Fairfield
Market Research assesses the serious need for sustainable solutions as the
world finds itself in the tight grip of global warming. In a bid to offer
cleaner energy supplies, manufacturers are focusing on transforming existing
waste into useful energy. The latest research report highlights the factors
likely to drive the global waste to energy market in the coming decade.
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Key
Highlights
- In
terms of value, the waste to energy market stood at US$ 25,071.3 million
in 2019 and is expected to reach US$ 36,266.6 million by 2025
- Based
on installed capacity, the WtE market is expected to reach 468.8 MT by
2025
- Rise
in demand for sustainable energy sources to boost the demand for the
global market
- Stricter
government laws and regulations are forcing the key players to invest in
alternative sources of energy generation.
- The
incineration segment expected to rise owing to its ability to treat
multiple types of wastes
- Players to focus on investing in research and development activities to stay at the top of the game
The
global demand for waste-to-energy (WtE) market is expected to witness a high
surge in demand as governments across the globe invest in developing
sustainable solutions for generating energy from waste. This is being
encouraged by improved awareness amongst consumers about the depletion of the
non-renewable energy resources and soaring levels of pollution across the land,
water and air. Collectively, these factors have contributed to the rise in
demand for the incineration process and public waste-to-energy
expenditure.
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The
positive approach to waste-to-energy technologies has led to its widespread
acceptance in various countries. The need to cater to the rising demand for
electricity consumption is also triggering the demand for these alternative
technologies. Government bodies are increasingly implementing several federal
laws and regulations to control the usage of non-renewable energy resources.
Countries are moving towards achieving the zero-emission sources, bolstering
the demand for the global waste-to-energy (WtE) market.
However,
certain restraints are affecting the growth of the global market such as
environmental hazards associated with the incineration process.
The
type segment in the waste-to-energy market is segregated into thermal and
biological. The thermal segment is further segmented into incineration,
pyrolysis, and gasification. Among these, the incineration segment is expected
to lead the global waste-to-energy market by registering a rising CAGR over the
forecast period. There has been a rise in waste generation across the globe
leading to increased demand for the incineration process globally. This process
is increasingly rising in demand as it can treat multiple types of
wastes.
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North
America is expected to lead the global waste-to-energy market as this region
has high potential due to developed economies in this region. North America has
a high potential for growth with steady installations of waste to energy
plants. The government policies in this region are strict, adhering to the
Paris Climate Change Agreement hence, bolstering demand for better alternatives
of non-renewable energy sources.
Europe is also expected to rise in demand during the forecast period as this region is heavily focusing on an energy system that depends lesser on fossil fuels.
Key
players in the market are actively focusing on strategies such as mergers and
acquisitions. There has been a rise in investment for research and development
activities as investors are actively seeking reliable sources of energy
conversion to create lucrative market growth opportunities.
The key players operating in the global waste-to-energy market are Covanta Energy Corporation, Veolia, Suez Environment, China Everbright International Limited, EDF, AVR, EQT AB, Wheelabrator, Hitachi Zosen Inova AG, Babcock & Wilcox Vφlund A/S, Viridor, Ramboll Group and GCL Poly.
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