New York, USA, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global waste to energy market is likely to register a revenue of $70,700.0 million by 2028, at a CAGR of 4.7% during the forecast period from 2021 to 2028. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
Market Dynamics
As per the analysts of Research Dive, waste to energy is a sustainable and an efficient method of waste treatment that produces heat and generates electricity. Waste to energy plants can decrease the waste by about 95% to 96% and also averts the waste from entering the landfill. People these days are inclining towards the use of efficient source of energy and the waste to energy offers numerous advantages, such as efficient waste management, production of heat & power, preventing the production of harmful greenhouse gases, minimal pollution, and others. All these factors are anticipated to accelerate the growth of the global market over the forecast period. In addition, waste to energy is an efficient and cheap alternative to coal, which is expected to create enormous growth opportunities for the global market. However, the high installation cost of the waste to energy plants is a factor that may restrict the market growth in the coming years.
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COVID-19 Impact on the Global Market
The outbreak of COVID-19 pandemic has adversely affected the waste to energy market growth. This is mainly due to the accumulation of huge amount of toxic medical waste, including sanitizer bottles, PPE kits, gloves, and others owing to the increasing fear among people about contracting the virus. Besides, shutting down of manufacturing & production units, restrictions on commercial activities, and delays in availability of raw materials have negatively affected the market growth during the pandemic period. However, various governments around the world taking initiatives to promote the development of waste to energy projects, which is expected to help the market to recover from this chaotic situation.
Global Waste to Energy Market to Witness Considerable Growth Due to the Rise in Power Consumption
Thermal Sub-segment to Hold the Largest Market Share
By technology, the thermal sub-segment is predicted to account for $48,366.9 million by 2028 and account for the majority of market share during the analysis period. The thermal energy produced from the incineration of waste is majorly used to drive steam turbines to generate electricity, which is the significant factor driving the sub-segment’s market growth. For example, there are a large number of modern types of thermal treatment plants in Japan compared to other countries across the globe.
Europe to Dominate in the Global Industry
By region, the Europe market for waste to energy valued for $20,513.7 million in 2020 and is projected to subjugate in the global industry over the forecast period. The dominant growth of the region can be attributed to the increase in government initiatives in order to promote waste to energy projects and lessen the emission of toxic gases. There are large number of waste to energy plants in Europe, for example, the incinerator plant in Naples (Italy) can handle up to 650,000 tons of waste each year.
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Prominent Waste to Energy Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global waste to energy industry are:
- Abu Dhabi National Energy Company Pjsc (TAQA)
- China Everbright International Limited
- Babcock & Wilcox Enterprises, Inc.
- John Wood Group Plc.
- Suez
- C&G Ltd.
- Waste Management, Inc.
- Covanta Holding Corporation
- Veolia
- CNIM
These players are implementing several strategies to gain a chief position in the global industry.
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For instance, in January 2021, Emirates Water and Electricity Co., a leading company in the combined coordination of planning, purchasing, and supply of water & electricity across the UAE, and Abu Dhabi Waste Management Center (Tadweer), together launched a economical tender for the development of a greenfield waste-to-energy (WtE) independent power project (IPP).
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