Theglobal wasteto energy market is extremely competitive. There areseveral players in the market. These companies are focused on bring in bettertechnology to strengthen the process of waste to energy, says TransparencyMarket Research (TMR) report.
Someof the key players in the global waste to energy market are –Suez EnvironmentS.A., Covanta, Waste Management, Inc., China Everbright International Limited,and C& G Environmental Protection Holdings.
Thedemand for converting solid waste to energy has been rising keepingenvironmental factor and alternative energy source as an objective. Advancedtechnology and safe process of converting municipal waste into renewable energydrives the global waste to energy market. The global waste to energy market ispredicted to expand at 6.1% during the forecast period 2018 to 2026. The globalrevenue is estimated to reach US$ 32 Bn by the end of forecast period. Theglobal waste to energy market is predicted to grow at a steady rate in upcomingyears.
Regionally,Europe dominated the global waste to energy market previously and is likely tocontinue its dominance in coming years. The factors driving the growth in thisregion are increasing investments biogas technology, rising governmentinitiatives, new objectives with regards to renewable energy. Asia Pacific isexpected to rule the global waste to energy market during the forecast period.Increasing importance to sustainable energy, increasing consumption of energy,rapid urbanization are likely to push the global waste to energy market. Theglobal waste to energy market is segmented into biochemical and thermochemicalin terms of technology. Thermochemical technology segment is likely to dominatethe global market during the forecast period.
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IncreasingWaste to Promote Market
Wasteis increasing across the globe in the form of solid waste, municipal waste, andagricultural waste. Converting these waste into renewable energy to overcomethe environmental issues such as increasing landfills. Such ever increasingdemand is likely to provide impetus to the global waste to energy market inupcoming years. Several projects are being undertaken by government to convertwaste into energy supporting the global waste to energy market. Tax subsidiesand capital subsidies are being given to initiate waste to energy projectsacross the globe. Thus, pushing the global waste to energy market to swell upin upcoming years.
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Rising PowerConsumption to Stimulate Growth
Theglobal waste to energy market is driven by increasing demand for energy. Due torapid urbanization and increasing population in developing economies acts as aprominent driver in the global waste to energy market. As per World Bank, theglobal waste to energy market is expected to increase at a stellar rate due toseveral countries opting for alternate source of energy. This again is acatalyst for strengthening of the global waste to energy market.
Oneof the key factor that restraints the growth of the global waste to energymarket is high investment cost. Installation of power plants involves high costand the break-even is expected after 5 years. Thus, restraining the globalwaste to energy market. Nevertheless, the global waste to energy market islikely to witness a substantial expansion due to government supporting thewaste to energy projects across the globe.
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