Waste to Energy is a process of generating energy through the treatment of waste materials from various sources such as municipal waste, medical waste, agricultural waste and others. Waste to energy process helps in generation of electricity, heat and fuel commodity such as methanol, methane, ethanol and other forms of synthetic fuels. The growing government participation in the recycling of these commodities are projected to be one of the vital factors leading the market growth. However, the lack of awareness about waste to energy processes is one of the major downside to the growth of the global waste to energy market size. According to insights and reports analysis, the global Waste to Energy Market size is expected to grow at CAGR of over 5.5% during the review period.
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Waste to Energy Market: Thermal conversion technology is expected to exhibit significant growth during the forecast period
The growing need for waste disposable across the globe coupled with the need for preservation of fossil fuels are considered to be some of the major factors positively contributing to the growth of the global waste to energy market during the review period. Moreover, the rising inclination towards renewable sources for generation of electricity along with the presence of stringent regulations in Europe such as the Kyoto Protocol is also projected to generate substantial revenue during the review period.
On the basis of technology, thermal conversion is projected to generate the highest gains during the forecast period. Thermal conversion mainly incineration is widely used across the globe owing to the ease of processability and operation. Moreover, the biochemical conversion technology is expected to exhibit a propelling CAGR during the forecast period. The growing use of biochemical processes in the developing region owing to the significant presence of livestock manure is attributing to the growth of the segment.
On the basis of region, the global Waste to Energy Market Share can be segregated into North America, Europe, Asia pacific, Latin America, Middle East and Africa. According to insights and reports analysis, the Asia Pacific market of Waste to Energy Market Size is projected to exhibit burgeoning growth during the given period. The rising population in the region has compelled the industry players to shift towards renewable energy to reduce the dependency on crude imports which is projected to substantially add to the growth of the waste to energy market in this region. Moreover, the presence of the largest municipal waste generators such as India and China are further expected to make the Asia pacific market more competitive during the forecast period.
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European Market Size is also anticipated to show significant growth during the forecast period. The presence of strict regulation in the region is the major factor attributing to this growth. For instance, according to the European Union (EU) waste regulation plan, the member states are given a target to recycle 65% of their municipal waste and 75% of their construction waste by 2030.
The proficient players operating in the global Waste to Energy Market share has adopted various organic and inorganic growth strategies to enhance their presence in the global market. For instance, REMONDIS SE & Co. KG in September 2018 announced the start of the construction of a USD 400 million waste to energy incineration plant at Queensland, Australia. Some of the major players operating in the global Waste to Energy Market are REMONDIS SE & Co. KG, Suez Environment SA, Waste Management, Inc., Covanta Energy Corporation, Constructions industrielles de la Méditerranée (CNIM), and C&G Environmental Protection Holdings among others.
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