April 28, 2021
According to the research report titled ‘Global Waste-To-Energy (WTE) Market 2019-2027’, available with Market Study Report LLC, global waste-to-energy (WTE) market is anticipated to grow with a CAGR of 6.09% through 2027.
Rapid industrialization and urbanization, increasing energy demand, necessity for energy security, and reduction in the number of landfills are driving the growth of global waste to energy market. Furthermore, substantial investments in waste-to-energy projects, exhaustion of conventional energy resources, and advent of innovative technologies are generating lucrative prospects for the business scenario.
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Notably, production of energy from waste has acquired momentum worldwide. The world is facing a major crisis of increased waste generation and with brimming landfills. For handling the municipal waste, waste-to-energy (WTE) is an effective solution. WTE technologies are now being commercialized with raised investments for the development of production sites.
However, availability of alternative technologies, elevated costs concerned with setting up WTE plants, are stringent environmental rules are arresting the expansion matrix of worldwide waste to energy market. Additionally, resistance from environmental groups & local communities, and technological challenges are other bottlenecks which need to be tackled.
Speaking of technology, the marketplace is divided into thermal, biological, and physical. Based on type of waste, the industry is fragmented into municipal waste (residential, construction & demolition, commercial & institutional, other), medical waste, agriculture waste, process waste, and others. While the application range includes electricity, heat, combined heat & power units, and transport fuels among others.
Moving on regional outlook, global waste-to-energy marketplace is scrutinized for geographies like Asia-Pacific, North America, Latin America, Europe, and Middle East & Africa. The report cites that Asia-Pacific is poised to hold significant market share by the year 2027, owing to the increasing energy demand, and intention of lowering the reliance on fossil fuels across India and China.
Key contenders in global waste-to-energy market sphere include Amec Foster Wheeler plc, Babcock & Wilcox Enterprises Inc.??, Suez S.A., C&G Environmental Protection Holdings Ltd., Hitachi Zosen Corporation, Green Conversion Systems Inc., Keppel Seghers, Covanta Holding Corp., China Everbright Intl Ltd., BTA International GmbH, Mitsubishi Heavy Industries Ltd., Veolia Environnement S.A., Plasco Energy Group Inc., Wheelabrator Technologies Holdings Inc., Waste Management Inc., Xcel Energy Inc., SAKO Brno a.s., KÜTTNER MARTIN Technology GmbH, Ze-gen Inc., and Austrian Energy & Environment AG.