Basic human needs can be met only through industrial growth, which depends to a great extent on energy supply. The large increase in population during the last few decades and the spurt in industrial growth have placed tremendous burden on the electrical utility industry and process plants producing chemicals, fertilizers, petrochemicals, and other essential commodities, resulting in the need for additional capacity in the areas of power and steam generation throughout the world. Steam is used in nearly every industry, and it is well known that steam generators and heat recovery boilers are vital to power and process plants. It is no wonder that with rising fuel and energy costs engineers in these fields are working on innovative methods to generate electricity, improve energy utilization in these plants, recover energy efficiently from various waste gas sources, and simultaneously minimize the impact these processes have on environmental pollution and the emission of harmful gases to the atmosphere. This briefly addresses the status of various power generation systems and the role played by steam generators and heat recovery equipment. Several technologies are available for power generation such as gas turbine based combined cycles, nuclear power, wind energy, tidal waves, and fuel cells, to mention a few.