North America Waste Heat Recovery Systems Market Size - By Application (Pre-Heating, Electricity & Steam Generation {SRC, ORC, Kalina}), By Temperature (<230 °C, 230°C - 650 °C, > 650 °C), By End-Use, & Forecast, 2024 – 2032

North America Waste Heat Recovery Systems Market Size

North America Waste Heat Recovery Systems Market was valued at USD 17.1 billion in 2023 and set to grow at a CAGR of over 7.7% from 2024 to 2032. The rising energy demand, strong industrial sector expansion coupled with the implementation of energy efficiency regulations has spurred the adoption of waste heat recovery systems (WHRS). Heightened requirements for continuous and reliable electricity along with shifting focus toward energy optimization and integration of renewable sources are key drivers bolstering the deployment of these systems.
 

Heightened requirements for continuous and reliable electricity along with shifting focus toward energy optimization and integration of renewable sources are key drivers bolstering the deployment of these systems. In addition, a mounting emphasis on enhancing overall system efficiency has led to an upsurge in the adoption of waste heat harnessed from diverse industrial processes, which in turn will Favor the business outlook in the region.
 

North America Waste Heat Recovery Systems Market Trends

Ongoing government initiatives toward energy efficiency along with rising focus to reduce carbon footprint will positively impact the demand for waste heat recovery system in North America. Investments to achieve greater operational efficiencies and escalating energy demand will further stimulate the product adoption across key developing economies. Declining system costs on account of recent technological advancements will further stimulate the industry growth.
 

Waste Heat Recovery (WHR) systems are poised to gain traction due to their capacity to decrease operational expenses and align with clean energy mandates in the coming years. The surge in the industry is driven by an increasing emphasis on energy optimization and management, as well as rising consumer consciousness toward the utilization of renewable energy sources.
 

North America Waste Heat Recovery Systems Market Analysis

Based on application, the electricity & steam generation WHRS industry is anticipated to surpass over USD 18 billion in 2032. The growing adoption of Waste Heat Recovery Systems (WHRS) is poised for a notable increase, propelled by their distinct attributes such as reduced greenhouse gas emissions, versatile applications, and exceptional energy efficiency. The integration of WHRS for electricity and steam generation will be impacted by continuous efforts to manage greenhouse gas emissions and the escalating expenses of energy. Additionally, increased investments in harnessing sustainable waste heat across various industries are anticipated to drive the demand for WHR systems in the region.
 

Based on temperature, the 230 °C - 650 °C temperature range WHRS will grow at a rate of over 7.1% through 2032.  The increasing recognition of the advantages provided by WHR systems within this temperature range, such as enhanced energy efficiency, lower operational expenses, and diminished environmental footprint, will enhance the business prospects over the forecast timeline.
 

The U.S. waste heat recovery systems market is forecasted to exceed over USD 24.5 billion by 2032. Increasing awareness of energy efficiency and environmental sustainability, coupled with supportive government policies and technological advancements will augment the industry growth. Additionally, Stringent environmental regulations coupled with a growing emphasis on energy efficiency and sustainability will further propel the industry growth.
 

North America Waste Heat Recovery Systems Market Share

ABB, BIHL, Bosch Industriekessel GmbH, Climeon, DÜRR Group holds a major share in the North America waste heat recovery systems industry. These companies are actively engaged in significant research and development efforts aimed at securing a competitive edge over other market participants.
 

North America Waste Heat Recovery Systems Market Companies

Major players operating in the North America waste heat recovery systems industry are:

• ABB
• BIHL
• Bosch Industriekessel GmbH
• Climeon
• DÜRR Group
• Echogen
• General Electric
• Iberdrola, S.A.
• IHI Power Systems Co., Ltd.
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Ormat
• Rentech Boiler Systems, Inc.
• Siemens Energy
• Sofinter S.p.a
• Viessmann
   

North America Waste Heat Recovery Systems Industry News

• In March 2023, Dürr Group introduced the Cyplan ORC 70 NT, a new addition to its Organic Rankine Cycle (ORC) portfolio. This innovative ORC module is designed to convert waste heat into clean electricity at low temperatures, starting from just 85°C. Positioned as a cost-effective and environmentally friendly solution, the low-temperature ORC is adaptable to various industries, offering reduced energy costs and lower CO2 emissions.
   
• In February 2021, Siemens Energy entered into a strategic agreement to develop a waste heat-to-power facility in Canada. This pilot project aims to convert waste heat generated from a gas turbine into emission-free electricity using supercritical carbon dioxide (sCO2) technology. Furthermore, the facility will have the capacity to generate electricity for more than 10,000 households, potentially leading to an estimated reduction of 44,000 tons per year in greenhouse gas emissions.
   

This North America waste heat recovery systems market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in ‘USD Billion’ from 2019 to 2032, for the following segments:

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Market, By Application

• Pre-Heating
• Electricity & Steam Generation
  • Steam Rankine Cycle
  • Organic Rankine Cycle
  • Kalina Cycle
• Other

Market, By Temperature

• <230 °C
• 230°C - 650 °C
• >650 °C

Market, By End Use

• Petroleum Refining
• Cement
• Heavy Metal Manufacturing
• Chemical
• Pulp & Paper
• Food & Beverage
• Glass
• Others

The above information has been provided for the following regions across the country.

• U.S.
• Canada
• Mexico