According to a new report published by Allied Market Research, the waste to energy (WtE) market was valued at $32,567 million in 2016, and is projected to reach at $54,179 million by 2023, growing at a CAGR of 7.6% from 2017 to 2023. The thermal technology segment accounted for nearly three-fourths share of the global market in 2016.
Waste to energy is one of the most effective and robust alternative source of energy, which helps in the reduction of CO2emissions and thus replace fossil fuels. Using waste as a combustion substance is expected to reduce landfill volumes by more than 90%. For every ton of waste burned, one ton of CO2 emission is reduced, which further helps in eliminating methane, which could be leaked with landfill disposal.
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Growth in population and rise in landfill levels present numerous opportunities for market expansion. Moreover, surge in demand for renewable sources of energy globally, increase in investment by governments, and usage of other renewable energy sources as substitutes to reduce carbon content are further anticipated to boost the overall growth of the market. However, high costs associated with plant installation and infrastructure of expensive components are expected to hamper the overall industry growth.
WtE 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 incineration segment accounted for around half of the thermal technology segment in 2016, owing to the perennial modifications in the industry and efficient techniques & process, which are in high demand globally. Thus, increase in requirement of high-tech waste to energy conversion methods fuel the market growth globally.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, “The demand for renewable sources of energy is increasing, owing to less prevalence of environmental hazards and efficient outputs. Thus, increase in demand for efficient and cost–effective power generation techniques globally poses lucrative opportunities for players in the global waste to energy market.“
KEY FINDINGS OF THE STUDY
- The incineration segment is anticipated to grow at the highest CAGR during the analysis period and occupied around half of the total thermal technology market in 2016.
- Asia-Pacific is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 6.3%, in terms of volume.
- Japan occupied around one-third share of the Asia-Pacific market in 2016.
- In terms of value, Spain is expected to grow at a significant CAGR of 8.4% from 2017-2023.
In 2016, Asia-Pacific and LAMEA collectively accounted for nearly two-fifths share of the global market, in terms of volume, and are expected to continue this trend, owing to increase in urbanization, specifically in China, India, Brazil, and the other developing countries. Moreover, rise in urban population with increased per capita disposable income and growth in overall consumer spending drive the growth of the Asia-Pacific market.
The major companies profiled in the report include Waste Management Inc., Suez Environment S.A., C&G Environmental Protection Holdings, Constructions industrielles de la Méditerranée (CNIM), China Everbright International Limited, Covanta Energy Corporation, Foster Wheeler A.G., Abu Dhabi National Energy Company PJSC, Babcock & Wilcox Enterprises, Inc., and Veolia Environment.
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SOURCE Allied Market Research