Visiongain has published a new report entitled Waste to Energy (WtE) Market Report 2024-2034: Forecasts by Market Value (CAPEX, Energy Generation, Capacity, No. of Plant Units), by Plant Status (Operational WtE Plants, Under Construction WtE Plants), by Technology (Direct Combustion (Mass Burn and RDF), Plasma Arc Gasification, Conventional Gasification, Pyrolysis WtE, Chemical Treatment, Biological Treatment), by End-use (Electricity Generation, Steam Exports, Combined Heat and Power (CHP), Syngas, Refuse-derived Fuel (RDF)) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global waste-to-energy (WtE) market was CAPEX at US$21,840 million in 2023 and is projected to grow at a CAGR of 11.9% during the forecast period 2024-2034.
Continuous Advancements in Waste To Energy Technologies
Continuous advancements in waste to energy technologies play a significant role in the market's growth. Innovations in gasification, pyrolysis, and anaerobic digestion enhance efficiency and environmental performance. An example of technological progress is the development of advanced gasification techniques, such as plasma gasification. This technology improves waste conversion rates, minimizes emissions, and enhances overall process efficiency. Projects incorporating these advancements, such as the Waste-to-Energy Research and Technology Council's initiatives in collaboration with industry stakeholders, showcase the ongoing efforts to make waste to energy processes more economically viable and environmentally sustainable.
The Economic Viability of Waste to Energy Projects
The economic viability of waste to energy projects, coupled with the potential for job creation, serves as a driving force. Countries recognize the dual benefits of sustainable waste management and employment opportunities. In the United States, waste to energy projects contribute to job growth in construction, operation, and maintenance phases. For instance, the Covanta Fairfax waste-to-energy facility in Virginia not only processes municipal solid waste but also supports local economies by creating jobs and providing a reliable and sustainable waste disposal solution for the community.
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How has COVID-19 had a significant negative impact on the Waste-to-Energy (WtE) Market?
One of the immediate impacts of the COVID-19 pandemic was the disruption in waste generation and collection. Lockdowns and restrictions led to changes in consumption patterns, with some sectors generating less waste (e.g., commercial and industrial) and others generating more (e.g., residential due to increased online shopping). This fluctuation in waste streams posed challenges for WtE facilities in managing varying waste inputs efficiently.
Many WtE projects experienced delays due to the pandemic. Lockdowns, supply chain disruptions, and labour shortages hindered construction and commissioning efforts. Financing challenges also emerged as investors and lenders became more risk-averse in the face of economic uncertainties, impacting the progress of both new and ongoing WtE projects. As businesses and industries slowed down during the pandemic, there was a reduction in energy demand, affecting the revenue streams of WtE facilities. Reduced demand for electricity and heat impacted the economic viability of these projects, as they rely on the sale of energy as a primary revenue source.
Besides, The pandemic spurred innovation in the WtE sector. Some facilities explored new technologies and strategies to optimize operations, improve safety, and enhance efficiency. For instance, remote monitoring and automation gained importance in reducing the need for on-site staff and ensuring continuous operation.
How will this Report Benefit you?
Visiongain’s 329-page report provides 152 tables and 109 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global waste-to-energy (WtE) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Waste-to-Energy (WtE). Get financial analysis of the overall market and different segments including value, CAPEX, energy generation, plant capacity, no. of plants, and country and capture higher market share. We believe that there are strong opportunities in this fast-growing waste-to-energy (WtE) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Integration with Circular Economy Principles
The integration of waste to energy processes with the principles of a circular economy is becoming a driving force in the market. Waste to energy facilities complement recycling efforts by extracting energy from non-recyclable waste, contributing to a more circular and sustainable waste management system. Germany exemplifies this integration by incorporating waste to energy as part of its comprehensive waste management strategy. The country's commitment to circular economy principles is reflected in policies that prioritize resource efficiency, waste reduction, and sustainable energy generation through advanced waste to energy technologies.
Growing Demand for Renewable Energy
The global push towards renewable energy sources to combat climate change plays a pivotal role in the expansion of the waste to energy market. Waste to energy facilities produce renewable energy in the form of electricity or heat, aligning with the increasing demand for cleaner and sustainable energy options. Denmark provides a compelling example of this trend, where waste to energy initiatives significantly contribute to the country's renewable energy portfolio. By integrating waste management with clean energy production, Denmark demonstrates a comprehensive approach to meeting the growing demand for renewable energy while effectively managing waste.
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Where are the Market Opportunities?
Rising Corporate Initiatives for Sustainability
Corporate initiatives and commitments to sustainability, driven by environmental, social, and governance (ESG) considerations, contribute to the growth of the waste to energy market. Companies actively seek environmentally responsible waste disposal solutions to align with their sustainability goals and reduce their ecological footprint. In Silicon Valley, technology companies, including Apple and Google, invest in waste to energy projects to manage electronic waste sustainably. These corporate initiatives showcase how industry leaders are playing a crucial role in advancing sustainable waste management practices, aligning with global sustainability goals, and contributing to a circular economy.
Opportunities in the Growing Demand for WtE Plants
The growing demand for an increased number of Waste-to-Energy (WtE) plants presents a significant opportunity for market expansion. As urbanization continues to surge and populations expand, there is a pressing need to manage waste efficiently and sustainably. WtE plants offer a promising solution by converting municipal solid waste into valuable energy resources. This demand surge not only encourages the development of new WtE facilities but also provides opportunities for technological advancements in this sector. Companies investing in research and development to improve the efficiency, environmental sustainability, and cost-effectiveness of WtE technologies are well-positioned to capitalize on this expanding market.
Competitive Landscape
The major players operating in the waste-to-energy (WtE) market are Abu Dhabi National Energy Company, PJSC(TAQA), Babcock & Wilcox Enterprises, Inc., C&G Environmental Protection Holdings Limited, Covanta Holding Corporation, Foster Wheeler AG, Hitachi, Ltd, Keppel Seghers Engineering Singapore Pte Ltd., Martin Environmental Services, Mitsubishi Heavy Industries Environmental & Chemical Engineering Co., Ltd., Rambøll Group A/S, Suez SA, Veolia Environmental Services, Viridor Waste Management Ltd., Waste Management, Inc., Wheelabrator Technologies Inc.. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 22 Aug 2023, Covanta Energy Corporation signed a new contract with the city of Los Angeles to provide waste-to-energy services for the next 10 years.
- 09 Aug 2023, Veolia and TotalEnergies has formed a joint venture to develop and operate waste-to-energy projects in France. The joint venture will invest €1 billion in over 10 projects.
- 04 March 2023, Waste Management, Inc. acquired BioTherm Energy, a leading waste-to-energy company in New York.
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To find more Visiongain research reports on the energy sector, click on the following links:
- Energy Storage Systems (ESS) Market Report 2023-2033
- Waste to Energy (WtE) Market Report 2022-2032
- Hydrogen Energy Storage Market Report 2022-2032
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