GDPE1047MAR Heat Recovery Steam Generators HRSGs for ... fileHeat Recovery Steam Generators (HRSGs)...

GDPE1047MAR / Published OCT 2012 Heat Recovery Steam Generators (HRSGs) for Thermal Power, 2012

Update - Global Market Size, Market Share, Average Pricing and Trends to 2020 © GlobalData. This report is a licensed product and is not to be copied,

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Heat Recovery Steam Generators (HRSGs) for Thermal Power, 2012 Update - Global Market Size, Market Share, Average

Pricing and Trends to 2020 Reference Code: GDPE1047MAR Publication Date: October 2012

Heat Recovery Steam Generator Market to Grow Substantially due to Growing Power Demand and Environmental Concerns

The increasing global demand for electrical power and the simultaneous rise in environmental concerns and legislation are expected to be major drivers for the Heat Recovery Steam Generator (HRSG) market. In the current global power market, focus is being placed on issues related to climate change in order to meet government-mandated environmental targets and also in order to reduce dependency upon imported energy. Global market participants have recognized the profound need for sustainable development through a well balanced energy portfolio inclusive of energy efficient technologies. It is believed that Combined Cycle Gas Turbine (CCGT) offers a solution for these energy-related issues. Moreover, international agreements such as the Kyoto Protocol have reduced the outlook for coal-fired generation with a view to decreasing the level of harmful emissions released into the earth’s atmosphere. Coal is the world’s most utilized source for power generation, as well as being the most carbon intensive. The stringency of new regulations on companies generating power from coal has resulted in the growth of the market for HRSGs, which are used in CCGT plants. These rules and regulations are expected to drive the market in the long term, as they are expected to become increasingly stringent.

Additionally, the demand for higher efficiency and the availability of larger government incentives and rebates are also expected to augment market growth. The increase in economic activity around the globe, especially in countries such as India and China, is also expected to contribute to growth in the HRSG market.

China to Lead HRSG Market Growth in Future

The Chinese HRSG market is expected to register considerable growth over the forecast period from 2012 to 2020. Rising electricity demand is expected to be the leading driver for the HRSG market. An increase in natural gas demand led to a restricted gas supply, which adversely affected the market, but this is expected to ease during the forecast period. The domestic production of natural gas is set to increase, and international companies are increasing their penetration in China’s upstream sectors. Gas pipeline interconnections with neighboring countries will also improve the supply of gas in China over the forecast period. The 12th Five Year Plan (FYP) focuses on the promotion of cleaner energy sources and the reduction of energy intensity, and is expected to boost the construction of gas-fired power plants.

HRSG Market, China, Average Annual Revenues ($m), 2006–2020

2006-2011 2012-2020

Ave

rage

Ann

ual R

even

ue ($

m)

Source: GlobalData, Power eTrack, Equipment Markets Database [Accessed: September 18, 2012] Note: figures from 2011 onwards are estimates




1 Table of Contents 1 Table of Contents ............................................................................................................................ 2

1.1 List of Tables............................................................................................................................. 4 1.2 List of Figures............................................................................................................................ 5

2 Introduction ..................................................................................................................................... 6 2.1 Key Differences between HRSG and Normal Boilers .................................................................. 7 2.2 Types of HRSG......................................................................................................................... 8

2.2.1 Fired and Unfired HRSG ................................................................................................... 8 2.2.2 Horizontal and Vertical HRSG ........................................................................................... 9

2.3 GlobalData Report Guidance ................................................................................................... 10 3 Global HRSG Market Analysis........................................................................................................ 11

3.1 Global HRSG Market, Overview............................................................................................... 11 3.2 Global HRSG Market, Market Size Analysis, 2006–2020 .......................................................... 12 3.3 Global HRSG Market, Revenue Analysis and Forecast ($m), 2006–2020.................................. 14 3.4 Global HRSG Market, Market Share Analysis (%), 2011 ........................................................... 16 3.5 Global HRSG Market, Key Trends, 2012–2020......................................................................... 18

3.5.1 Global HRSG Market to Witness Price Competition Due to Lack of Product Differentiation 18 3.5.2 Retrofit and Replacement of Aged CCGT Plants with New Installations to Drive the HRSG

Market in European Region............................................................................................. 18 3.5.3 Increasing Cost of Raw Materials and Natural Gas Likely to Impact the North American

HRSG Market ................................................................................................................. 19 3.5.4 Coal and Hydro Power Likely to Impact the HRSG Market in Asia-Pacific ......................... 19 3.5.5 Middle East and African HRSG Market to be Driven by Heavy Investment Plans and

Lucrative Policies............................................................................................................ 20 4 HRSG Market, Key Countries......................................................................................................... 21

4.1 The US, HRSG Market Analysis............................................................................................... 21 4.1.1 The US, HRSG Market, Overview ................................................................................... 21 4.1.2 The US, HRSG Market, Market Size Analysis, 2006–2020............................................... 22 4.1.3 The US, HRSG Market, Revenue Analysis ($m), 2006–2020 ........................................... 23 4.1.4 The US, HRSG Market, Average Price ($/kW), 2006–2020 .............................................. 25 4.1.5 The US, HRSG Market, Market Share by Revenues Analysis (%), 2011........................... 27 4.1.6 The US, HRSG Market, Drivers and Impact Analysis, 2012–2020 .................................... 28 4.1.7 The US, HRSG Market, Restraints and Impact Analysis, 2012–2020................................ 29

4.2 Mexico, HRSG Market Analysis ............................................................................................... 30 4.2.1 Mexico, HRSG Market, Overview .................................................................................... 30 4.2.2 Mexico HRSG Market, Market Size Analysis, 2007–2020................................................. 31 4.2.3 Mexico, HRSG Market, Revenue Analysis ($m), 2007–2020 ............................................ 33 4.2.4 Mexico, HRSG Market, Average Price ($/kW), (2007–2020)............................................. 35 4.2.5 Mexico, HRSG Market, Market Share by Revenues Analysis (%), 2011............................ 36 4.2.6 Mexico, HRSG Market, Drivers and Impact Analysis, 2012–2020 ..................................... 36 4.2.7 Mexico, HRSG Market, Restraints and Impact Analysis, 2012–2020................................. 37

4.3 Spain, HRSG Market Analysis ................................................................................................. 38 4.3.1 Spain, HRSG Market, Overview ...................................................................................... 38 4.3.2 Spain, HRSG Market, Market Size Analysis, 2006–2020.................................................. 38 4.3.3 Spain, HRSG Market, Revenue Analysis ($m), 2006–2020 .............................................. 40 4.3.4 Spain, HRSG Market, Average Price ($/kW), 2006–2020 ................................................. 42 4.3.5 Spain, HRSG Market, Market Share by Revenues Analysis (%), 2011.............................. 43 4.3.6 Spain, HRSG Market, Drivers and Impact Analysis, 2012–2020 ....................................... 44 4.3.7 Spain, HRSG Market, Restraints and Impact Analysis, 2012–2020................................... 45

4.4 The UK, HRSG Market Analysis............................................................................................... 46 4.4.1 The UK, HRSG Market, Overview ................................................................................... 46 4.4.2 The UK, HRSG Market, Market Size Analysis, 2006–2020............................................... 46 4.4.3 The UK, HRSG Market, Revenue Analysis ($m), 2006–2020 ........................................... 48 4.4.4 The UK, HRSG Market, Average Price ($/kW), (2006–2020) ............................................ 50 4.4.5 The UK, HRSG Market, Market Share by Revenues Analysis (%), 2010........................... 52 4.4.6 The UK, HRSG Market, Drivers and Impact Analysis, 2012–2020 .................................... 52 4.4.7 The UK, HRSG Market, Restraints and Impact Analysis, 2012–2020................................ 53

4.5 Iran, HRSG Market Analysis .................................................................................................... 54 4.5.1 Iran, HRSG Market, Overview ......................................................................................... 54 4.5.2 Iran, HRSG Market, Market Size Analysis, 2006–2020..................................................... 55




4.5.3 Iran, HRSG Market, Revenue Analysis ($m), 2006–2020 ................................................. 57 4.5.4 Iran, HRSG Market, Average Price ($/kW), 2006–2020.................................................... 59 4.5.5 Iran, HRSG Market, Market Share by Revenues Analysis (%), 2011................................. 60 4.5.6 Iran, HRSG Market, Drivers and Impact Analysis, 2012–2020 .......................................... 60 4.5.7 Iran, HRSG Market, Restraints and Impact Analysis, 2012–2020...................................... 61

4.6 China, HRSG Market Analysis ................................................................................................. 62 4.6.1 China, HRSG Market, Overview ...................................................................................... 62 4.6.2 China, HRSG Market, Market Size Analysis, 2006–2020.................................................. 62 4.6.3 China, HRSG Market, Revenue Analysis ($m), 2006–2020 .............................................. 64 4.6.4 China, HRSG Market, Average Price ($/kW), 2006–2020................................................. 65 4.6.5 China, HRSG Market, Market Share by Revenues Analysis (%), 2011.............................. 67 4.6.6 China, HRSG Market, Drivers and Impact Analysis, 2012–2020 ....................................... 68 4.6.7 China, HRSG Market, Restraints and Impact Analysis, 2012–2020................................... 69

4.7 India HRSG Market Analysis.................................................................................................... 70 4.7.1 India HRSG Market, Overview......................................................................................... 70 4.7.2 India HRSG Market, Market Size Analysis, 2006–2020 .................................................... 70 4.7.3 India, HRSG Market, Revenue Analysis ($m), 2006–2020................................................ 72 4.7.4 India HRSG Market, Average Price ($/kW), (2006–2020) ................................................. 75 4.7.5 India HRSG Market, Market Share by Revenues Analysis (%), 2011 ................................ 76 4.7.6 India, HRSG Market, Drivers and Impact Analysis, 2012–2020......................................... 77 4.7.7 India, HRSG Market, Restraints and Impact Analysis, 2012–2020 .................................... 78

4.8 Indonesia, HRSG Market Analysis, 2007–2020 ........................................................................ 79 4.8.1 Indonesia, HRSG Market, Overview ................................................................................ 79 4.8.2 Indonesia, HRSG Market, Market Size Analysis, 2007–2020............................................ 79 4.8.3 Indonesia, HRSG Market, Revenue Analysis, ($m), 2007–2020 ....................................... 81 4.8.4 Indonesia, HRSG Market, Average Price ($/kW), (2007–2020)......................................... 83 4.8.5 Indonesia, HRSG Market, Market Share by Revenues Analysis, (%), 2009....................... 84 4.8.6 Indonesia, HRSG Market, Drivers and Impact Analysis, 2012–2020 ................................. 84 4.8.7 Indonesia, HRSG Market, Restraints and Impact Analysis, 2012–2020............................. 85

5 Appendix....................................................................................................................................... 86 5.1 Definitions............................................................................................................................... 86

5.1.1 Power............................................................................................................................. 86 5.1.2 Electricity Generation...................................................................................................... 86 5.1.3 Installed Capacity ........................................................................................................... 86 5.1.4 Renewable Power........................................................................................................... 86 5.1.5 Repowering.................................................................................................................... 86

5.2 Abbreviations .......................................................................................................................... 86 5.3 Bibliography ............................................................................................................................ 87 5.4 Methodology ........................................................................................................................... 88

5.4.1 Coverage ....................................................................................................................... 88 5.4.2 Secondary Research ...................................................................................................... 88 5.4.3 Primary Research........................................................................................................... 88 5.4.4 Modeling and Forecasting............................................................................................... 89

5.5 Contact Us .............................................................................................................................. 89 5.6 Disclaimer ............................................................................................................................... 89




1.1 List of Tables Table 1: Features of Unfired and Supplementary-fired Heat Recovery Steam Generators..................... 8 Table 2: Features of Horizontal and Vertical Heat Recovery Steam Generators ................................... 9 Table 3: HRSG Market, Global, Unit Shipments, 2006–2020 ............................................................. 13 Table 4: HRSG Market, Global, Revenue ($m), 2006–2020............................................................... 15 Table 5: HRSG Market, China, Market Share (%), 2011 .................................................................... 17 Table 6: HRSG Market, The US, Unit Shipments, 2006–2020............................................................ 23 Table 7: HRSG Market, The US, Revenue ($m), 2006–2020 ............................................................. 24 Table 8: HRSG Market, the US, Average Price ($/kW), 2006–2020.................................................... 26 Table 9: HRSG Market, The US, Market Share (%), 2011.................................................................. 27 Table 10: HRSG Market, the US, Drivers and Impact Analysis, 2012–2020.......................................... 28 Table 11: HRSG Market, The US, Restraints and Impact Analysis, 2012–2020.................................... 29 Table 12: HRSG Market, Mexico, Unit Shipments, 2007–2020 ............................................................ 32 Table 13: HRSG Market, Mexico, Revenue ($m), 2007–2020.............................................................. 34 Table 14: HRSG Market, Mexico, Average Price ($/kW), 2007–2020 ................................................... 36 Table 15: HRSG Market, Mexico, Market Share (%), 2011 .................................................................. 36 Table 16: HRSG Market, Mexico, Drivers and Impact Analysis, 2012–2020 ......................................... 36 Table 17: HRSG Market, Mexico, Restraints and Impact Analysis, 2012–2020..................................... 37 Table 18: HRSG Market, Spain, Unit Shipments, 2006–2020 .............................................................. 40 Table 19: HRSG Market, Spain, Revenue ($m), 2006–2020................................................................ 41 Table 20: HRSG Market, Spain, Average Price ($/kW), 2006–2020 ..................................................... 43 Table 21: HRSG Market, Spain, Market Share (%), 2009 .................................................................... 43 Table 22: HRSG Market, Spain, Drivers and Impact Analysis, 2012–2020 ........................................... 44 Table 23: HRSG Market, Spain, Restraints and Impact Analysis, 2012–2020....................................... 45 Table 24: HRSG Market, The UK, Unit Shipments, 2006–2020............................................................ 47 Table 25: HRSG Market, The UK, Revenue ($m), 2006–2020 ............................................................. 49 Table 26: HRSG Market, The UK, Average Price ($/kW), 2006–2020 .................................................. 51 Table 27: HRSG Market, The UK, Market Share (%), 2010.................................................................. 52 Table 28: HRSG Market, The UK, Drivers and Impact Analysis, 2012–2020 ........................................ 52 Table 29: HRSG Market, The UK, Restraints and Impact Analysis, 2012–2020.................................... 53 Table 30: HRSG Market, Iran, Unit Shipments, 2006–2020 ................................................................. 56 Table 31: HRSG Market, Iran, Revenue ($m), 2006–2020................................................................... 58 Table 32: HRSG Market, Iran, Average Price ($ per kW), 2006–2020 .................................................. 60 Table 33: HRSG Market, Iran, Market Share (%), 2011 ....................................................................... 60 Table 34: HRSG Market, Iran, Drivers and Impact Analysis, 2012–2020 .............................................. 60 Table 35: HRSG Market, Iran, Restraints and Impact Analysis, 2012–2020.......................................... 61 Table 36: HRSG Market, China, Unit Shipments, 2006–2020 .............................................................. 63 Table 37: HRSG Market, China, Revenue ($m), 2006–2020................................................................ 65 Table 38: HRSG Market, China, Average Price ($ per kW), 2006–2020 ............................................... 66 Table 39: HRSG Market, China, Market Share (%), 2011 .................................................................... 68 Table 40: HRSG Market, China, Drivers and Impact Analysis, 2012–2020 ........................................... 68 Table 41: HRSG Market, China, Restraints and Impact Analysis, 2012–2020....................................... 69 Table 42: HRSG Market, India, Market Volume, Unit Shipments, 2006–2020....................................... 72 Table 43: HRSG Market, India, Revenue ($m), 2006–2020 ................................................................. 74 Table 44: HRSG Market, India, Average Price ($ per kW), 2006–2020................................................. 76 Table 45: HRSG Market, India, Market Share (%), 2011...................................................................... 77 Table 46: HRSG Market, India, Drivers and Impact Analysis, 2012–2020............................................. 77 Table 47: HRSG Market, India, Restraints and Impact Analysis, 2012–2020 ........................................ 78 Table 48: HRSG Market, Indonesia, Unit Shipments, 2007–2020 ........................................................ 80 Table 49: HRSG Market, Indonesia, Revenue ($m), 2007–2020.......................................................... 82 Table 50: HRSG Market, Indonesia, Average Price ($ per kW), 2007–2020 ......................................... 83 Table 51: HRSG Market, Indonesia, Market Share (%), 2009 .............................................................. 84 Table 52: HRSG Market, Indonesia, Drivers and Impact Analysis, 2012–2020 ..................................... 84 Table 53: HRSG Market, Indonesia, Restraints and Impact Analysis, 2012–2020................................. 85 Table 54: Abbreviations...................................................................................................................... 86




1.2 List of Figures Figure 1: Global HRSG Market Analysis to 2020, Heat Recovery Steam Generator (HRSG) Diagram.... 6 Figure 2: HRSG Market, Global, Unit Shipments, 2006–2020 ............................................................. 13 Figure 3: HRSG Market, Global, Revenue ($m), 2006–2020............................................................... 14 Figure 4: HRSG Market, Global, Market Share, 2011 ......................................................................... 17 Figure 5: HRSG Market, The US, Unit Shipments, 2006–2020............................................................ 22 Figure 6: HRSG Market, The US, Revenue ($m), 2006–2020 ............................................................. 24 Figure 7: HRSG Market, The US, Average Price ($/kW), 2006–2020 .................................................. 25 Figure 8: HRSG Market, The US, Market Share, 2011........................................................................ 27 Figure 9: HRSG Market, Mexico, Unit Shipments, 2007–2020 ............................................................ 31 Figure 10: HRSG Market, Mexico, Revenue ($m), 2007–2020.............................................................. 33 Figure 11: HRSG Market, Mexico, Average Price ($/kW), 2007–2020 ................................................... 35 Figure 12: HRSG Market, Spain, Unit Shipments, 2006–2020 .............................................................. 39 Figure 13: HRSG Market, Spain, Revenue ($m), 2006–2020................................................................ 41 Figure 14: HRSG Market, Spain, Average Price ($/kW), 2006–2020 ..................................................... 42 Figure 15: HRSG Market, The UK, Unit Shipments, 2006–2020............................................................ 47 Figure 16: HRSG Market, The UK, Revenue ($m), 2006–2020 ............................................................. 48 Figure 17: HRSG Market, The UK, Average Price ($/kW), 2006–2020 .................................................. 50 Figure 18: HRSG Market, Iran, Unit Shipments, 2006–2020 ................................................................. 55 Figure 19: HRSG Market, Iran, Revenue ($m), 2006–2020................................................................... 57 Figure 20: HRSG Market, Iran, Average Price ($ per kW), 2006–2020 .................................................. 59 Figure 21: HRSG Market, China, Unit Shipments, 2006–2020 .............................................................. 63 Figure 22: HRSG Market, China, Revenue ($m), 2006–2020................................................................ 64 Figure 23: HRSG Market, China, Average Price ($ per kW), 2006–2020 ............................................... 66 Figure 24: HRSG Market, China, Market Share, 2011 .......................................................................... 68 Figure 25: HRSG Market, India, Unit Shipments, 2006–2020................................................................ 71 Figure 26: HRSG Market, India, Revenue ($m), 2006–2020 ................................................................. 73 Figure 27: HRSG Market, India, Average Price ($ per kW), 2006–2020................................................. 75 Figure 28: HRSG Market, India, Market Share, 2006–2020 .................................................................. 77 Figure 29: HRSG Market, Indonesia, Unit Shipments, 2007–2020 ........................................................ 80 Figure 30: HRSG Market, Indonesia, Revenue ($m), 2007–2020.......................................................... 81 Figure 31: HRSG Market, Indonesia, Average Price ($ per kW), 2007–2020 ......................................... 83




2 Introduction Heat Recovery Steam Generators (HRSGs) are boilers that generate steam to produce electricity. HRSGs recover exhaust from prime movers such as turbines or natural gas or diesel engines to generate steam for electricity generation. Essentially, the HRSG is an energy recovery heat exchanger that recovers exhaust heat from the gas turbine in order to generate steam for the steam turbine. Functionally, an HRSG produces steam like any other boiler, but with some differences. HRSGs use waste heat from gas turbines to produce steam and as a result are also known as waste heat boilers. The water circuit in an HRSG consists of an economizer, an evaporator and a super heater inside the flue gas duct. The evaporator section consists of a drum to which the coils are connected to create the circulation. In its most basic form the HRSG unit consists of tubes to carry water or steam on a hot gas flow path. These are used to recover heat from the gas to generate superheated steam. As a result a simple HRSG consists of a bank of tubes that are mounted in the exhaust stack. The water in an HRSG is pumped and circulated through tubes that are capable of holding water under high pressure to temperatures of 370 Fahrenheit (oF) or higher, which can be boiled to produce steam. Due to its various features, an HRSG makes a combined-cycle power plant the most efficient electricity generation system available at present.

Figure 1: Global HRSG Market Analysis to 2020, Heat Recovery Steam Generator (HRSG) Diagram

HRSG

Duct burner

CombustionChamber

Compressor Gas Turbine

Filter/Separator

GasCompressor

Generator

Derator (Existing)

Inlet Air

Natural Gas Supply

Process Steam

Condensate Return

Make Up Water

Turbine Exhaust Gas

To Stack

Source: GlobalData

GDPE1047MAR / Published OCT 2012 Page 10 Heat Recovery Steam Generators (HRSGs) for Thermal Power, 2012



2.3 GlobalData Report Guidance This report begins with an executive summary describing current key growth trends in the global

HRSG market.

Chapter two provides an introduction to the HRSG equipment.

Chapter three analyzes the global HRSG market, explaining major trends in the global HRSG market. Also included is discussion of market size, revenue and market share analysis for the global HRSG market.

Chapter four and its sub-sections provide information relating to market volume, revenue figures, pricing analysis, market shares and trend analysis for each of the following countries, listed in the order they appear: the US, Mexico, Spain, the UK, Iran, China, India and Indonesia.




4.1.4 The US, HRSG Market, Average Price ($/kW), 2006–2020 The average price of HRSG equipment in the US was $XX/kW in 2011. The average price grew at a CAGR of XX% between 2006 and 2011. This growth trend is expected to continue over the forecast period and the average price in estimated to increase from $XX/kW in 2012 to $XX/kW by 2020, growing at a CAGR of XX%.

The consolidated nature of the market is anticipated to drive the average price during the forecast period. In 2006, the average price of HRSG equipment was around $XX/kW, which increased to $XX/kW in 2011. With demand decreasing and a lower number of players participating in the high-end segment of the market, all end-users in the industry are becoming extremely price sensitive and, as a result, the prices of the HRSG equipment in each capacity category are moderately standardized. End-users are very focused on the amount of money they pay compared to the quality of the product. This trend is expected to continue during the forecast period.

Figure 7: HRSG Market, The US, Average Price ($/kW), 2006–2020

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Aver

age

Pric

e ($

/kW

)

Source: GlobalData, Power eTrack, Markets Database [Accessed: September 11.2012] *Note: Figures from 2011 onwards are estimates




Table 8: HRSG Market, the US, Average Price ($/kW), 2006–2020 Year Average price ($/kW)

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Source: GlobalData, Power eTrack, Markets Database [Accessed: September 11.2012] *Note: Figures from 2011 onwards are estimates




4.1.5 The US, HRSG Market, Market Share by Revenues Analysis (%), 2011 Nooter/Eriksen and Vogt Power International were the largest suppliers of HRSG equipment in the US in 2011, contributing a combined market share of around XX%.

Nooter/Eriksen is the market leader, accounting for a XX% market share in the HRSG market as of 2011. Vogt Power International had the second largest share in the HRSG equipment market in 2011, accounting for XX%. Vogt Power was a market leader between 2008 and 2010 due to its key competitive advantage for supplying cost effective equipment, while also providing repair, installation, refurbishment and other maintenance services. The company has a very strong focus on upgrades and experience, and it plans strategies to develop products with high fuel flexibility and low operational and maintenance costs.

Siemens Power Generation and Alstom SA were the other two players in the HRSG equipment market with respective market shares of XX% and XX% in 2011. The remaining share of XX% was held by other smaller players.

Figure 8: HRSG Market, The US, Market Share, 2011

Nooter/Eriksen Inc

Vogt Power International Inc.

Siemens Power Generation

Others

Alstom SA

Source: GlobalData, Power eTrack, Markets Database [Accessed: September 11.2012]

Table 9: HRSG Market, The US, Market Share (%), 2011

Company Market share (%)

Nooter/Eriksen

Vogt Power International

Siemens Power Generation

Others

Alstom SA

Source: GlobalData, Power eTrack, Equipment Markets Database [Accessed: September 11.2012]




5 Appendix

5.1 Definitions The report covers the global HRSG market. The report covers the revenue, pricing analysis and market share of the market with respect to different countries, globally. The revenues are based on total order intakes in that year.

5.1.1 Power According to the Energy Information Administration, power is defined as the rate of producing, transferring, or using energy, most commonly associated with electricity. Power is measured in Watts and often expressed in kilowatts (kW) or Megawatts (MW).

5.1.2 Electricity Generation According to the Energy Information Administration, electricity generation is defined as the process of producing electric energy by transforming other forms of energy; also, the amount of electric energy produced, expressed Gigawatt-hours (GWh).

5.1.3 Installed Capacity According to the Energy Information Administration, installed capacity is defined as the amount of electric power delivered or required for which a generator, turbine, transformer, transmission circuit, station, or system is rated by the manufacturer.

5.1.4 Renewable Power Renewable power is defined as the electricity generated from naturally replenishing energy resources. These energy sources are flow-limited. The energy resources include: biomass, biogas, geothermal, solar, tidal, wave and wind.

5.1.5 Repowering Increase the efficiency or capacity of aging steam power plants by installation of new equipment. Repowering can be done in many ways. In this report, repowering refers to adding gas turbine and HRSG to the existing steam power plant to improve its efficiency.

5.2 Abbreviations Table 54: Abbreviations Abbreviations Full Form

BHEL Bharat Heavy Electricals Limited

BOO Build-Own-Operate

BOT Build-Operate-Transfer

CCGT Combined cycle gas turbine plants

CCS carbon capture and storage

CEA Central Electricity Authority

CFE Comision Federal de Electricidad

CHP Combined Heat and Power

CO2 carbon dioxide

EIA Energy Information Administration

EPA Environmental Protection Agency

EPC Engineering, Procurement and Construction

EU European Union

FIDE Electric Power Savings Trust Fund

FIPPA Foreign Investment Promotion and Protection Act

FIT feed-in-tariffs




FYP Five year plan

GE General Electric

GHG greenhouse gases

GWs Giga Watts

HRSG Heat Recovery Steam Generator

IPP Independent Power Plants

kW Kilowatt

LNG liquefied natural gas

MHI Mitsubishi Heavy Industries, Ltd.

MVA Megavolt Ampere

MW Megawatt

MWh Megawatt hour

NTPC National Thermal Power Corporation

OCGT Open-cycle Gas Turbine Plants

OEMs Original Equipment Manufacturers

OFGEM Office of the Gas and Electricity Markets

PLN Persero

PFAEE Program for Financing of Electric Energy Saving

PGC Potential Gas Committee

R&D Research and Development

ROW Rest Of The World

SIP State Implementation Plan

tcf trillion cubic feet

tcm trillion cubic meters

TGCs Territorial Generation Companies

TWh Terawatt-hours

Source: GlobalData

5.3 Bibliography BP (2011). BP Statistical Review of World Energy June 2011 [database]. BP. Available from:

http://www.bp.com/assets/bp_internet/globalbp/globalbp_uk_english/reports_and_publications/statistical_energy_review_2011/STAGING/local_assets/spreadsheets/statistical_review_of_world_energy_full_report_2011.xls#%27Gas%20-%20Proved%20reserves%20history%20%27!A1. [Accessed on: October 4, 2012]

DEA, MOF, GOI (2009). Position Paper on the Power Sector in India. Indian Department of Economic Affairs. Available from: http://www.pppinindia.com/pdf/ppp_position_paper_power_122k9.pdf.

IEA (2011). World Energy Outlook, 2011. International Energy Agency. Available from: http://www.iea.org/Textbase/npsum/weo2011sum.pdf.

Jaffe et al. (2010). Report of the Technical Advisory Group on Nuclear Energy in the Middle East. Rice University James A. Baker III Institute for Public Policy. Available from: http://www.bakerinstitute.org/programs/energy-forum/documents/Irans_Nuclear_Challenge-appendix-jaffe-1%20secured.pdf.

OECD (2002). Regulatory Reform in Gas and Electricity and the Professions. Organization for Economic Co-operation and Development. Available from: http://www.oecd.org/regreform/2766184.pdf.




OFGEM (2012). RIIO - a new way to regulate energy networks. Office of the Gas and Electricity Markets. Available from: http://www.ofgem.gov.uk/Media/FactSheets/Documents1/re-wiringbritainfs.pdf.

SAOGA (2011). Iran Perceptions and Opportunities. South African Oil and Gas Alliance. Available from: http://www.saoga.org.za/sites/default/files/2011-04-21%20SAOGA%20IRAN%20PRESENTATION.pdf.

WBCSD (2006). Facts and Trends, Natural Gas (In Electricity Generation). World Business Council for Sustainable Development. Available from: http://www.wbcsd.org/web/publications/facts&trends-gas.pdf.

5.4 Methodology GlobalData’s dedicated research and analysis teams consist of experienced professionals with marketing, market research and consulting backgrounds in the power industry, and advanced statistical expertise.

GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and the Strategic and Competitive Intelligence Professionals (www.scip.org) .

All GlobalData databases are continuously updated and revised. The following research methodology is followed for all databases and reports.

5.4.1 Coverage The objective of updating GlobalData coverage is to ensure that it represents the most up-to-date vision of the industry. We track hundreds of Power news sources on a daily basis. Using this news flow and regular interaction with the industry experts, we identify the key trends being witnessed by the industry. These could be market opportunities, industry consolidations, technological breakthroughs and policy updates. Our articles and reports investigate these trends in detail and evaluate the market implications of these trends.

5.4.2 Secondary Research The research process begins with exhaustive secondary research on internal and external sources being carried out to source qualitative and quantitative information relating to each market. The secondary research sources that are typically referred to include, but are not limited to:

Company websites, annual reports, financial reports, broker reports, investor presentations and US Securities and Exchanges (SEC) filings

Industry trade journals and other literature

Internal and external proprietary databases

National government documents, statistical databases and market reports

News articles, press releases and web-casts specific to the companies operating in the market

5.4.3 Primary Research A primary research effort further substantiates findings and information captured through desk research. This aspect of the research program serves both as a means of obtaining updates regarding issues such as changes in policy frameworks, power sector development, and as a quality control mechanism. GlobalData conducts hundreds of primary interviews a year with industry participants and commentators in order to validate its data and analysis. A typical research interview fulfills the following functions:

It provides first-hand information on the market size, market trends, growth trends, competitive landscape, and future outlook of the market, among other things.

It helps in validating and strengthening secondary research findings.

It further develops the analysis team’s expertise and market understanding.

It provides primary research involving email interactions and telephone interviews as well as face-to-face interviews for each market, category, segment and sub-segment across all the relevant geographies.




The participants who typically take part in such a process include, but are not limited to:

Industry participants: CEOs, VPs, business development managers, market intelligence managers and national sales managers

Outside experts: investment bankers, valuation experts, research analysts and key opinion leaders specializing in power industry.

5.4.4 Modeling and Forecasting In the case of data gaps and especially while forecasting the market, we use in-house models to forecast the data. Historic data and the analysis of trends within it form the basis of all forecasting methodology. Various qualitative and quantitative factors are usually taken into account for estimating the future growth. The forecast data is validated through various industry experts and a back-of-envelope test is also carried out.

5.6 Disclaimer All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData.

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