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

North America waste heat recovery systems market size is projected to witness more than 7.7% CAGR between 2024 to 2032, driven by the increasing environmental concerns and stringent regulations regarding emissions.

Waste heat recovery systems offer a viable solution by capturing and utilizing waste heat generated during industrial processes for reducing greenhouse gas emissions and minimizing environmental impact. The rising focus on energy efficiency and cost reduction is also driving the product adoption. For instance, in March 2022, Alfa Laval introduced the E-PowerPack waste heat recovery system for ships, which transformed waste heat straight into electrical power utilizing Organic Rankine Cycle (ORC) technology. This reduced ship fuel consumption and CO2 emissions.

Of late, several industries are recognizing the economic benefits of utilizing waste heat to generate additional power or heat, leading to reduced energy consumption and operational costs. Rapid technological advancements, coupled with government incentives and initiatives to promote energy efficiency is fostering a favorable landscape for the adoption of waste heat recovery systems across various industries in the region.

The North America waste heat recovery systems industry is classified into application, temperature, end use and country.

Based on temperature, the market size from the more than 650 °C segment is anticipated to witness substantial growth through 2032, due to their ability to harness high-grade waste heat from industrial processes effectively. Industries operating at such elevated temperatures, such as steel manufacturing, petrochemicals, and cement production, generate substantial amounts of waste heat that can be efficiently recovered and utilized to enhance energy efficiency and reduce operational costs.

With respect to end-use, the petroleum refining segment in the North America waste heat recovery systems market is predicted to generate high revenue by 2032, due to the substantial amount of waste heat generated during the refining process. Petroleum refineries operate at high temperatures to separate crude oil into various valuable products, resulting in significant thermal energy being discharged as waste. Moreover, waste heat recovery systems offer an effective solution for capturing this excess heat and converting it into usable energy for improving overall energy efficiency and reducing operational costs for refineries.

Canada waste heat recovery systems industry size will grow significantly through 2032, attributed to government initiatives and regulations aimed at reducing greenhouse gas emissions and promoting energy efficiency. Canada has committed to ambitious climate targets, necessitating the adoption of sustainable practices across industries. The presence of abundant reserves of natural resources, including oil sands and forestry is resulting in energy-intensive processes that generate significant waste heat, creating an opportunity for waste heat recovery system implementation.