PUBLISHER: The Business Research Company | PRODUCT CODE: 1994616
PUBLISHER: The Business Research Company | PRODUCT CODE: 1994616
Heat recovery steam generator (HRSG) condition monitoring refers to the continuous assessment of the operational health and performance of heat recovery steam generators using sensors, data acquisition systems, and analytical tools. It focuses on tracking key parameters such as temperature, pressure, vibration, and material stress to detect early signs of degradation or abnormal behavior. This approach enables predictive maintenance, improves reliability, and helps optimize efficiency while reducing unplanned downtime.
The primary components of heat recovery steam generator condition monitoring include hardware, software, and services. Hardware refers to sensors, monitoring devices, and data collection systems that continuously track operational conditions and identify abnormalities to ensure efficiency, reliability, and safety. These systems are deployed through on-premises and cloud-based models and use technologies such as vibration analysis, thermography, ultrasonic testing, oil analysis, corrosion monitoring, and others. Applications include power generation, oil and gas, chemical processing, and others, and are used by utilities, independent power producers, industrial firms, and other users.
Tariffs are impacting the HRSG condition monitoring market by increasing costs of imported sensors, data acquisition hardware, monitoring software licenses, control units, and diagnostic instruments used in power generation and industrial facilities. Power plants in North America and Europe are most affected due to reliance on specialized imported monitoring components, while Asia-Pacific faces cost pressures on export-oriented system manufacturing. These tariffs are raising system deployment and upgrade costs, slowing modernization initiatives. However, they are also encouraging local manufacturing of monitoring hardware, regional software development, and increased adoption of service-based monitoring models that reduce upfront capital expenditure.
The heat recovery steam generator (hrsg) condition monitoring market research report is one of a series of new reports from The Business Research Company that provides heat recovery steam generator (hrsg) condition monitoring market statistics, including heat recovery steam generator (hrsg) condition monitoring industry global market size, regional shares, competitors with a heat recovery steam generator (hrsg) condition monitoring market share, detailed heat recovery steam generator (hrsg) condition monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the heat recovery steam generator (hrsg) condition monitoring industry. This heat recovery steam generator (hrsg) condition monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The heat recovery steam generator (hrsg) condition monitoring market size has grown strongly in recent years. It will grow from $1.17 billion in 2025 to $1.27 billion in 2026 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increasing installation of combined cycle power plants, rising operational complexity of HRSG systems, growing awareness of equipment degradation risks, expansion of sensor-based industrial monitoring, demand for reduced unplanned outages.
The heat recovery steam generator (hrsg) condition monitoring market size is expected to see strong growth in the next few years. It will grow to $1.77 billion in 2030 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing investments in digital power plant monitoring, rising adoption of cloud-based condition monitoring, growing focus on lifecycle cost optimization, expansion of AI-driven diagnostics, increasing emphasis on plant efficiency and reliability. Major trends in the forecast period include increasing adoption of predictive maintenance analytics, rising deployment of advanced sensor networks, growing integration of remote monitoring platforms, expansion of data-driven fault detection systems, enhanced focus on asset reliability optimization.
Rising electricity demand is expected to drive the expansion of the HRSG condition monitoring market in the coming years. Electricity demand refers to the continuous growth in power consumption across residential, commercial, and industrial sectors, driven by economic development and expanding electrification trends. Electricity demand is rising due to rapid electrification across industries, transportation, and households, leading to increased usage from electric vehicles, digital infrastructure, and energy-intensive technologies. HRSG condition monitoring helps address growing electricity demand by allowing combined-cycle power plants to operate dependably under higher load conditions and frequent start-stop operations, continuously tracking thermal stress, fatigue, and component integrity within heat recovery steam generators, while lowering the risk of unforeseen failures, enhancing plant availability, reducing unplanned downtime, and supporting stable and efficient electricity generation. For instance, in March 2024, according to the International Energy Agency, a France-based intergovernmental organization, global electricity demand is forecast to accelerate over the next three years, increasing at an average annual rate of 3.4% through 2026. Likewise, electricity consumption by data centers is projected to more than double, rising from approximately 460 terawatt-hours (TWh) in 2022 to over 1,000 TWh by 2026. Therefore, escalating electricity demand is contributing to the growth of the HRSG condition monitoring market.
The expansion of combined-cycle power plants is expected to further propel the growth of the HRSG condition monitoring market going forward. Combined-cycle power plants are power generation facilities that integrate gas turbines and steam turbines through heat recovery steam generators (HRSGs) to enhance overall efficiency by capturing and utilizing waste heat for additional electricity production. The number of combined-cycle power plants is increasing due to the growing need for high-efficiency and lower-emission power generation, as these plants generate more electricity per unit of fuel than traditional thermal power plants. HRSG condition monitoring supports combined-cycle power plants by continuously tracking thermal stress, fatigue, and component condition within HRSG systems, enabling early detection of faults, minimizing unplanned outages, improving operational reliability, and maintaining efficient performance under frequent cycling conditions. For instance, in October 2023, according to the United States Energy Information Administration, a US-based government agency, between 2022 and 2023, 13 new combined-cycle gas turbine plants with a total capacity of 12.4 GW are coming online, with nearly half of this capacity located in Florida and Michigan, while an additional 4.9 GW is planned for 2024-2025, with limited additions expected in 2024. Therefore, the increasing deployment of combined-cycle power plants is driving the growth of the HRSG condition monitoring market.
In March 2025, NAES Corporation, a US-based industrial and power generation services company, acquired select business units from PIC Group Inc. for an undisclosed sum. Through this acquisition, NAES sought to reinforce its U.S. market leadership by expanding its operations and maintenance (O&M), training, documentation, and staffing capabilities, improving service efficiency, and broadening client coverage. PIC Group Inc. is a US-based industrial services company that specializes in HRSG condition monitoring.
Major companies operating in the heat recovery steam generator (hrsg) condition monitoring market are Schneider Electric SE, Honeywell International Inc., Siemens Energy Global GmbH & Co. KG, GE Vernova Inc., ABB Ltd., Emerson Electric Co., Doosan Enerbility Co. Ltd., Rockwell Automation Inc., Mitsubishi Power Ltd., Yokogawa Electric Corporation, Thermax Limited, Babcock & Wilcox Enterprises Inc., Mistras Group Inc., Nooter Eriksen Inc., Vogt Power International Inc., Structural Integrity Associates, Inc., Greenbank Energy Solutions Inc., SIBA GmbH, Physical Acoustics Corporation, Valmet Corporation.
North America was the largest region in the heat recovery steam generator (HRSG) condition monitoring market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heat recovery steam generator (hrsg) condition monitoring market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the heat recovery steam generator (hrsg) condition monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The heat recovery steam generator (HRSG) condition monitoring market consists of revenues earned by entities by providing services such as performance analysis, predictive maintenance, fault detection and diagnostics, data collection and reporting, system calibration and optimization, and remote monitoring support. The market value includes the value of related goods sold by the service provider or included within the service offering. The heat recovery steam generator (HRSG) condition monitoring market also includes sales of sensors and transducers, data acquisition systems, monitoring software platforms, control units, communication modules, diagnostic tools, vibration and temperature probes, and analytics dashboards. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Heat Recovery Steam Generator (HRSG) Condition Monitoring Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses heat recovery steam generator (hrsg) condition monitoring market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for heat recovery steam generator (hrsg) condition monitoring ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The heat recovery steam generator (hrsg) condition monitoring market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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