Fort Collins, Colorado, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The Waste-to-Energy Market size was valued at USD 34.8 Billion in 2022 and is expected to reach USD 62.3 Billion by 2032 with a CAGR of 6.1%.
WTE technologies like thermochemical, biological, and biochemical convert waste into electricity and alternative fuels. The adoption of WTE technologies is increasing globally due to concerns about soil pollution from landfills, the potential to generate electricity or CNG from biogas produced from organic waste, and government initiatives to diversify their energy sources due to the depletion of conventional energy sources.
Growing urbanization primarily drives the increase in consumption of goods and ultimately generates high volumes of waste. The lack of efficient waste management infrastructure, such as sorting, recycling, and composting, leads to unregulated waste dumping on city outskirts and water bodies. Lack of social awareness about segregated waste collection also leads to dumping municipal waste in open grounds, leading to soil and groundwater contamination.
Local governments in the US, China, and Europe are designating landfills for municipal solid waste, which consists of paper, plastic, building debris, and food waste. However, developed markets need more landfill space. They are taking alternative measures such as building waste-to-energy plants, increasing tipping fees, and limiting the amount of waste sent to landfills.
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Segmentation Overview:
The global waste to energy market has been segmented into technology and region. Thermal WTE is a popular technology for waste management and energy generation. It includes methods like incineration, pyrolysis, plasma gasification, and torrefaction. It's preferred over open waste burning as it reduces greenhouse emissions. Asia Pacific is the largest market for WTE, with China and Japan leading in adoption rates. Europe has over 500 WTE plants, North America has over 80 facilities, and the US has 75 WTE plants. However, WTE adoption remains low due to high costs and preference for landfills.
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Waste to Energy Market Report Highlights:
- The global waste to energy market growth is anticipated to have a CAGR of 6.1% by 2032.
- WTE technologies convert waste to electricity and fuels. Their adoption has increased globally due to concerns about landfill pollution, biogas collection from organic waste, and government initiatives to diversify energy sources.
- Asia Pacific leads in waste-to-energy technology market with over 1,200 plants. China launched a "waste-free city" program in 2019. Japan is the top market for biological WTE plants.
- Some prominent players in the waste to energy market report include Everbright International, JinJiang Group, Grandblue, Sanfeng Environment, Dynagreen, Viridor, enfinium, Mitsubishi Power, Veolia Environment, Andritz, Suez, Babcock & Wilcox.
Industry Trends and Insights:
- Viridor won the Green Apple award for pollution reduction and plastic recycling.
- Enfinium welcomes 2023 apprentices for a 3-year program combining academic study, practical training, and on-the-job experience.
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Waste to Energy Market Segmentation:
By Technology: Thermal, Biological
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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