Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
Global Waste to Energy Market was Valued at US$ 20.4 Bn in 2019 and it is Expected to Reach More than US$ 33.9 Bn by 2028, Likely to Grow with the CAGR of 5.94% During the Forecast Period.
Waste to energy (WTE) technologies involve the generation of energy from waste materials as fuel. The growing energy demands worldwide, the rapid depletion of conventional sources of energy, and concerns over environmental pollution from conventional energy sources led to a shift toward waste to energy technologies. The energy generated from this process is similar to the energy produced using natural gas, coal, oil, or other methods.
The thermal and biological are the two main technologies for converting energy. While Gasification, pyrolysis, and incineration are few of the advanced thermal advanced techniques to recover energy from waste.
Rising Demand for Renewable Sources is Expected to Drive the Global Waste to Energy Market Over the Forecast Period
Growing electricity usage on account surging global population has raised the penetration of various power generation systems including WTE. As per the United Nations, the global population is projected to expand over 8.5 billion by 2030. Increasing focus towards the development of clean power generation systems to meet environmental obligations will further propel the waste to the energy industry over the forecast period. In 2019, as per International Energy Agency (IEA), the penetration of clean energy in catering global waste to energy market demand is anticipated to expand by 20% by 2023.
Increasing Waste From Domestic and Industries has Led to Generate Energy From Waste Across the Globe
Favorable regulatory scenario with government support in the form of tax benefits and financial incentives is expected to influence the market over the forecast period. The rapid surge in residential & commercial waste volume with the growing urbanization will drive the investments in the global waste to the energy market. According to the International Energy Agency (IEA), annual Municipal Solid Waste (MSW) production from 2010 to 2015 by China, India, Vietnam, and Thailand had expanded over 300 Mt from 60 Mt, out which China holds the major penetration. The rising regulatory efforts to promote the usage of global market renewable technologies along with growing Public-Private Partnerships across developing countries will further expand the waste to energy market. While increasing regulatory assistance for effective disposal and utilization of waste along with the rising the installation of utility-scale projects will further strengthen the business dynamics.
The Thermal Segment is Expected to Dominate the Global Waste to Energy Market Over the Forecast Period
The thermal segment accounted for the largest share in 2019 and was valued at USD xx Mn in 2019. Thermal waste to energy segment lead by incineration, pyrolysis, and gasification tends to witness and growing with a significant rate over the forecast period. It is a widely used form of generation through waste due to relatively a simple process coupled with ease of operations. It is a major factor driving thermal Waste to Energy technology growth.
While Biological technology is projected to witness significant growth over the forecast period to its potential in developing markets. The consistent improvement across anaerobic digestion technology with Positive regulatory efforts will boost biological waste to energy market over the forecast period. For instance, The Biogas as a vehicle fuel aids to reduce greenhouse gas emissions in the transport sector between 60% to 80% as compared to gasoline. The rise in environmental concerns will result to increase in demand for biogas for vehicle fuel which is anticipated to augment the market further for the biological segment over the coming years.
Europe to Dominate the Waste to Energy Market During the Forecast Period
Europe led the global waste to energy market and it is projected to grow at a CAGR of 6.2% over the forecast period. Rising initiatives by the governments and increasing investments in biogas technology are estimated to fuel the growth of waste to the energy market in Europe in the Future. According to the report published by the Renewable Energy Association in 2016, more than 50 WTE projects are in the planning stages in the UK which tends to witness significant increments in the future. Countries such as Germany, Netherlands, and Austria have adopted WTE technologies to utilize industrial waste.
While Asia-Pacific waste to energy market is projected to witness a rapid growth rate over the forecast period. The increase in energy demand, Rise in industrialization, coupled with rapid urbanization activities in the developing economies such as China and India, are expected to drive this market during the forecast period. Additionally, rising funding for solid waste management through government, international financial institutions will stimulate the waste to energy market share.
Some of the key players operating in the global Waste to energy market are Veolia, SUEZ, Constructions industrielles de la Méditerranée (CNIM), China Everbright International Limited, Babcock & Wilcox Enterprises, Inc., Covanta Holding Corporation, Keppel Corporation Limited, STEAG GmbH, Future Biogas Limited, and Gazasia Ltd.
Waste to Energy Market Key segments:
Waste to Energy Market, By Technology
Waste to Energy Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America