Rising demand for waste to energy technique to produce heat and electricity is fueling the global waste to energy market growth. The COVID-19 pandemic has negatively impacted the market. The Asia-Pacific market is projected to observe speedy growth
NEW YORK, July 21, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Waste to Energy Market by Technology (Thermal, Biochemical, and Others) and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
The Global Waste to Energy Market is expected to garner $70,700.0 million by 2028, rising at a CAGR of 4.7% from 2021 to 2028. The report offers all-inclusive insights into the present condition and future scope of the industry by keenly scrutinizing market drivers and restraints, opportunities, major segments, and regions.
The market is segmented on the basis of technology and region.
Among technology segment, the thermal sub-segment is anticipated to dominate the market by surpassing $2,438.1 million during the forecast period. This growth is chiefly because thermal energy generated from incineration is increasingly used to drive steam turbines for electricity generation.
Among region, the Asia-Pacific region market is estimated to observe speedy growth and gather a revenue of $25,982.3 million by 2028, growing at a CAGR of 5.2% during the forecast period. This growth is mostly because of the growing population in this region which is migrating toward cities, and thus generating large amount of waste on a daily basis.
The key factor fueling the growth of the global waste to energy market is the increasing production of heat and electricity using waste to energy technique. The energy generated using waste to energy method by burning of municipal solid waste is an effective and economical alternative to coal power plants. This factor is estimated to open doors to innovative opportunities for the market growth in the projected period. However, huge costs involved in the installation of waste to energy plants is expected to impede the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Waste to Energy Market:
The COVID-19 pandemic has made a negative impact on the growth of the global waste to energy market in 2020. The restrictions imposed in the COVID-19 pandemic period on transportation, commercial activities, and cessation of manufacturing & production industries have adversely impacted the waste management processes. The restriction during the pandemic has affected the availability of raw materials and disrupted the supply chains, and hence hindered the installation of waste to energy plants in the lockdown period. All these factors are deterring the market growth in the crisis period.
The major players of the global waste to energy industry are
Babcock & Wilcox Enterprises, Inc.
Abu Dhabi National Energy Company Pjsc (TAQA)
China Everbright International Limited
John Wood Group Plc
Waste Management, Inc.
Covanta Holding Corporation
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market.
For example, in November 2020, K. T. Rama Rao, an Indian politician serving as the Minister for Municipal Administration & Urban Development, Industries & Commerce, announced to launch waste to energy plant at Jawaharnagar, a municipal corporation located in Medchal-Malkajgiri district in the Indian state of Telangana.
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