Canada Waste Heat Recovery System Market Size & Outlook
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Canada waste heat recovery system market highlights
- The Canada waste heat recovery system market generated a revenue of USD 2,522.2 million in 2023 and is expected to reach USD 4,909.1 million by 2030.
- The Canada market is expected to grow at a CAGR of 10% from 2024 to 2030.
- In terms of segment, petroleum refinery was the largest revenue generating end user in 2023.
- Cement is the most lucrative end user segment registering the fastest growth during the forecast period.
Waste heat recovery system market data book summary
| Market revenue in 2023 | USD 2,522.2 million |
| Market revenue in 2030 | USD 4,909.1 million |
| Growth rate | 10% (CAGR from 2024 to 2030) |
| Largest segment | Petroleum refinery |
| Fastest growing segment | Cement |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Petroleum Refinery, Chemical, Cement, Metal Production & Casting, Paper & Pulp, Power |
| Key market players worldwide | Siemens Energy AG Ordinary Shares, Mitsubishi Corp, GE Aerospace, ABB Ltd, Terna SpA, IHI Corp, Molson Coors Beverage Co Class A |
Other key industry trends
- In terms of revenue, Canada accounted for 4.6% of the global waste heat recovery system market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. waste heat recovery system market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 4,909.1 million by 2030.
Petroleum refinery was the largest segment with a revenue share of 25.64% in 2023. Horizon Databook has segmented the Canada waste heat recovery system market based on petroleum refinery, chemical, cement, metal production & casting, paper & pulp, power covering the revenue growth of each sub-segment from 2018 to 2030.
Canada is an emerging user of the waste heat recovery system technology and is highly committed to the continuous advancement of this technology. Moreover, the development of the waste heat recovery industry in the country is also part of a broad spectrum of measures taken by the government to meet the GHG reduction targets.
For instance, in March 2023, QScale S.E.C. initiated a partnership with Énergir to leverage waste heat recovery at the upcoming Q01 Campus construction project in Lévis, Quebec, Canada. Under this collaboration, Énergir is expected to take charge of the entire project lifecycle, spanning from project design to operational implementation.
Meanwhile, QScale S.E.C. has committed to supplying surplus waste heat from its facilities without charge. This concerted effort is poised to commence operations by the end of 2023. This strategic alliance positions both companies to harness waste heat as a valuable resource while advancing their sustainability goals.
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Waste Heat Recovery System Market Scope
Waste Heat Recovery System Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Terna SpA | View profile | 5927 | Viale Egidio Galbani, 70, Rome, Italy, 00156 | https://www.terna.it |
| Siemens Energy AG Ordinary Shares | View profile | 97000 | Otto-Hahn-Ring 6, Munich, BY, Germany, 81739 | https://www.siemens-energy.com |
| IHI Corp | View profile | 28486 | 1-1, Toyosu 3-chome, Koto-ku, Tokyo, Japan, 135-8710 | http://www.ihi.co.jp |
| Molson Coors Beverage Co Class A | View profile | 16500 | NH353, P.O. Box 4030, Golden, CO, United States, 80401 | https://www.molsoncoors.com |
| Mitsubishi Corp | View profile | 105267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | https://www.mitsubishicorp.com |
| GE Aerospace | View profile | 125000 | One Financial Center, Suite 3700, Boston, MA, United States, 02111 | https://www.geaerospace.com |
| ABB Ltd | View profile | 108700 | Affolternstrasse 44, Zurich, Switzerland, 8050 | https://www.abb.com |
Canada waste heat recovery system market size, by application, 2018-2030 (US$M)
Canada Waste Heat Recovery System Market Outlook Share, 2023 & 2030 (US$M)
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