Waste to Energy Market Size Analysed by Business Opportunity, Development, Growth Factors and Future Prospects to 2030

The Global Waste to Energy Market was valued at USD 18.54 billion in 2020 and is predicted to reach USD 40.84 billion by 2030 with a CAGR of 8.51% from 2021-2030.

Waste to energy is a process of generating energy in the form of electricity and heat, through combustion of waste into a fuel source. Waste to energy process produces various combustible fuels such as methane, ethanol and synthetic fuel among others. It is an effective supplement to renewable energy-based power sources that reduces landfill requirements on urban areas and also generates revenue for municipalities and government. Waste to energy process causes low carbon emission and thereby less air pollution as compared to coal-based energy plants. Therefore, it is widely being adopted as a potential energy diversification strategy across the globe.

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Competitive Landscape

Lucrative growth opportunities make the waste to energy market more competitive. Some of the major players of the market are Abu Dhabi National Energy Company PJSC (TAQA), John Wood Group Plc, Babcock & Wilcox Enterprises, Inc., C&G Ltd., China Everbright International Limited, Covanta Holding Corporation, Suez, Veolia, Waste Management, Inc., and CNIM. The leading players of the market are launching various new products and are focusing on making various agreements to strengthen their foothold in the market. For instance, in December 4, 2020, Suez Environment S.A introduced its first recycling plant Circular Polymer in Thailand to reverse plastic pollution crisis in Asia. Also, in December 11, 2019, Covanta Energy Corporation signed a concession agreement with Zhao Country, China to build new Energy-from-Waste facility that would deliver a sustainable waste solution to the county.

Market Dynamics and Trends

The depletion of conventional waste resources, and rise in demand of energy are the key driving factors of the waste to energy market. Also, increasing government regulation to limit carbon emission, rising public concern towards health and growing need for electricity among industries are the factors complementing the market growth. In addition, the waste to energy market growth is propelled by the increasing municipal waste generation, inclination of public towards effective waste to energy techniques such as various biochemical treatments, aerobic and anaerobic digestion, and imposition of government penalties for poorly managed waste.

However, lack of flexibility in handling waste, high initial cost for setting up the waste to energy plants and lack of skilled workforce are the factors hampering the growth of the market. Also, concerns related with the associated environmental hazards and regulatory hurdles are hindering the growth of the market to some extent. On the contrary, increasing investment in various R&D activities to enhance the economic viability of anaerobic digestion facilities, growing demand for cleaner fuel and government initiatives to save the planet from global warming will provide lucrative growth opportunities for the market players in the coming years.

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Market Segmentations and Scope of the Study:

The waste to energy market has been segmented on the basis of technology and geography. On the basis of technology, the market is categorized into thermal, biochemical and others. The thermal technology segment is further sub divided into incineration, pyrolysis, gasification and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific and RoW.

Geographical Analysis:

Europe holds the lion share of global waste to energy market. This is attributed to factors such as favorable regulatory policies including landfill tax, carbon tax, and increasing focus to reduce greenhouse gases to control global warming. On the other hand, North America also occupied significant market share and is expected to continue this trend throughout the forecast period owing to the gradual climate change in this region and government emphasis on enhancing the utilization of clean electricity.

However, Asia Pacific is expected to experience highest growth rate throughout the forecast period due to increasing government funding for managing municipal waste and growing awareness regarding waste to energy plants across various countries such as China, and India.

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