The global waste-to-energy (WtE) market is on the rise, with significant growth expected in the coming years. According to the latest research, the WtE market had a total size of nearly US$27.7 billion in 2021 and is anticipated to reach approximately US$45.2 billion by 2029, registering a notable CAGR of 6.1% during the forecast period.
Driving the Transition to Sustainable Energy Sources:
The global demand for energy is continually increasing, while traditional energy sources face depletion. Waste-to-energy technology has emerged as a promising alternative, offering a secondary route for energy generation. By converting waste into a source of power, WtE technology contributes to energy recovery from waste, addressing both environmental concerns and the growing need for sustainable energy sources.
Environmental Regulations and Growing Investments Foster Market Growth:
The rise of renewable energy investments, the Paris Climate Change Agreement, and environmental concerns related to waste disposal are driving the global WtE market. Government subsidies and environmental regulations in regions like Europe, Asia Pacific, and North America are facilitating market entry for new players in the waste-to-energy sector.
Challenges and Opportunities:
Despite its potential, the initial high capital cost remains a significant challenge for the waste-to-energy market. The competitive pricing of natural gas poses a threat to the markets growth. Furthermore, alternative energy sources like wind, solar, and geothermal are gaining traction. However, the increasing waste generation and diminishing landfill prospects present a strong growth outlook for WtE.
Segmentation and Application Insights:
- Technology: The global WtE market is divided into thermal and biological technologies. Thermal technology, including incineration, pyrolysis, and gasification, accounted for over 75% of the market in 2021. Incineration, in particular, is widely adopted due to its efficiency in reducing waste volume and weight.
- Application: Electricity generation is the primary application of WtE technology, constituting over 60% of the market in 2021. Burning municipal solid waste (MSW) not only produces electricity but also reduces landfill waste volume.
Regional Leadership and Opportunities:
- Asia Pacific: Dominates the global WtE market in installed capacity, accounting for 54.4% in 2021. China, Japan, South Korea, and Australia are key players in the region. Chinas ambitious waste treatment and landfill avoidance goals are expected to drive significant growth.
- North America: The US leads in waste-to-energy plant installations and holds substantial growth potential. The region is increasingly adopting renewable energy sources in line with international agreements.
Key Market Players:
Prominent companies in the waste-to-energy market include Covanta Energy Corporation, Veolia, Seuz Environment, Hitachi Zosen Inova, Sembcorp Industries, Ramboll Group, Viridor, Wheelabrator Technologies Inc., Babcock & Wilcox Enterprises, Inc., AVR, and China Everbright Environment Group Limited.
Browse Global Waste-to-Energy (WtE) Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2029 (By Technology Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/waste-to-energy-wte-market
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COMTEX_440956762/2840/2023-09-26T04:57:39
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