- Increase in demand for incineration process and rise in public WtE expenditure drive the growth of the global waste to energy market
PORTLAND, Ore., Aug. 4, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Waste to Energy Market by Technology (Incineration, Pyrolysis, Gasification, Biological, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global waste to energy industry was estimated at $35.1 billion in 2019, and is anticipated to hit $50.1 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in demand for incineration process and rise in public WtE expenditure drive the growth of the global waste to energy market. On the other hand, rise in concerns related to several environmental hazards associated with the incineration process is expected to affect the overall market growth in developed and developing countries. However, increase in investments in R&D activities to ensure reliability in terms of environmental effects is expected to provide lucrative opportunities in the future.
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- Covid-19 has resulted in shortage of raw materials and resources in the energy generating sector. This, in turn, may result in closure of a number of energy manufacturing ventures.
- The outbreak of the pandemic has acted as a catalyst for short-term and long-term changes in waste management practices throughout the world.
- In response to the surge in COVID-19 cases, people have become more conscious about environmental footprints and there's been a significant increase in the use of waste as a combustion substance to reduce landfill volumes.
The thermal segment to dominate by 2027-
Based on technology, the thermal segment contributed to more than four-fifths of the global waste to energy market share in 2019, and is anticipated to rule the roost by 2027. The ability of incinerator to deal with artificial and organic substances increases the demand for thermal incineration technology, thereby fueling the segment growth. The biochemical segment, on the other hand, would grow at the fastest CAGR of 5.0% till 2027.
The incineration segment to maintain the dominant share-
Based on thermal technology, the incineration segment accounted for more than half of the global waste to energy market revenue in 2019 and is projected to lead the trail by the end of 2027. The same segment would also register the fastest CAGR of 4.6% during the study period. As incinerators can treat all kinds of wastes, this process is highly preferred over other thermal waste treatment technologies. This factor has driven the growth of the segment.
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Europe garnered the major share in 2019; North America to register a significant CAGR –
Based on geography, Europe held the major share in 2019, generating more than two-fifths of the global waste to energy market. Stable regulatory framework, improved access to finance for the waste to energy sector, cost-effective grid investment & connection, and continuous support for innovation & training coupled with enhanced synergies are anticipated to support the growth of the European market. At the same time, the Asia-Pacific region would manifest the fastest CAGR of 4.8% by 2027, owing to high demand for renewable energy in the province. However, North America would showcase a significant CAGR of 4.4% from 2020 to 2027.
Key players in the industry-
- Suez Environment S.A.
- Veolia Environment
- Covanta Energy Corporation
- Constructions industrielles de la Méditerranée (CNIM)
- Foster Wheeler A.G.
- Abu Dhabi National Energy Company PJSC
- Waste Management Inc.
- C&G Environmental Protection Holdings
- Babcock & Wilcox Enterprises, Inc.
- China Everbright International Limited
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