- Initiatives to complement fossil fuels with renewable energy sources for incessantly increasing energy needs benefits waste-to-energy market
- Roll out of incentives and schemes to promote effective waste collection and processing promising for future of waste-to-energy market
WILMINGTON, Del., July 18, 2022 /PRNewswire/ — An in-depth waste-to-energy market revenue analysis projects a CAGR of 6.1% for the forecast period from 2022 to 2031. Need to complement fossil fuels with alternative sources to serve the growing energy demand for the rapid urbanization and industrialization is driving the waste-to-energy market.
Countries world over are investing in renewable energy sources to reduce dependence on fossil fuels, and thus creating opportunities in waste-to-energy market. The aim to minimize landfilling within the landfill directive of the EU to minimize the negative effects of waste landfills on human health and environment propels the waste-to-energy market in parts of Europe.
Unintended movement of solid waste generated from industrial, commercial, and residential activities into land and water bodies results into water and land pollution. This necessitates adoption of environment-friendly waste-to-energy technologies that can considerably reduce issues associated with solid and liquid waste. These technologies comprise processing and treatment of waste before its disposal. The adoption of these technologies results into reduced quantity of waste, generates substantial energy, and decreases water pollution.
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Waste-to-energy Market – Key Findings of the Report
- Analysis for future of waste-to-energy market points at key role of governments to establish waste-to-energy projects in a bid to reduce dependence on fossil fuels. Governments in China, India, and the U.S., offer incentives such as feed-in-tariffs, capital subsidies, and tax credits that are favorable to undertake waste-to-energy projects.
- Waste-to-energy market overview emphasizes recognition of waste-to-energy as renewable technology by The Government of India that receives support in the form of subsidies and incentives. Initiatives of government energy departments to seek alternate energy sources strengthens demand for demonstrated waste-to-energy benefits. For example, The Ministry of New and Renewable Energy (MNRE) under the Government of India actively promotes use of technology for energy recovery from urban and industrial wastes. MNRE also offers financial assistance for R&D projects to undertake research on waste-to-energy.
· Municipal solid waste segment held the key 65.5% share of waste-to-energy market in 2021, and is estimated to lead during the forecast period. Municipal solid waste can be extensively used for renewable energy generation.
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- Agriculture waste type segment held 21.67% share of waste-to-energy market in 2021. The e-waste segment is anticipated to account for significant share with increasing recycling of electronic waste.
- Thermochemical technology segment held the key 71.8% share of waste-to-energy market in 2021. Initiatives of several governments to promote the use of various thermochemical waste-to-energy technology processes such as combustion or incineration, pyrolysis, and gasification fuels the growth of thermochemical technology segment
- Electricity application segment held a significant nearly 54.94% share of waste-to-energy market in 2021.
- Europe held a significant 39.48% share of waste-to-energy market in 2021. The region is anticipated to continue to account for significant share of waste-to-energy market during the forecast period.
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Waste-to-energy Market – Growth Drivers
- Need for suitable treatment of municipal waste to prevent movement into water bodies and landfills that can cause water pollution and air pollution respectively fuels the growth of waste-to-energy market
- Advantages of clean, reliable energy from renewable fuel source to reduce dependence on fossil fuels underscores growth in waste-to-energy market
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Waste-to-energy Market – Key Players
Some of the key players operating in the waste-to-energy market are;
- Keppel Corporation Limited
- Constructions industries de la Mediterranee
- Babcock & Wilcox Enterprises
- Future Biogas Limited
- Covanta Holding Corporation
- China Everbright International Limited
- STEAG GmbH
- Gazasia Ltd.
The waste-to-energy market is segmented as follows;
Waste-to-energy Market, by Waste Type
- Municipal Solid Waste
- Agricultural Waste
Waste-to-energy Market, by Technology
- Anaerobic Digestion
Waste-to-energy Market, by Application
Waste-to-energy Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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