Mexico Waste Heat Recovery System Market Size & Outlook
Mexico waste heat recovery system market, 2018-2030 (US$M)
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Mexico waste heat recovery system market highlights
- The Mexico waste heat recovery system market generated a revenue of USD 903.4 million in 2022 and is expected to reach USD 1,534.8 million by 2030.
- The Mexico market is expected to grow at a CAGR of 6.8% from 2023 to 2030.
- In terms of segment, petroleum refinery was the largest revenue generating end user in 2022.
- Metal Production & Casting 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 903.4 million |
| Market revenue in 2030 | USD 1,534.8 million |
| Growth rate | 6.8% (CAGR from 2022 to 2030) |
| Largest segment | Petroleum refinery |
| Fastest growing segment | Metal Production & Casting |
| 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, Mexico accounted for 1.7% 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 28.55% in 2022. Horizon Databook has segmented the Mexico 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.
Various initiatives have been taken by the government to increase its energy conservation practices. WHR systems are projected to gain importance in the coming years due to their capability to decrease operating costs and generate heat and electricity.
According to Mexico Energy Partners LLC., the Mexican government has set numerous goals for renewable energy for the next ten years and beyond one of them is producing 35% of its electricity from clean sources by 2024, up from about 29% in 2023. The government's climate targets are anticipated to be supported by several new projects scheduled for 2023.
There are several sizable green energy projects including hydro, wind, solar, and geothermal power presently under progress with growth potential. However, Mexico's regulatory framework flaws and absence of a comprehensive climate strategy may limit the development of the market in the coming years.
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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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Mexico waste heat recovery system market size, by end user, 2018-2030 (US$M)
Mexico Waste Heat Recovery System Market Outlook Share, 2022 & 2030 (US$M)
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