North America Waste Heat Recovery Systems Market size to cross USD 36.3 Billion by 2034

Selbyville, DE. - North America waste heat recovery systems market was estimated at USD 17.7 billion in 2024 and 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 the latest report published by Global Market Insights Inc.  

Industries across North America are under increasing pressure to reduce energy consumption and operating costs. Waste heat recovery systems offer a proven solution to capture and reuse lost thermal energy, making them a top choice for energy-intensive sectors like manufacturing, chemicals, and oil & gas.

Key Insights:

Market Size & Growth:

• 2024 Market Size: USD 17.7 billion  
• 2025 Market Size: USD 18.7 billion  
• 2034 Forecast Market Size: USD 36.3 billion  
• CAGR (2025–2034): 7.6%  

• Largest Market: U.S.  
• Fastest Growing Market: Mexico  
• Emerging Country: Canada  

Key Growth Drivers:

1. Stringent environmental regulations and emission targets: With decarbonization goals tightening across the U.S. and Canada, industries are adopting waste heat recovery technologies to cut greenhouse gas emissions and improve sustainability metrics, helping them align with federal and state-level climate policies.  
2. Rising fuel and energy prices: The volatility of fuel prices and growing electricity costs are encouraging industries to seek cost-saving solutions.  
3. Increased adoption in power generation and heavy industries: Sectors such as cement, steel, glass, and refining are adopting large-scale waste heat recovery systems to convert high-temperature exhaust into useful energy.  
4. Advancements in heat recovery technologies: Modern systems now feature better temperature handling, more compact designs, and improved integration capabilities, making them suitable for a broader range of industrial processes.  
5. Supportive government incentives and energy programs: Various federal and state-level energy efficiency programs, tax incentives, and grants are supporting the installation of waste heat recovery systems.  

Key Players:

• GE Vernova led the market with over 9% share in 2024.  
• Some of the top players in this market include Cleaver-Brooks, Siemens Energy, Bosch Industriekessel GmbH, GE Vernova, and ABB, which together held a 35% share in 2024.  

1. High initial capital investment: Installing waste heat recovery systems in large-scale or high-temperature industrial settings requires substantial upfront capital.  
2. Complex integration with legacy systems: Retrofitting WHRS into older industrial plants poses significant technical and operational hurdles.  
3. Lack of awareness and technical expertise: Many facility operators are either unaware of the energy-saving potential of waste heat recovery or lack the technical know-how to evaluate and maintain these systems effectively.  
4. Intermittent or low-quality heat sources: Not all industrial processes produce heat at temperatures or volumes suitable for recovery.  
5. Long payback periods in certain applications: While some systems offer favorable ROI, others, such as those handling low-grade heat or operating intermittently, may have payback periods exceeding 5–7 years.  

Browse key industry insights spread across 132 pages with 33 market data tables and figures from the report, “North America Waste Heat Recovery Systems Market Size - By Application, By Temperature, By End use, Analysis, Share & Growth Forecast, 2025 - 2034” in detail, along with the table of contents:  

https://www.gminsights.com/industry-analysis/north-america-waste-heat-recovery-systems-market  

Electricity & Steam Generation to Gain Traction

The electricity and steam generation segment held a significant share in 2024. As industries seek to lower operational costs and increase on-site energy independence, waste heat is increasingly being converted into steam and power through technologies like the Organic Rankine Cycle (ORC) and high-efficiency boilers. These systems are especially valuable in continuous processing industries such as cement, refining, and steel, where high-temperature exhaust gases are readily available.  

Rising Adoption of Chemical

The chemical segment held a sizeable share in 2024, owing to its high thermal energy requirements and the generation of consistent, high-grade waste heat. Processes such as distillation, cracking, and reforming produce substantial heat emissions, making the sector highly suitable for recovery technologies. Companies operating in this space are leveraging heat exchangers, regenerative thermal oxidizers, and heat-to-power solutions to improve energy efficiency and reduce emissions.  

U.S. to Emerge as a Propelling Region

United States waste heat recovery systems market generated a substantial share in 2024, owing to its expansive industrial base and progressive energy efficiency standards. From manufacturing and petrochemicals to data centers and food processing, a wide range of sectors are deploying waste heat recovery technologies to reduce energy costs and improve sustainability metrics.  

Major players operating in the North America waste heat recovery systems market are Inproheat Industries Ltd., Climeon, Indeck Power Equipment Company, GE Vernova, Viessmann Group, Ormat Technologies Inc., 247Solar, Thermax, Solex Thermal Science, ConDex Systems Inc., Rentech Boiler Systems, Inc., Bionomic Industries, Inc., Innovative Steam Technologies (IST), Siemens Energy, Bosch Industriekessel GmbH, EnviroPower Renewable Inc., ABB, Cleaver-Brooks, SeebeckCell Technologies, and DÜRR Group.  

To strengthen their market position, companies in the North America waste heat recovery systems space are focusing on modular system design, digital optimization, and sector-specific customization. Leading firms are investing in R&D to develop compact, high-efficiency systems that can operate across varied temperature ranges and industrial processes. Many are also integrating AI and IoT technologies for real-time performance monitoring and predictive maintenance, offering greater operational control to end users. Strategic partnerships with EPC contractors, utilities, and OEMs are enabling broader market penetration, while turnkey project delivery and performance-based contracts are helping build long-term client relationships.