Waste To Energy Market Future Growth And Forecast With Significant Players

Waste to Energy Market: Introduction

The global waste to energy market was valued at US$ 34.5 Bn in 2020 and is projected to reach US$ 83.7 Bn by the end of 2031. During the forecast period of 2021 to 2031, the global market is projected to expand at a CAGR of 8.4%. Prominent players operating in the global waste to energy market include Suez Environment S.A., Waste Management, Inc., Constructions industrielles de la Méditerranée (CNIM), C&G Environmental Protection Holdings, Covanta, China Everbright International Limited, and Veolia Environnement S.A., finds Transparency Market Research (TMR). Increasing number of players are focusing on bringing improvements in technologies to convert municipal solid waste into renewable energy.

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Various technologies used for waste to energy conversion process can be grouped into biological and thermal. Presently, thermal technology leads the global market. However, in the recent years, biological technologies have gathered steam and the segment is projected to expand at a rapid pace during the assessment period. The demand for the anaerobic digestion technology for waste to energy conversion has gathered pace, owing to its effectiveness in reducing greenhouse gas emissions and flexibility in meeting the needs of end users, especially farmers.

Rising Demand for Technologically Advanced Methods for Converting Waste to Energy

The waste to energy market is driven by the substantial demand for safe and technologically advanced processes for disposal of solid and municipal waste while generating renewable energy in various parts of the globe. Rise in governmental impetus in emerging and developed nations for the adoption of clean energy for supporting a low-carbon economy is catalyzing the market growth. Increase in demand for alternative sources of fuel is also boosting the demand for waste to energy conversion methods.

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Support of Governments for Adoption of Environment-friendly Methods of Waste Disposal Provides Sustained Push

Growing initiatives to adopt environment-friendly means of waste disposal as a result of commercial and industrial units is bolstering the demand for such facilities across the world. The uptake of waste to energy conversion technologies is further catalyzed by stringent implementation of various governmental regulations for proper waste disposal. Wide support from governments of several developing and developed countries in the form of tax breaks and subsidies is also propelling the market. In addition, substantial focus on reducing greenhouse emissions in these countries is fueling the adoption of waste to energy conversion methods.

Constant Advances in Biological Technologies Open Up Promising Avenues

The growth of the market may be hindered by limitations in effectiveness of thermal waste to energy conversion technologies. Nevertheless, constant improvements made in existing technologies to optimize heat and electricity generation, which can be used for commercial purposes, bode well for the market. Rapid advances made in non-thermal technologies for waste to energy conversion are further expanding the horizon of the market.

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Regional Segmentation

Regional segments of the global waste to energy market are Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. Of these, currently, Asia Pacific leads the market. Swift pace of economic development in its key economies, coupled with the burgeoning volumes of waste generated across the region, is fueling the growth of the market in Asia Pacific.

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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