Waste to energy is one of the most effective and robust alternative sources of energy, which helps in the reduction of CO2 emissions and thus replaces 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, the surge in demand for
renewable sources of energy globally, an increase in investment by governments,
and the usage of other renewable energy sources as substitutes to reduce carbon
content is 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. Several problems
are encountered during the construction and development of waste to energy
generation plants; one of the major problems is cost. Installing and
maintenance of infrastructure to generate energy by burning waste serve as a
major challenge, which restrains the growth of the marker. Although the fuel
cost is low, maintenance activities represent a big part of the total cost, as
it is a new technology.
The market is expected to register the highest growth in
biological processes, owing to an increase in technological advancements and a
rise in disposable incomes. Furthermore, rapid urbanization and an 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 2019, owing to the perennial modifications in the
industry and efficient techniques & processes, which are in high demand
globally. Thus, an increase in the requirement for high-tech waste to energy
conversion methods fuels the market growth globally.
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In 2019, 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 waste to
energy market trend, owing to an increase in urbanization,
specifically in China, India, Brazil, and other developing countries. Moreover,
the rise in urban population with increased per capita disposable income and
growth in overall consumer spending drive the growth of the Asia-Pacific
market.
Impact Of Covid-19 On Global Waste To Energy Market
Continuing the delivery of basic waste management services
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 a pandemic, it
is expected government will partner with the private sector through
public-private partnerships to discover sustainable solutions.
Key Findings of the Study:
- The
incineration segment is anticipated to witness the highest waste to energy
market growth during the analysis period and occupied around half of the
total thermal technology market in 2019.
- Asia-Pacific
is projected to grow with a CAGR of 4.8% during the forecast period.
- Japan
occupied around one-third waste to the energy market share of the
Asia-Pacific in 2019.
- The
North American thermal waste to energy market growth is projected to grow
at a CAGR of 4.2%.
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The key players have adopted various market penetration and
growth strategies, such as mergers & acquisitions, to strengthen their
foothold in the waste-to-energy market size. The key players operating in waste
to energy industry 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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