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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