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)

Q: 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.

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

Market Segmentation

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

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Key Questions Answered

»What is the market size and growth rate of the global and regional market by various segments?
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»Which company accounted for the highest market share?

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Study period:

2020-2035

Base year:

2026

Historical data

2020-2024

NO OF PAGE:

167

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Market Segmentation

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