Global Waste to Energy Market Analysis:
Waste to Energy Market is projected to be worth USD 52.37 billion by 2028, registering a CAGR of 5.20% during the forecast period (2020 - 2030).
The global waste to energy market is growing at a rapid pace. Factors such as rising government initiatives towards ensuring resource security maximization and environmental sustainability, setting up low-cost modular recycling and refining plants in a cost-effective manner substantiate the waste to energy market growth. Besides, the growing awareness and inclusive growth of the informal sector worldwide influence the market size.
With increasing funding by public and private sectors to develop an ecosystem to offer opportunities through technology, finance, and expertise in waste management, the market is likely to reach exponential heights in the years to come. According to Market Research Future, the global waste to energy market is expected to demonstrate significant revenue growth by 2027, registering a significant CAGR during the review period (2020-2027).
The waste to energy market experiences many strategic approaches, such as mergers acquisitions, collaborations, expansion, and product launches. Key market players invest substantially in research and development activities and fostering their expansion plans.
For instance, recently, on Sep.17, 2021, MTC Group and Exigo Recycling Pvt. Ltd. (MERPL) announced US$25 MN investments to process over 200,000 tonnes of e-waste annually. MERPL is a joint venture (JV) between metal scrap processor MTC Group and e-waste recycler Exigo Recycling.
The investment would strengthen MTC's position as a global market leader in ferrous and non-ferrous scrap businesses and Exigo's expertise in setting up low-cost modular recycling and refining plants in a cost-effective manner.
Key players active in the market are Hitachi (Japan), A2A (Italy), Ramboll (Denmark), BlueFire Renewables (US), and Axpo Holding AG (Switzerland), among others.
Penetration of renewable energy Sources Boost Market Revenues
Energy is an important aspect of infrastructures essential for the economic growth and welfare of nations. The presence and development of adequate infrastructure are essential for the sustained growth of an economy. Worldwide governments initiate programs to encourage the setting up of biomass plants to generate electricity by disposing of agricultural waste in a carbon-neutral manner, tackling growing pollution concerns.
Favorable government regulations to boost renewable sources for energy and development in technology have positively impacted the market growth. Additionally, improvements in technology have helped boost waste to energy performance. Climate change and the growing energy demand are expected to drive the waste to energy industry worldwide. Increasing developments of facilities utilizing household and commercial waste to generate electricity and feed into the national grid push the market growth.
The waste to energy market revenues remained reassuringly robust even during the COVID-19 crises. Resultantly, the market has become more dynamic and constantly changing than in the pre-pandemic era. Simultaneously, the ability to respond to market changes became more important than ever in post-pandemic periods.
Lockdowns implemented to control the virus spread fostered many trends, including industrial automation robotics, networked machines, and analytics. Therefore, the waste-to-energy market kept growing, witnessing the rising adoption of biopower solutions and equipment during the pandemic era.
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The market is segmented into technologies, verticals, and regions. The technology segment is sub-segmented into thermal technology and biological technology. The sub-segment thermal technology is bifurcated into incineration, pyrolysis, plasma-arc gasification, and others.
The sub-segment biological technology is bifurcated into methane capture, anaerobic digestion, fermentation, and others. The vertical segment is sub-segmented into public and private sectors. The region segment is sub-segmented into Europe, North America, Asia-Pacific, and the rest-of-the-world.
The Asia Pacific region accounts for the largest market in terms of the global waste to energy market value. Rising consumer preference for the organic energy source or renewable source to manage changing environment boosts the region's waste to energy market shares. Besides, increasing government initiatives to promote waste decomposition and convert it to usable energy offer significant market opportunities.
Increasing demand for power generation through waste material and renewable energy sources boosts the waste to energy market size. Additionally, favorable government regulations to increase integration of biopower and the boosting manufacturing sector across the region provide significant waste to energy market growth opportunities.
Moreover, the increasing use of waste-to-energy solutions in various power generation and industrial applications and vast technological upgrades increase market size.
Several APAC countries are assessing alternate sources of energy to respond to rising environmental concerns, crude prices volatility, and restricted landfills. Waste to energy solves long-term environment challenges by reducing the amount of greenhouse gas emissions.