Canada Waste Heat Recovery System Market Size & Outlook
Canada waste heat recovery system market, 2018-2030 (US$M)
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Canada waste heat recovery system market highlights
- The Canada waste heat recovery system market generated a revenue of USD 2,384.6 million in 2022 and is expected to reach USD 4,909.1 million by 2030.
- The Canada market is expected to grow at a CAGR of 9.4% from 2023 to 2030.
- In terms of segment, petroleum refinery was the largest revenue generating end user in 2022.
- 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 2022 | USD 2,384.6 million |
| Market revenue in 2030 | USD 4,909.1 million |
| Growth rate | 9.4% (CAGR from 2022 to 2030) |
| Largest segment | Petroleum refinery |
| Fastest growing segment | Cement |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 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 2022.
- 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 25.55% in 2022. 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 |
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Canada waste heat recovery system market size, by end user, 2018-2030 (US$M)
Canada Waste Heat Recovery System Market Outlook Share, 2022 & 2030 (US$M)
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