July 21, 2020
According to the research report titled ‘Asia Pacific Waste to Energy Market Analysis, 2020’, available with Market Study Report LLC, Asia-Pacific waste to energy market is expected to grow with a CAGR of 10.75% during 2020-2025.
Inclination towards minimizing waste releases from municipal, agriculture and industrial sectors in order to adopt sustainable living practices in urban areas is a major factor driving the growth of waste to energy market in Asia-Pacific. Favorable government initiatives which promote the use of non-fossil fuels in power sector is further aiding the market expansion.
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Swift commercialization and industrialization in China, South Korea, Japan and India have impelled the demand for energy across various sectors. In addition, growing population is fueling the adoption of waste to energy technologies, which in turn is stimulating the industry outlook.
In terms of technology scope, the report states that thermal segment held a majority market share in 2019 and is reckoned to showcase similar growth over forecast period. Rising adoption of thermal technology in residential sector and rapid industrialization are boosting the segmental share.
By waste type, the report claims that municipal sector accounted for largest market share in 2019 and is poised to accumulate similar returns in the forthcoming years. Rising volume of waste generated from residential sector and increasing initiatives to treat municipal solid waste for energy production are positively impacting the market outlook.
As per the regional analysis, Japan accounted for a significant share in Asia Pacific waste to energy market in the year 2019 and is expected to register continuous growth in the subsequent years. Industry analysts claim that the country has around 1,000 incinerators, of which 380 are integrated with waste to energy technology. This allows Japan to recycle up to 84% plastic waste. Additionally, favorable government reforms which promote waste reduction in energy sector are favoring the market scenario.
On the other hand, China waste to energy industry is predicted to expand considerably during the forecast period. Escalating investments in R&D of treatment solutions for solid waste, surging energy demand, shifting focus towards carbon mitigation and increasing utilization of non-fossil fuel sources are swaying the business dynamics in China.
Veolia Environment SA, Waste Management Inc., Mitsubishi Heavy Industries Ltd., Suez Environment Co., Keppel Seghers, Hitachi Zosen Corp., Plantec Asia-Pacific Pte. Ltd., green Conversion Systems Inc., Everbright International Ltd., Hitachi Zosen Corp., Covanta Holding Corp., C&G Environmental Protection Holdings Ltd., Babcock & Wilcox Co., and Wood Group plc are the major companies in Asia-Pacific waste to energy market.