The Waste to Energy Market is estimated to be valued at US$ 54.40 Bn in 2022 and is expected to exhibit a CAGR of 7.35% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Waste to energy involves the process of generating energy in the form of electricity or heat from the primary treatment of waste. Municipal solid waste and agricultural waste are commonly converted to energy through processes like incineration, gasification and anaerobic digestion. This helps reduce the waste sent to landfills while producing renewable energy.
Market Dynamics:
Growing concerns regarding proper waste management and decreasing landfill space availability are some of the major factors driving the growth of the waste to energy market. According to estimates from World Bank, the annual global waste generation is expected to increase by 70% till 2050. Therefore, turning waste into a usable form of energy through processes like combustion is gaining increased attention worldwide as a way of sustainably managing waste. Stringent regulations around the world regarding waste disposal are further encouraging the adoption of waste to energy technologies. The growing focus on renewable energy generation is also augmenting the market growth. However, high installation and maintenance costs associated with waste to energy plants remains a major challenge.
Market key trends:
The Waste to Energy market is witnessing growing adoption of advanced technologies like plasma gasification and pyrolysis for efficient waste treatment and energy generation from waste. Plasma gasification uses high temperature plasma to break down municipal solid waste into syngas, a fuel that can be used for generating electricity or producing transportation fuels. Pyrolysis involves thermal decomposition of organic material in an oxygen-free environment to produce char, liquid oil and syngas. These technologies offer higher waste treatment capacity and energy recovery compared to conventional incineration. Moreover, rising focus on renewable sources of energy is also driving the demand for Waste to Energy plants that generate energy from waste via combustion or other volume-reduction processes.
SWOT Analysis
Strength: Waste to Energy is a sustainable solution for treating waste while generating renewable energy. It helps reduce dependency on landfills and fossil fuels.
Weakness: High initial capital investment requirements for setting up Waste to Energy plants. Public opposition also arises sometimes due to emissions from incineration plants.
Opportunity: Growing municipal solid waste and rising need for renewable energy present a major business opportunity. Advanced technologies are also improving the efficiency and emissions profile of Waste to Energy.
Threats: Stringent environmental regulations around emissions from waste incineration. Development of alternative renewable technologies like solar and wind power.
Key Takeaways
The global Waste To Energy Market Share is expected to witness high growth, exhibiting CAGR of 7.35% over the forecast period of 2023-2028, due to increasing waste generation worldwide and rising emphasis on sustainable waste management. The market size is estimated to reach US$ 92.30 Billion by 2028.
Regionally, Asia Pacific is projected to dominate the Waste to Energy market during the forecast period. Presence of populous, highly industrialized nations like China and India that generate enormous amounts of municipal solid waste as well as growing focus on renewable sources of energy are driving the growth of Waste to Energy plants in Asia Pacific.
Key players operating in the Waste to Energy market are Austrian Energy & Environment Group GmbH, Arrow Ecology Ltd., Babcock & Wilcox Vølund A/S, Constructions Industrielles De La Editerranée (CNIM), Covanta Energy Corporation, Essent N.V., Haase Energietechnik AG, Wood Group, Qinetiq, and Pacific Renewable Fuels Inc.These companies are focusing on capacity expansion as well as development of advanced gasification and pyrolysis technologies for waste treatment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it