Latin America Waste Heat Recovery System Market Size & Outlook
Latin America waste heat recovery system market, 2018-2030 (US$M)
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Latin America waste heat recovery system market highlights
- The Latin America waste heat recovery system market generated a revenue of USD 4,785.7 million in 2022.
- The market is expected to grow at a CAGR of 7.7% 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.
- Country-wise, Brazil is expected to register the highest CAGR from 2023 to 2030.
Latin America data book summary
| Market revenue in 2022 | USD 4,785.7 million |
| Market revenue in 2030 | USD 8,664.1 million |
| Growth rate | 7.7% (CAGR from 2022 to 2030) |
| Largest segment | Petroleum refinery |
| Fastest growing segment | Cement |
| Historical data covered | 2018 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 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, Latin America region accounted for 9.2% of the global waste heat recovery system market in 2022.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 21,557.9 million by 2030.
Petroleum refinery was the largest segment with a revenue share of 20.73% in 2022. Horizon Databook has segmented the Latin America 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.
The waste heat recovery system market in Central & South America (CSA) is gradually gaining traction as the region focuses on sustainable and renewable energy solutions. CSA accounted for 9.05% of the market share in the global waste heat recovery system market in 2023.
The region’s contribution toward the waste heat recovery market is relatively lesser than the rest of the world however it is expected to grow in upcoming years owing to the initiative taken by the government to curb GHG emissions from power generation processes and from other manufacturing industries such as cement, petrochemicals, refinery, and others.
Rising energy costs and the volatility of fossil fuel prices have also contributed to the growth of the waste heat recovery market in CSA. Industries are seeking ways to cut operational costs and enhance their competitiveness, making waste heat recovery systems an economically viable option.
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Waste Heat Recovery System Market Scope
Waste Heat Recovery System Market Companies
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Latin America waste heat recovery system market size, by country, 2018-2030 (US$M)
Latin America Waste Heat Recovery System Market Outlook Share, 2022 & 2030 (US$M)
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