North America Waste Heat Recovery System Market Size & Outlook
North America waste heat recovery system market, 2018-2030 (US$M)
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North America waste heat recovery system market highlights
- The North America waste heat recovery system market generated a revenue of USD 14,253.0 million in 2022.
- The market is expected to grow at a CAGR of 8.4% 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.
- Country-wise, Canada is expected to register the highest CAGR from 2023 to 2030.
North America data book summary
| Market revenue in 2022 | USD 14,253.0 million |
| Market revenue in 2030 | USD 27,272.5 million |
| Growth rate | 8.4% (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, North America region accounted for 27.4% 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 21.89% in 2022. Horizon Databook has segmented the North 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.
North America, led by the U.S., Mexico, and Canada, accounted for a significant share of the global waste heat recovery system market in 2023. This growth is attributed to the increasing awareness and commitment to sustainability and energy efficiency.
With growing concerns about climate change and the need to reduce greenhouse gas emissions, industries across North America are actively seeking ways to minimize energy wastage, making waste heat recovery systems an attractive option.
The growing emphasis on energy security and the need for reliable and sustainable energy sources have pushed industries to explore waste heat recovery as a means of reducing their dependence on conventional energy sources.
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Waste Heat Recovery System Market Scope
Waste Heat Recovery System Market Companies
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North America waste heat recovery system market size, by country, 2018-2030 (US$M)
North America Waste Heat Recovery System Market Outlook Share, 2022 & 2030 (US$M)
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