How Waste to Energy Market will Grow at Highest CAGR

The global waste to energy market is likely to witness high demand on account of rising concerns over environmental issues. The above information was shared by Fortune Business Insights in a report, titled “Waste-to-Energy Market Size, Share and Global Trend By Technology (Thermo-chemical, Biochemical), By Waste Type (Municipal Solid Waste, Process Waste, Agriculture Waste), By Application (Electricity, Heat) and By Geography Forecast till 2026.”

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The accumulation of waste at a staggering volume worldwide is compelling companies to adopt waste to energy technologies. This technology is meant to reduce urban waste and deploy this waste in other areas of use. Moreover, the rising need for alternative sources of energy is expected to add value to the market in the forecast years. For instance, wastes are increasingly used to produce thermal energy, which in turn, is further utilized to generate electricity.

Veolia, Covanta, China Everbright, EDF, Wheelabrator, Suez environment, Allseas, Viridor, Attero, AVR, China metallurgical group, and GCLl poly are some of the savvy players operating in the global waste to energy market.

“Rising Waste Production in the U.S. Drives Market in North America”

Regionally, North America is anticipated to grow considerably in the global waste to energy market during the forecast period. Among countries in this region, the U.S. produces the maximum waste and the country is putting conscious efforts to convert this waste into different forms of energy such as heat and electricity. Apart from North America, Europe is also expected to expand as countries such as Denmark and Sweden have been successful in generating a vast amount of energy from waste.

The market in Asia Pacific is likely to grow considerably in the forecast years. This is primarily on account of the extensive use of waste to energy incinerators in the region. Countries in this region are actively adopting incineration technology to convert waste into energy. Presently, Japan is leading in the Asia Pacific. This is followed by India, UAE, and China. Rapid urbanization and industrialization are driving the market in regions such as India and China.

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“Government Support to Promote Sustainable Energy Bodes Well for the Market”

“The rising awareness about reducing carbon footprints and recycling waste to produce energy is stimulating growth in the market,” stated a lead analyst at Fortune Business Insights. “Governments such as the Ministry of New and Renewable Energy (MNRE) are investing in novel technologies to recover energy from urban wastes,” he added. Consequently, these technologies are not only generating decentralized and sustainable energy, but they are also helping to reduce waste quantity and environmental pollution. These factors are expected to augment the need for waste to energy facilities over the projected horizon. According to the World Bank, several countries are planning to opt for alternative sources of energy. This, in turn, is expected to drive the energy to the waste market and help it to expand at a stellar rate.

The increasing focus on energy generation via various renewable sources acts as a potential growth enabler in the market. This, coupled with increasing growth in power consumption, is anticipated to contribute to the growth of the market by 2026. Also, the perception among the population regarding waste to energy models has changed. Moreover, the rising focus on green business models is likely to influence the market throughout the forecast years.

“Ramboll Announces its First Large-scale Waste-to-energy Project to Radically Reduce Carbon Emissions”

The National Federal Council in the United Arab Emirates (UAE) passed new legislation on integrated waste management in May 2018. The regulation aims at recycling around 75% of municipal solid waste by the end of 2021. In 2018, Mitsubishi received to build an incineration waste to energy plant called Tachibana. The company received this order from Kawasaki City. Moreover, the plant will have a treatment capacity of 600 tonnes per day and the order completion is projected to end by September 2023.

Companies are presently focusing on several strategies to strengthen their market position and broaden their product portfolio. For instance, Fiberlight launched a new hi-tech enabled recycling facility in February 2019. This waste to energy plant is aimed to break down waste material into biofuel by using anaerobic digestion and pulping.

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