Yes they can be installed with no chimney and no fireplace recess. The solution is a freestanding stove connected to a flue system called twin wall flue.
A twin wall flue system is cleverly designed to keep the flue gases warm. The flue contains a thick later of insulation, normally rockwool, sandwiched between two walls of stainless steel. This insulation ensures that the stove will draw sufficiently, making it easier to light a fire and keep that fire burning. It will also keep the outside of the flue system cooler than the inside, which means that the clearance required to combustible materials is less than that of single wall flue pipe.
A twin wall flue system is made up of a number of different components that slot together and secure with locking bands. The components required vary depending on how the system will be routed; one option is to exit the twin wall flue pipe through the wall from the stove, meaning the majority of the flue pipe runs up the outside of the building. The second option is to run the flue system internally through the ceilings of each floor and through the attic space to exit at the roofline, meaning very little flue can seen from the outside.
Generally twin wall flue comes in a stainless steel finish as standard, however some customers prefer a coloured finish; black or ivory being the most requested colours. This is achieved by powder coating the flue to provide a finish that is durable and resistant to heat and corrosion.