power generation, it’s also the most carbon intensive.
The stringency of new regulations on companies generating power from coal has resulted in HRSG market growth, as these are used in combined cycle gas turbine plants, according to the study.
GlobalData expects the stringency of these rules to increase, further driving the need for HRSGs in the future.
- Smart Companies Utilize Integrated Energy Solutions
- 10 Tactics of Successful Energy Managers
- Financing Environmental Resiliency and a Low-Carbon Future with Green Bonds
- 2016 Environmental Leader Product & Project Awards
- There’s Money in the Trash
- Just the Facts: 8 Popular Misconceptions about LEDs & Controls
- 6 for 2016: Global Energy Market Trends
- Shifting the Focus from End-of-Life Recycling to Continuous Product Lifecycles
- It's Time for Today's EHS and Sustainability Professionals to Embrace Big Data
- Planning for a Sustainable Future