U.S. Waste Heat Recovery System Market Size & Outlook
Related Markets
U.S. waste heat recovery system market highlights
- The U.S. waste heat recovery system market generated a revenue of USD 11,505.4 million in 2023 and is expected to reach USD 20,828.8 million by 2030.
- The U.S. market is expected to grow at a CAGR of 8.8% from 2024 to 2030.
- In terms of segment, chemical was the largest revenue generating end user in 2023.
- Cement 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 2023 | USD 11,505.4 million |
| Market revenue in 2030 | USD 20,828.8 million |
| Growth rate | 8.8% (CAGR from 2024 to 2030) |
| Largest segment | Chemical |
| Fastest growing segment | Cement |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 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, U.S. accounted for 21.0% of the global waste heat recovery system market in 2023.
- 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.
Chemical was the largest segment with a revenue share of 22.64% in 2023. Horizon Databook has segmented the U.S. 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.
The U.S. is among the early adopters of clean-energy solutions in the world for sectors such as power generation and manufacturing industry including chemicals, pulp and paper, and others. This can be attributed to the adoption of clean-energy solutions as per the Energy Act introduced by the U.S. government.
Greenhouse gas (GHG) emission levels, particularly from carbon dioxide (CO2), remain on top of discussion among policymakers and stakeholders in the U.S. electricity sector is the second-largest source of greenhouse gases owing to the combustion of fossil fuels in power plants.
Thus, the U.S. government has taken subsequent steps to reduce carbon emissions from power sector and is making continuous efforts to curb greenhouse gas emissions in power plants. In June 2023, the U.S. Department of Energy (DOE) announced USD 135 million of investment for 40 projects that would lower carbon emissions from industrial sector and lead the country toward a carbon-neutral economy by 2050, by promoting crucial transformative and cutting-edge technologies.
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Waste Heat Recovery System Market Scope
Waste Heat Recovery System Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Terna SpA | View profile | 5927 | Viale Egidio Galbani, 70, Rome, Italy, 00156 | https://www.terna.it |
| Siemens Energy AG Ordinary Shares | View profile | 97000 | Otto-Hahn-Ring 6, Munich, BY, Germany, 81739 | https://www.siemens-energy.com |
| IHI Corp | View profile | 28486 | 1-1, Toyosu 3-chome, Koto-ku, Tokyo, Japan, 135-8710 | http://www.ihi.co.jp |
| Molson Coors Beverage Co Class A | View profile | 16500 | NH353, P.O. Box 4030, Golden, CO, United States, 80401 | https://www.molsoncoors.com |
| Mitsubishi Corp | View profile | 105267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | https://www.mitsubishicorp.com |
| GE Aerospace | View profile | 125000 | One Financial Center, Suite 3700, Boston, MA, United States, 02111 | https://www.geaerospace.com |
| ABB Ltd | View profile | 108700 | Affolternstrasse 44, Zurich, Switzerland, 8050 | https://www.abb.com |
U.S. waste heat recovery system market size, by phase system, 2018-2030 (US$M)
U.S. Waste Heat Recovery System Market Outlook Share, 2023 & 2030 (US$M)
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