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.
- 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
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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.
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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