According to a new report published by Allied Market Research, titled," Waste to Energy Market by Technology: Global Opportunity Analysis and Industry Forecast, 2018 - 2025", the global waste to energy (WtE) market was valued at $17,271.4 million in 2017, and is projected to reach $27,700.8 million by 2025, growing at a CAGR of 6.1% from 2018 to 2025. The thermal technology segment accounted for a major share of the global waste to energy market in 2017.
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 the use of 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 that can be leaked with landfill disposal.
Growth in population and rise in landfill levels are projected to present numerous opportunities for the expansion of the market. Surge in demand for renewable sources of energy globally, increase in investment by governments to enhance energy production, and usage of other renewable energy sources as substitutes to reduce the carbon content is further projected to boost the overall growth of the global waste to energy market. However, high costs associated with plant installation and infrastructure of expensive components are expected to hamper the overall market growth.
On the contrary, the global WtE market is expected to register the highest growth in the biological process segment, owing to increase in technological advancements and rise in disposable incomes. Furthermore, rapid urbanization and surge in the production of various renewable energy sources such as solar, wind, biomass, hydro, and others are expected to boost the market growth.
The incineration segment accounted for around half of the thermal technology segment in 2017, owing to the perennial modifications in the market and efficient techniques & processes, which are in high demand across the globe. Thus, increase in requirement of high-tech waste to energy conversion methods fuels the market growth globally.
Key Finding of the Waste to Energy Market :
Europe waste to energy market is projected to dominate the global market over the overall projected period.
The Asia-Pacific regional market is anticipated to grow at the highest rate in the global waste to energy market during the forecast period.
The thermal segment accounted for more than three-fourth share in the global waste to energy market in 2017 in terms of revenue.
The biological segment is anticipated to grow with the highest CAGR throughout the forecast period.
The key players operating in the global waste to energy market include Suez Environment S.A., Waste Management Inc., Constructions industrielles de la Mditerrane (CNIM), C&G Environmental Protection Holdings, Covanta Energy Corporation, China Everbright International Limited, Abu Dhabi National Energy Company PJSC, Foster Wheeler A.G., Veolia Environment, and Babcock & Wilcox Enterprises, Inc. Other players in this market include EcoCorp, Ener-G Plc, and Highmark Renewable.