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.

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.

What are the factors driving the North America Heat Recovery Steam Generator Market?

Key factors include government initiatives promoting cleaner energy and the rising deployment of combined cycle power plants. For example, Siemens Energy has reported increased orders following U.S. incentives for decarbonization and modern grid solutions, prompting utilities to invest in HRSG systems to boost efficiency and sustainability.

Which type accounted for the largest North America Heat Recovery Steam Generator Market share?

The horizontal HRSG type dominates the market due to its modular design, ease of transportation, and suitability for a wide range of power plant sizes. Its flexibility in installation and maintenance makes it preferred in recent and upcoming combined cycle projects across North America.

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North America Heat Recovery Steam Generator Market Size & Share Analysis - Growth Trends and Forecast (2026 - 2035)

Name: North America Heat Recovery Steam Generator Market
Brand: Bussiness Insights

North America Heat Recovery Steam Generator Market: by Type (Once Through, Horizontal Drum, Vertical Drum), Application (Power & Utility, Industrial, Chemicals, Oil & Gas, Others), Distribution Channels (Direct, Indirect), Technology (Cogeneration, Combined Cycle, Single Cycle), Organization Size (Small, Medium, Large) and By North America Historical & Forecast Period (2020-2035) Comprehensive Study 2025

Last Updated: 23-07-2025 | Format: PDF | Report ID:10705

North America Heat Recovery Steam Generator Market Outlook (2025-2035)

The North America Heat Recovery Steam Generator (HRSG) market is poised for robust growth, driven by surging demand in power & utility, chemicals, oil & gas, and evolving industrial applications. With an emphasis on energy efficiency, decarbonization, and integration of combined cycle power plants, HRSG systems have become crucial for power recovery. The market’s expansion is underpinned by investments in combined heat and power (CHP) projects and upgrades across the U.S., Canada, and Mexico. Advances in modular and custom-built HRSGs, along with digitization and remote monitoring, are accelerating deployment, especially amid tightening regulatory standards and sustainability objectives.

Latest Market Dynamics

Key Drivers

Rising demand for energy efficiency and emission reduction in power generation. Siemens Energy’s investment in combined cycle projects demonstrates this trend, notably with several U.S. utility deployments in 2024.

Growth in adoption of modular HRSGs for flexible and rapid project deployment. Cleaver-Brooks’ introduction of pre-engineered modular solutions in early 2024 exemplifies scalable deployments.
Digital transformation and remote monitoring technologies in HRSG operations. Mitsubishi Power launched advanced digital monitoring platforms in March 2024 to boost performance and predictive maintenance.

Integration of HRSGs with renewable and hybrid energy systems. Companies like Thermax and Siemens are piloting hybrid configurations with solar thermal input, opening up new avenues in green power.
Upgrade and retrofitting of aging power infrastructure using efficient HRSGs. Nooter/Eriksen and John Cockerill secured major contracts in 2024 to modernize older combined cycle plants, driving replacement demand.

Complexity in customization, installation, and technical integration of advanced HRSG systems. Babcock & Wilcox faced extended commissioning timelines in recent multi-unit retrofits in the U.S. Midwest.
Supply chain bottlenecks and inflationary pressures on key materials, impacting delivery schedules. Cleaver-Brooks reported longer lead times in procurement of critical heat transfer materials in early 2024.

High upfront investment costs for tailored and large-scale HRSGs, limiting accessibility for small operators. Doosan Škoda Power noted budget overruns in two major 2024 installations in North America.
Volatility in oil & gas and utility sector capital expenditure, curbing new project initiations. General Electric observed deferred investments in Canadian projects amid fluctuating commodity prices.

In 2025, the North American HRSG market will be led by the Once Through segment, accounting for the largest share due to high efficiency and fast start-up times, especially in modern combined cycle applications. Horizontal Drum HRSGs continue to be favored for large-scale utility projects, while Vertical Drum systems gain traction in compact and industrial setups. The chart demonstrates shifting preferences as grid flexibility and cost considerations drive selection of HRSG type.

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.

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.

The North America HRSG market is expected to maintain a healthy year-on-year growth rate, averaging 4.4% between 2025 and 2030, before marginally tapering to 3.1% by 2035. The highest growth is observed during the mid-2020s, driven by accelerated energy projects and decarbonization policies. Future growth will be sustained by modernization initiatives and hybrid system adoption despite maturing utility markets.

The U.S. commands the lion’s share of the North America HRSG market at 69% in 2025, reflecting its mature power sector and extensive adoption of combined cycle technology. Canada, representing 20%, benefits from expanded industrial projects and new power initiatives, while Mexico captures 11%, supported by ongoing utility modernization and cross-border energy programs.

Siemens Energy leads the North America HRSG market with a 21% share in 2025, closely followed by General Electric at 17%. Mitsubishi Power and Babcock & Wilcox hold 11% and 10% respectively, indicative of a competitive, innovation-driven landscape. Other key vendors contribute to a fragmented segment, with differentiation based on technology and service capabilities.

Utility companies account for 46% market share in North America HRSG acquisitions for 2025, reflecting their pivotal role in combined cycle and grid modernization projects. Industrial buyers make up 35% as demand for process steam grows, while the oil & gas sector comprises 19%, driven by process energy recovery imperatives. This segmentation illustrates the core demand hubs shaping the market.

Metrics	Details
Years	2020-2035
Base Year	2025
Market Size	Revenue (USD Million)
Regions	US, Canada, Mexico
Segments	By Type (Once Through, Horizontal Drum, Vertical Drum, Modular, Packaged, Custom Built); By Application (Power & Utility, Industrial, Chemicals, Oil & Gas, Renewable Energy, Others); By Technology (Cogeneration, Combined Cycle, Single Cycle, Hybrid Systems, Conventional Systems, Others); By Distribution Channel (Direct, Indirect, Distributors, Wholesalers, Online, Offline); By Organization Size (Small, Medium, Large)
Players	Siemens Energy, General Electric, Babcock & Wilcox, Cleaver-Brooks, Doosan Škoda Power, Mitsubishi Power, John Cockerill, Nooter/Eriksen, Thermax, Larsen & Toubro, Duro Felguera, Alstom Power, CMI Energy, Kelvion Holdings, Bharat Heavy Electricals Limited

May 2024: Siemens Energy delivered an advanced HRSG unit for a large U.S. combined cycle project, enhancing plant efficiency by 7%.
June 2024: Mitsubishi Power launched its new HRSG digital monitoring solution, improving predictive maintenance outcomes.
April 2024: General Electric announced a contract to supply HRSG units for a Canadian petrochemical upgrading project.
June 2024: John Cockerill secured a retrofit HRSG project in Mexico aiming to modernize cross-border power infrastructure.
March 2024: Cleaver-Brooks introduced a modular HRSG solution targeted at mid-size industrial plants in North America.

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North America Heat Recovery Steam Generator Market Size & Share Analysis - Growth Trends and Forecast (2026 - 2035)

North America Heat Recovery Steam Generator Market Outlook (2025-2035)

Latest Market Dynamics

Key Drivers

Key Trends

Key Opportunities

Key Challenges

Key Restraints

Market Share by Type, 2025

Market Share by Application, 2025

Market Revenue (USD Million), 2020-2035

Market YOY Growth (%), 2020-2035

Market Share by Region, 2025

Market Players Share, 2025

Market Buyers Share, 2025

Study Coverage

Key Recent Developments

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