The North America HRSG market revenue is projected to climb from $2,745 Million in 2020 to $4,860 Million by 2035. Robust investments in utility upgrades, grid decarbonization, and industrial process efficiency have spurred year-on-year revenue growth. U.S. remains the largest contributor while Canada and Mexico show accelerated new plant installations post-2025. The upward trajectory underscores HRSGs' role in the region’s clean energy transition.
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Power & Utility dominates application share in North America’s HRSG market for 2025, benefitting from extensive deployment in combined cycle and CHP projects. The Industrial sector, particularly chemicals and manufacturing, follows with heightened demand for process steam. Oil & Gas applications represent a significant portion owing to energy recovery and efficiency mandates. As renewable energy integration rises, sectoral diversification is expected to accelerate.
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Who are the key players in North America Heat Recovery Steam Generator Market industry?
The top five players in the North America Heat Recovery Steam Generator (HRSG) market are General Electric, Siemens Energy, Mitsubishi Power, Babcock & Wilcox Enterprises, and Doosan Enerbility. These companies lead the market with advanced product portfolios, extensive distribution networks, and ongoing investments in innovative and flexible HRSG technologies for power and industrial applications.
What is the North America Heat Recovery Steam Generator Market growth?
The North America HRSG market is witnessing significant growth, driven by increasing combined cycle power plant installations. For instance, General Electric announced new projects in 2023 to support grid modernization. Market analysts expect a CAGR of over 5% through 2028 due to increased adoption of clean energy and grid flexibility solutions.
Which segment accounted for the largest North America Heat Recovery Steam Generator Market share?
The utility power generation segment holds the largest share of the North America HRSG market. This sector’s dominance results from expanding natural gas-based combined cycle plants, favored for their high efficiency and reduced emissions as utilities transition to cleaner energy sources to meet tightening environmental regulations.
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