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North America Waste Heat Recovery Systems Market Trends

Report ID: GMI8667
Published Date: Mar 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

North America market for waste heat recovery systems was reached USD 17.1 billion in 2023 and is estimated to grow at a rate of 7.7% through 2032, driven by rising energy demand, strong industrial sector, coupled with the implementation of energy efficiency regulations.

The electricity & steam generation segment of North America market is anticipated to surpass USD 18 billion by 2032, propelled by the distinct attributes of WHRS, such as reduced greenhouse gas emissions, versatile applications, and exceptional energy efficiency.

The U.S. waste heat recovery systems market held a decent revenue share in 2023 and will exceed USD 24.5 billion by 2032, driven by increasing awareness of energy efficiency and environmental sustainability, coupled with supportive government policies and technological advancements.

ABB, BIHL, Bosch Industriekessel GmbH, Climeon, DÜRR Group, Echogen, General Electric, Iberdrola, S.A., IHI Power Systems Co., Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD. are some of the major industry contenders.