Waste To Energy Market Demand and Competitive Analysis by Leading Players in Industry by 2027
August 5, 2022
Implementation of environmental policies regarding the reduction of carbon emissions from fossil-fuel usage is expected to further provide a market growth.
PORTLAND, OREGON, UNITED STATES, August 5, 2022 /EINPresswire.com/ -- Global waste to energy market size was valued at $35.1 billion in 2019, and is projected to reach $50.1 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027. Rise in demand for incineration process and growth in public WtE expenditure drive the growth of the global waste to energy market. Conversely, growth in concerns related to several environmental hazards regarding the incineration process is expected to affect the overall market growth in developed and developing countries. Nevertheless, increase in investments in R&D activities to ensure reliability in terms of environmental effects is expected to provide multiple opportunities in the future.
Growth in population and rise in landfill levels present numerous opportunities for market expansion. With the current scenario of poor waste management facilities, it has become important to utilize this waste in some form as it could affect the environment around and can lead to less sustainable life forms making the world a black place for living organisms. Governments are focusing on commercializing alternate sources of energy such as Waste to Energy (WTE) technology owing to the rapid depletion of conventional energy sources. In addition, the implementation of environmental policies regarding the reduction of carbon emissions from fossil-fuel usage is expected to further provide a boost to industry growth.
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Growing electricity usage on account surging global population have raise the penetration of various power generation systems including WTE. The market is expected to register the highest growth in biological process, owing to increase in technological advancements and rise in disposable incomes. Furthermore, rapid urbanization and upsurge in renewable energy sources are expected to boost the market growth.
The global Waste to energy market is segmented on the basis of technology and region. Based on technology, the thermal segment contributed to more than four-fifths of the total market share in 2019, and is anticipated to lead throughout 2027. On the other hand, the biochemical segment, on the other hand, would grow at the fastest CAGR of 5.0% till 2027.
Based on thermal technology, the incineration segment accounted for more than half of the global waste to energy market revenue in 2019. Furthermore, the segment is projected to lead the trail by the end of 2027. In addition, the same segment would also register the fastest CAGR of 4.6% during the study period. The report also analyzes segments including gasification and pyrolysis.
Based on region, Europe held the major share in 2019, generating more than two-fifths of the global waste to energy market. Conversely, the region across Asia-Pacific is anticipated manifest the fastest CAGR of 4.8% by 2027, owing to high demand for renewable energy in the province. In addition, the report also studies regions across LAMEA and North America.
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The key players in the industry include Constructions industrielles de la Méditerranée (CNIM), China Everbright International Limited, Waste Management Inc., Suez Environment S.A., C&G Environmental Protection Holdings,Covanta Energy Corporation, Foster Wheeler A.G., Abu Dhabi National Energy Company PJSC, Babcock & Wilcox Enterprises, Inc., and Veolia Environment.
Impact Of Covid-19 On Global Waste To Energy Market
Continuing the delivery of basic waste management service like waste collection and management has become a major challenge for cities having maximum fallout from COVID-19. Every year around 2 billion metric tons of municipal solid waste are generated. It is estimated that by 2050 annual waste generation will increase by 70-75% to reach 3.4 billion metric tons. As now the world is unlocking halted operations implemented during pandemic, it is expected government will partner with the private sector through public-private partnerships to discover sustainable solutions.