New York, United States, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Waste-to-energy (WtE) or energy from waste (EfW) is a process of energy recovery and generating energy in the form of heat or electricity from the primary treatment of waste. The process of recovering energy and producing energy in the form of heat or electricity from the initial treatment of trash is known as waste-to-energy (WtE) and energy from waste (EfW), respectively. The rise in public WtE spending and increased demand for the incineration process fuel the expansion of the worldwide waste-to-energy market.
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Increase in Demand for Renewable Sources of Energy Drives the Global Market
According to Straits Research, “The global waste-to-energy market was USD 37.1 billion in 2022. It is expected to reach an estimated value of USD 68.78 billion by 2031 at a CAGR of 7.10% during the forecast period (2023-2031).” Solar, geothermal, wind, bioenergy, hydropower, and ocean power are some leading renewable energy sources. Currently, renewable energy is used for transportation, heating, and management. In comparison, fossil fuels are more expensive than renewable energy sources. Waste of power is the most cost-competitive way (in terms of operating cost). The increase in global temperatures brought on by burning fossil fuels emitting carbon dioxide (CO2) into the atmosphere is the main factor driving the market's expansion. Developed and developing countries have focused on boosting renewable energy sources, including wind, solar, and hydro, due to improved output efficiency, lower pollution, and low maintenance costs.
Upsurge in Energy Demand from the Asia-Pacific and Latin America Regions Creates Opportunities
The growing concern over utilizing the enormous volumes of garbage produced in diverse locations significantly impacts the waste-to-energy business. High growth rates have been observed in Asia-Pacific and LAMEA region countries, including China, India, Brazil, KSA, and others, due to increased waste generation and government initiatives to assist appropriate garbage utilization in these regions. Japan has a high degree of technological adoption, which has led to the development of a robust waste-to-energy industry. The people of many countries in Asia-Pacific and LAMEA now understand the significance of sustainable development, the imperative to reduce greenhouse gas emissions, and the necessity for proportionately larger consumption of renewable resources. The increase in industrialization, urbanization and GDP in these areas further encourage market expansion.
Regional Analysis
Europe is the largest shareholder in the global waste-to-energy market and is expected to grow at a CAGR of 4.6% during the forecast period. Due to the depletion of fossil resources like coal and petroleum, there is an increased push in Europe to minimize greenhouse emissions, achieve low carbon footprints, and provide a consistent electrical supply. A stable regulatory environment, better access to funding for the waste-to-energy sector, cost-effective grid investment and connection, continuous support for innovation and training, and enhanced cost-saving synergies are all projected to contribute to the growth of the European market.
Asia-Pacific is expected to grow at a CAGR of 4.8% during the forecast period. Due to the strong demand for renewable energy, the Asia-Pacific waste-to-energy business is still in its infancy. China, South Korea, and India are some major economies in this sector that are growing steadily. The Asia-Pacific waste-to-energy market's thermal category accounted for the most significant volume due to the expanding use of thermal technology for energy production.
Key Highlights
- Based on technology, the global waste-to-energy market is bifurcated into thermal, biochemical, and others. The thermal segment owns the highest market share and is expected to grow at a CAGR of 4.3% during the forecast period.
- Europe is the largest shareholder in the global waste-to-energy market and is expected to grow at a CAGR of 4.6% during the forecast period.
Competitive Players
The global waste-to-energy market’s major key players are Abu Dhabi National Energy Company Pjsc (Taqa), John Wood Group Plc, Babcock & Wilcox Enterprises, Inc., C&G Ltd., China Everbright International Limited, Covanta Holding Corporation, Suez, Veolia, Waste Management, Inc., Cnim, Bluefire Renewables, Ener-Core, Inc., Plasco Energy Group, Inc., and Wheelabrator Technologies Inc.
Market News
- In February 2022 - Babcock & Wilcox (B&W) announced its B&W Renewable business segment had been awarded a contract for approximately USD 22 million to design and supply advanced waste-to-energy technology to help a power producer in Asia reduce its reliance on coal and decrease the amount of waste sent to landfills.
- In March 2022 - Covanta, a world leader in sustainable waste and energy solutions, announced that it had increased its ownership stake in Covanta Green UK Limited, Covanta Green Jersey Assets Limited, and Covanta Green Protos Holding Limited, which hold ownership stakes across four Waste-to-Energy facilities in the UK, through EQT Infrastructure’s acquisition of Green Investment Group’s (“GIG”) 50% stake in those entities. The purchase price and follow-on equity requirements to finalize construction will be funded by EQT Infrastructure.
Global Waste-to-Energy Market: Segmentation
By Technology
- Thermal
- Biochemical
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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