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| Waste to Energy Market |
The Waste to Energy Market is estimated to be valued at US$ 54.40 Billion in 2022 and is expected to exhibit a CAGR of 7.35% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Waste to Energy refers to the process of generating energy in the form of
electricity or heat from the primary treatment of waste. Municipal solid waste
and biomass are commonly used waste types for waste to energy production. The
energy is generated through various processes such as combustion, pyrolysis,
gasification and anaerobic digestion. Countries around the world are
increasingly adopting waste to energy practices to sustainably manage waste
while generating renewable energy.
Market Dynamics:
The waste to energy market is driven by increasing municipal solid waste
generation owing to rapid urbanization and industrialization. According to
World Bank data, global municipal solid waste generation is expected to
increase by 70-80% by 2050. Growing concerns regarding greenhouse gas emissions
from landfills and the need for alternative sustainable waste management
solutions are also contributing to the demand for waste to energy. Government
support through favorable policies and incentives for waste to energy projects
is another key factor fueling the market growth. For instance, the Infrastructure
Investment and Jobs Act passed by the United States in 2021 allocates $275
million for waste to energy facilities. Growing awareness about clean energy
solutions and carbon reduction will further augment the waste to energy market
over the forecast period.
SWOT Analysis
Strength:
- Waste to energy production helps reduce greenhouse gas emissions and landfill
usage. It turns waste into renewable energy.
- The process results in reduced volume of waste by 90% and helps manage
municipal solid waste in an environmentally sustainable way.
- It provides a stable source of renewable baseload energy.
Weakness:
- High capital cost for setting up waste-to-energy plants makes them not
feasible for some locations.
- Public opinion can be a challenge as people raise concerns over emissions and
ash disposal.
Opportunity:
- Growing emphasis on renewable energy sources and reducing dependence on
landfills and fossil fuels creates market opportunity.
- Increasing waste generation across the world, especially in developing
nations needs sustainable solutions.
Threats:
- Fluctuations in waste composition and calorific value can affect plant
operations and efficiency.
- Stringent emission norms require advanced emission control technologies,
raising compliance costs.
Key Takeaways
The global Waste
To Energy Market Share is expected to witness high growth, exhibiting CAGR of 7.35% over the forecast period,
due to increasing need for alternative renewable energy sources and sustainable
waste management practices. Europe currently dominates the market due to
stringent landfill diversion targets and supportive regulatory framework in
various countries. The Asia Pacific region is projected to witness fastest
growth due to growing municipal solid waste generation in India, China and
other developing economies.
Regional analysis
Europe holds the largest share in the global waste to energy market fueled by
high waste generation and strong emphasis on circular economy models across
countries like Germany, Denmark and Netherlands. Stringent Landfill Directive
of the European Commission aims to achieve 65% recycling target for municipal
waste by 2030 and drive more waste to energy projects.
Key players
Key players operating in the waste to energy market are Austrian Energy &
Environment Group GmbH, Arrow Ecology Ltd., Babcock & Wilcox Vølund A/S,
Constructions Industrielles De La Editerranée (CNIM), Covanta Energy
Corporation, Essent N.V., Haase Energietechnik AG, Wood Group, Qinetiq, and
Pacific Renewable Fuels Inc. Major players are investing in capacity expansion
and innovating new waste-to-energy technologies.
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