North America Waste Heat Recovery Systems Market Size & Share 2025 - 2034

North America Waste Heat Recovery Systems Market Size

The North America waste heat recovery systems market was valued at USD 17.7 billion in 2024. The market is expected to grow from USD 18.7 billion in 2025 to USD 36.3 billion by 2034, at a CAGR of 7.6%, according to Global Market Insights Inc.

• The North America Waste Heat Recovery Systems (WHRS) market growth is driven by a confluence of environmental, economic, and technological factors. As industries across the region face mounting pressure to reduce carbon emissions and improve energy efficiency, WHRS have emerged as a strategic solution to capture and repurpose residual heat from industrial processes.
   
• Increasing emphasis on environmental sustainability and rising concern towards GHG emission are few of the major growth driving factors. Governments across the region, particularly in the U.S. and Canada, have implemented stringent regulations aimed at curbing greenhouse gas emissions, which in turn is leading to the product adoption.
   
• For instance, in July 2025, government of Canada, announced to advance Framework for the Right to a Healthy Environment under the Canadian Environmental Protection Act, 1999 (CEPA) to protect the right to a healthy environment and enhance chemicals management. These policies will catalyze the integration of WHRS into industrial energy strategies, especially in sectors such as cement, chemicals, petroleum refining, and heavy manufacturing.
   
• The WHRS system enables industries to convert waste heat into usable energy, thereby reducing reliance on conventional energy sources and minimizing environmental impact. These policies driven shift is a proactive move by the governing authorities to optimize operational inefficiency and align with sustainability goals, thereby adding to the market growth.
   
• Technological advancements & innovations in heat exchanger design, thermoelectric generation, and Organic Rankine Cycle (ORC) modules have further accelerated the market’s growth. For instance, in 2023, Dürr Group introduced low-temperature ORC modules, including the Cyplan ORC 70 NT, that allows for the conversion of waste heat into electricity from temperatures as low as 85°C.
   
• Real-time monitoring systems, sensors, and automated controls are being incorporated to optimize performance and reduce maintenance costs. This digital transformation is enabling industries to achieve higher energy efficiency and operational reliability, making WHRS an increasingly attractive investment across the region.
   
• The U.S. is leading in WHRS deployment across the region owing to the exhaustive industrial base coupled with high energy costs and robust regulatory frameworks has created a fertile ground for WHRS adoption. Initiatives including the Bipartisan Infrastructure Law, which allocates substantial funding for recycling and energy efficiency projects, are expected to further stimulate market growth.
   
• Canada is witnessing increased activity in the WHRS space owing to various strategic agreements, including Siemens Energy’s pilot project utilizing supercritical carbon dioxide technology, highlight the country’s commitment to innovative energy solutions. These projects not only contribute to emission reductions but also demonstrate the scalability and versatility of WHRS in diverse industrial settings.
   

North America Waste Heat Recovery Systems Market Trends

• The WHRS market in North America is poised for sustained growth owing to the convergence of environmental imperatives, technological innovation, and economic incentives is creating a robust ecosystem for WHRS deployment. As industries continue to prioritize sustainability and energy efficiency, WHRS will play an increasingly central role in shaping the future of industrial energy management.
   
• The market’s evolution is marked by integration of digital technologies, expansion into new sectors, and a continued focus on reducing carbon footprints. The rising cost of energy is another factor driving WHRS adoption as with electricity prices in the U.S. increasing by over 6.5% from May 2024 - May 2025 due to inflation, industries are actively seeking alternatives to conventional energy sources. 
   
• Industry-specific initiatives further underscore the growing momentum behind WHRS. For instance, in April 2024, a collaborative project involving Tallgrass, the University of Dayton, and AES Ohio began construction of a waste heat-to-power facility in Fayette County, Ohio. This facility aims to capture heat from existing industrial processes and convert it into renewable electricity, supporting the university’s sustainability goals and demonstrating the practical benefits of WHRS.
   
• The versatility of WHRS across temperature ranges and industrial applications is also contributing to market growth. Systems operating between 230°C and 650°C are particularly popular due to their efficiency and adaptability. These systems are being deployed in sectors ranging from heavy metal manufacturing to glass production, where high-temperature processes generate substantial waste heat.
   
• Government subsidies and tax incentives are assisting to overcome the barrier of high initial investment costs, which have traditionally hindered WHRS adoption. For instance, in July 2025, the U.S., the Solid Waste Infrastructure for Recycling grants provide financial support for projects that enhance energy efficiency, including WHRS installations. These incentives are making it more feasible for small and medium-sized enterprises to invest in waste heat recovery technologies.
   
• The shift toward circular economy principles is also influencing WHRS adoption. Through capturing and reusing waste heat, industries minimize resource consumption and reduce environmental impact. This aligns with broader sustainability goals and enhances corporate social responsibility.
   
• WHRS are poised to become an integral part of industrial energy strategies. With continued innovation, supportive policies, and increasing awareness, the market is set to expand significantly in the coming years, transforming how industries manage energy and environmental impact. In addition, WHRS enables industries to generate electricity on-site, reducing dependence on centralized power grids and enhancing energy security, which in turn will influence the industry dynamics.
   

North America Waste Heat Recovery Systems Market Analysis

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• Based on application, the market is categorized into pre-heating, electricity & steam generation, among others. Electricity & steam generation holds a market share of 51.4% in 2024 and is projected to grow at a CAGR of 8.8% through 2034. The growth in industry is further dominated by Steam Rankine Cycle (SRC) owing to their use across high-temperature applications.
   
• The SRC application industry will grow at a CAGR of 8.2% up to 2034. These systems convert waste heat into steam, which is then used to drive turbines for electricity generation. The trend is reinforced by the need for reliable, centralized power in large-scale facilities. In North America, SRC-based WHRS are being integrated into combined heat and power (CHP) systems to maximize energy recovery and reduce grid dependency.
   
• Increasing trend of energy trade especially by the U.S. is of the other factors influencing the market dynamics. For instance, as per the U.S. Energy Information Administration (EIA), in 2024, the country exported about 30% of its domestic energy production. These were dominated by fossil fuels generated, which are one of the major WHRS installers.
   
• ORC technology is gaining traction and will grow at a 12% CAGR till 2034 due to its ability to operate efficiently at lower temperatures (as low as 85°C). This makes it ideal for industries including food processing, pulp and paper, and small-scale manufacturing. The modularity and scalability of ORC systems are driving their adoption in decentralized energy setups across North America.
   
• For instance, in August 2025, the American Forest & Paper Association reported that the U.S. mills used 1.29 million more tons of recycled paper totaling to 32.7 million tons to make new products in 2024, compared to 31.3 million tons in 2023. This is anticipated to increase the use of the WHRS across industry.
   
• The pre-heating market will reach USD 11 billion by 2034 owing to increasing industrial efficiency & sustainability integration across various industries. Pre-heating applications in WHRS are increasingly being adopted across energy-intensive industries such as cement, steel, glass, and chemicals. In addition, government regulations promoting energy efficiency and carbon reduction are accelerating the deployment of pre-heating WHRS.
   
• For reference, in the U.S., incentives and mandates for cleaner industrial operations are encouraging companies to retrofit existing systems with pre-heating modules. Additionally, the rise of green manufacturing and circular economy models is pushing industries to recover and reuse thermal energy, thereby adding to industry growth.
   

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• Based on end use, the North America waste heat recovery systems market is segmented petroleum refining, cement, heavy metal manufacturing, chemical, pulp & paper, food & beverage, glass, and other manufacturing. Chemical end use industries showcased 30.8% market share in 2024. Compliance with environmental regulations along with system integration with steam generation is augmenting system adoption across chemical industries.
   
• Rising emission reduction initiatives & increasing concern towards cost optimization & energy security across the region is augmenting the petroleum refining industry across the region. Refineries are increasingly adopting WHRS to mitigate their environmental impact, adding the facilities to comply with stringent emission regulations.
   
• For reference, in August 2025, the Canadian Association of Petroleum Producers (CAPP) estimated that the country has over USD 19 billion worth of oil & gas projects under construction along with over USD 100 billion worth projects in pipeline. These public funding will navigate the product usage across the refining process, thereby adding to industry growth.
   
• The cement industry will grow at a CAGR of 9.2% till 2034, driven by the adoption WHR power generating systems along favourable regional policy & incentives promoting the product. Cement plants are increasingly installing WHR power generation systems to convert kiln exhaust into electricity. This trend is driven by the industry's high energy intensity and the need to reduce reliance on fossil fuels.
   
• For illustration, in August 2025, Cementos Moctezuma in Mexico has established plans to reduce its embodied CO2 emissions per tonne of cement to below 500kg by 2030. This will aid the company to optimize efficiency at every stage of production, without compromising cement quality along with reducing carbon emission.
   
• Heavy metal manufacturing industry will cross USD 8 billion by 2034. This growth is propelled by the increasing implementation of digital monitoring & predictive maintenance along with upward concerns towards enhancing furnace efficiency across the industry. These technologies reduce downtime and optimize energy recovery, making WHRS more viable for large-scale operations.
   
• Pulp & paper end use industry utilizing WHRS will grow at a CAGR of 8% through 2034. Driven by consumer and regulatory pressure, pulp and paper companies are investing in WHRS to meet sustainability targets. These systems help reduce fossil fuel use and support carbon neutrality initiatives. In addition, these systems are ideal for the moderate temperature ranges typical in this industry.
   
• Rising modernizing efforts to improve the paper production, especially across the U.S. & Canada will augment the industry growth. For instance, in January 2025, government of Canada stated that pulp and paper along with oil sands industries together account for approximately 20% of the country’s industrial energy use, and to handle the recovery of the same, various R&D projects will start, thereby inducing to the market growth.
   
• The food & beverage industry stood at USD 500 million in 2024. WHRS are used to pre-heat water and air in food processing, improving efficiency in operations like pasteurization and drying. This reduces energy consumption and enhances product consistency. Furthermore, smaller food and beverage plants are adopting modular ORC systems to generate electricity from low-grade waste heat, in turn adding to market growth. 
   

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• The U.S. dominated the waste heat recovery system market in North America with 78% share in 2024 and generated USD 13.9 billion in revenue. The U.S. WHRS market is experiencing robust growth, largely driven by federal and state-level policies aimed at reducing greenhouse gas emissions and improving energy efficiency.
   
• Regulatory frameworks including the Clean Air Act and incentives under the Inflation Reduction Act have encouraged industries to adopt WHRS as part of their decarbonization strategies. These policies are particularly influential in energy-intensive sectors like petroleum refining, chemicals, and heavy manufacturing, where WHRS significantly reduce operational emissions.
   
• Canada WHRS industry will grow at a CAGR of 7% through 2034. The market is shaped by its national commitment to clean energy and carbon neutrality. The country is investing in technologies that align with its climate goals, including emission-free electricity generation from waste heat. 
   
• Canada’s resource-heavy industries including mining, pulp & paper, and petrochemicals are increasingly adopting WHRS to reduce energy consumption and emissions. The pulp & paper sector is integrating low-temperature WHRS to recover heat from drying and bleaching processes. These systems help companies meet environmental regulations while improving operational efficiency and reducing fuel costs.
   
• Mexico’s WHRS market is gaining momentum and will reach USD 3.7 billion by 2034, as the country modernizes its industrial base and prioritizes energy efficiency. Manufacturing hubs in states like Nuevo León and Jalisco are adopting WHRS to reduce energy costs and improve competitiveness. The government’s push for cleaner production methods is encouraging industries to invest in WHRS, particularly in sectors like cement, steel, and automotive.
   
• For instance, in August 2025, government of Mexico unveiled USD 540 million industrial hub to lure investments across project that will span 131 acres in Huamantla, about 116 miles east of Mexico City. The hub construction will be completed by 2026 quarter 1. This in turn will push production across various end use industries, thereby resulting in release of waste heat down the line, in turn adding to product deployment across the country.
   

North America Waste Heat Recovery Systems Market Share

• The top 5 companies in the North America waste heat recovery systems industry are GE Vernova, Siemens Energy, ABB, Bosch Industriekessel GmbH, and Cleaver-Brooks, collectively contributed around 35% of the market in 2024. GE Vernova HRSG deployment continues to integrate these systems into its turbine and compressor systems, enhancing energy efficiency in oil and gas operations across North America.
   
• Bosch focuses on boiler-integrated WHRS, serving industries like food & beverage, chemicals, and manufacturing. Its hybrid steam boilers and electric boiler systems are gaining traction in facilities aiming for carbon-neutral operations. The company’s offers their products for reliability and engineering precision supports its strong market presence.
   

North America Waste Heat Recovery Systems Market Companies

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

• 247Solar
• ABB 
• Bionomic Industries, Inc.
• Bosch Industriekessel GmbH
• Cleaver-Brooks
• Climeon 
• ConDex Systems Inc.
• DÜRR Group
• EnviroPower Renewable Inc.
• GE Vernova
• Indeck Power Equipment Company
• Innovative Steam Technologies (IST)
• Inproheat Industries Ltd.
• Ormat Technologies Inc. 
• Rentech Boiler Systems, Inc. 
• SeebeckCell Technologies
• Siemens Energy
• Solex Thermal Science
• Thermax
• Viessmann Group
   
• GE Vernova holds a leading position in large-scale WHRS deployments, particularly in power generation and oil & gas sectors. The company witnessed a revenue of USD 9.1 billion in the second quarter of 2025. The company supplies HRSGs that deliver optimized performance, operating flexibility, and improved reliability for even the most demanding project requirements.
   
• Siemens Energy is a major innovator in WHRS, especially with its supercritical CO₂ (sCO₂) systems and steam-based recovery technologies. It serves a broad range of industries including petrochemicals, cement, and utilities. Siemens’ integration of digital monitoring and modular systems enhances its competitiveness in both retrofit and new installations.
   
• DÜRR Group is known for its modular Organic Rankine Cycle (ORC) systems, such as the Cyplan ORC 70 NT, which are ideal for low-temperature waste heat recovery. Its solutions are popular in sectors like automotive, cement, and food processing. DÜRR’s focus on compact, scalable systems positions it well in decentralized energy recovery markets.
   

North America Waste Heat Recovery Systems Industry News

• In June 2025, Climeon received an order from NovaAlgoma Cement Carriers (NACC) to supply its HeatPower 300 waste heat recovery system for a second cement carrier. This project reflects strong, ongoing cooperation between Climeon, NovaAlgoma, and the shipyard, and underscores a shared commitment to advancing energy efficiency and reducing emissions in the cement shipping segment.
   
• In July 2025, the government of Canada announced an investment of around USD 11 million in federal funding for energy projects in the Maritime provinces that will aid in delivering reliable, affordable clean energy in Prince Edward Island, Nova Scotia and New Brunswick.
   
• In February 2025, Cleaver Brooks launched MiniMate, a compact and efficient deaerator designed to optimize steam system performance for small-scale operations. The product engineered to remove dissolved oxygen from boiler feedwater will extend the boiler efficiency, thereby adding to the increase in heat recovery process.
   

This North America waste heat recovery systems market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Million) from 2021 to 2034, 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
• 230-650 °C
• > 650 °C

Market, By End use

• Petroleum refining
• Cement
• Heavy metal manufacturing
• Chemical
• Pulp & paper
• Food & beverage
• Glass
• Other

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico