Waste to Energy Market Growth of $50.1 Billion Due to Technology Innovation During 2021- 2027

Rise in demand for incineration process and growth in public WtE expenditure drive the growth of the global waste to energy market. Conversely, growth in concerns related to several environmental hazards regarding the incineration process is expected to affect the overall market growth in developed and developing countries. Nevertheless, increase in investments in R&D activities to ensure reliability in terms of environmental effects is expected to provide multiple opportunities in the future.

Global waste to energy market was valued at $35.1 billion in 2019, and is projected to reach $50.1 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027. 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 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. With the current scenario of poor waste management facilities, it has become important to utilize this waste in some form as it could affect the environment around and can lead to less sustainable life forms making the world a black place for living organisms. Governments are focusing on commercializing alternate sources of energy such as Waste to Energy (WTE) technology owing to the rapid depletion of conventional energy sources. In addition, the implementation of environmental policies regarding the reduction of carbon emissions from fossil-fuel usage is expected to further provide a boost to industry growth.

Several problems are encountered during 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.

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Growing electricity usage on account surging global population have raise the penetration of various power generation systems including WTE. The 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 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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Impact Of Covid-19 On Global Waste To Energy Market:
Continuing the delivery of basic waste management service 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 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 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 energy market share of the Asia-Pacific in 2019.
• The North America thermal waste to energy market growth is projected to grow at a CAGR of 4.2%.

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