Waste to energy is a method of creating energy from waste, hence lowering reliance on fossil fuels like coal for electricity generation. Garbage to energy is a long-term solution for reducing greenhouse gas emissions like methane and carbon dioxide, preventing waste from entering landfills, and reducing landfill methane emissions.
The Waste-to-Energy Market is expected to reach USD 52.37 billion during the forecast period at a 5.2% CAGR.
As a consequence of the worldwide lockdown, the COVID-19 outbreak has caused tremendous uncertainty. The collecting of substantial amounts of harmful biological waste, such as condoms, protection kits, sanitising syringes, and other things, has hampered the waste to energy trade, raising concerns about virus infection. Waste management has been severely impacted by improper rubbish collection and disposal, limits on commercial enterprises, migration, and the closures off industrial and manufacturing units. Garbage pickers' fear of contracting the COVID-19 virus have resulted in inefficient garbage management and segregation. Furthermore, delays in the procurement or finished products have happened as a result of re-export and immigration restrictions imposed for the building of waste-to-energy facilities.
The incineration segment is accounted for highest market share
In the contemporary setting, incineration is a particularly effective waste-to-energy approach for urban waste (Waste) disposal. Nevertheless, waste-to-energy systems, notably incineration, degrade the environment and endanger human safety. In order to minimize particle or green house gases, burning plant operators have announced a range of unit procedures for cleaning the flue gas flow, leading to considerable large increases sustainable. Incineration thermal technique has various advantages, including reduced greenhouse gas emissions, energy conservation, or waste volume reduction. Incineration reduces waste to 10% of its original volume, making it a viable option for conventional energy by generating energy for applications like district heating. Furthermore, bottom ash or metal recycling add to the financial benefits provided.
The thermal category had the highest share
In 2022, the thermal category had the highest share of the revenue of 82.4 percent, with burning thermal technology contributing significantly to revenue growth. The protein called for thermochemical conversion techniques is a reasonably simple procedure combined with ease of operation. Thermal waste treatment is an environmentally friendly choice for modern cities since it allows for complete burning of waste gases.
European market is likely to grow at faster pace
The scale of a worldwide waste to energy industry is examined throughout North America, Eu, Asia-Pacific, and Latin America and the Caribbean. The market is still in its infancy. In industrialised and emerging nations, however, the need for waste to energy is driven by rising power generation demand and a preference for renewable energy sources. This waste to energy industry is now dominated by Europe, but other regions including such Asia-Pacific, America, and Latin America and the Caribbean (LAMEA) provide significant market prospects to important companies.
These plants employ a boiler to burn rubbish or trash to produce steam, which is then used to generate energy. By eliminating pollutants in gas burning and keeping them from entering the chimney, the waste to energy method helps to reduce air pollution.
The waste to energy market was estimated to Be USD 36.01 B in 2022, and it is expected to grow 51.01 B at an annual pace of 8.4 percent from 2022 to 2029. Over the projection period, favourable regulatory policies supporting effective waste disposal paired with energy generation, as well as rising energy requirements from the end-use sector, are expected to drive market expansion. Due to the fast degradation of conventional energy sources, countries are focusing on commercialising alternative energy sources such as Waste into Energy (WTE) technologies. Furthermore, the introduction of environmental rules aimed at reducing carbon dioxide emissions from the use of fossil fuels is predicted to enhance market growth.
Because of various variables, such as the metal recovery for recycling, the offset of co2 from fossil fuel power production, and the avoidance of gas from landfills, waste to energy plants decrease a considerable amount of harmful emissions. Furthermore, limited landfill space and growing landfilling costs are predicted to boost waste to energy technology's growth as a sustainable waste management solution.
Over the forecast period, technological improvements in energy recovery are expected to boost market growth by improving the efficiency levels of waste incineration plants. Suez, for example, developed the CHP+® method to enable residual heat recovery from waste combustion while also generating captive energy used in local activities.
Some of the companies that are profiled in this report are Abu Dhabi National Energy Company Pjsc (TAQA), Babcock & Wilcox Enterprises, Inc., China Everbright International Limited., John Wood Group Plc., C&G Ltd., Suez, Waste Management, Inc., and Veolia.
Waste-to-Energy Market Scope
|Revenue forecast in 2028
|USD 51.01 billion.
|CAGR of 8.4% during 2021-2028
|Technology, Thermal, Regions
|North America, Europe, Asia Pacific, South America, Middle East and South Africa
|Key Players Profiled
|Abu Dhabi National Energy Company Pjsc (TAQA), Babcock & Wilcox Enterprises, Inc., China Everbright International Limited., John Wood Group Plc., C&G Ltd., Suez, Waste Management & among others.
Key Segments of the Waste-to-Energy Market
Technology Overview, 2022-2029 (USD Billion)
Thermal Overview, 2022-2029 (USD Billion)
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa