New York, USA, Aug. 09, 2021 (GLOBE NEWSWIRE) -- The global waste to energy market is expected to generate a revenue of $70,700.0 million by 2028, growing at a CAGR of 4.7% during the forecast period (2021-2028), increasing from $49,300.0 million back in 2020. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Waste to energy method enables in making the best out of waste to produce heat and energy to generate electricity. This reduces the indigenous reliance on fossil fuels for energy generation. This factor is anticipated to drive the growth of global waste to energy market.
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Restraints: The initial cost of waste to energy incineration and the construction of the waste to energy plants to carry out the process is extortionate. These factors are estimated to curb the growth of global waste to energy market.
Opportunities: Waste to energy has immense potential to replace the traditional coal for the generation of electricity due to the efficiency, sustainability, - and economic benefits of using waste to energy methods. These factors are anticipated to create massive opportunities in the near future.
Segments of the Market
The report has divided the market into different segments based on technology and regional outlook.
Technology: Thermal Sub-segment Anticipated to be Most Lucrative
Thermal sub-segment is estimated to generate a revenue of $2,438.1 million during the forecast period, increasing from $1,639.7 million back in 2020. Thermal energy is significantly used to run steam turbines in order to generate electricity, which is anticipated to drive the growth of the sub-segment.
Global Waste to Energy Market to Witness Considerable Growth Due to the Rise in Power Consumption
Regional Outlook: Europe is Estimated to Dominate the Market
The waste to energy market in Europe garnered $20,513.7 million back in 2020 and is estimated to grow at a CAGR of 4.3% during the forecast period. Increasing concerns about the emission of toxic wastes advocated the application of sustainable waste to energy methods to generate electricity. This factor is anticipated to drive the growth of the market in this region.
Impact Of COVID-19 on the Market
The COVID-19 pandemic has adversely impacted the growth of global waste to energy market. Nation-wide lockdowns caused the closure of manufacturing, production, and supply chain units of various industries. This negatively impacted the overall operation of the waste management process. In addition, increasing risk of contraction of the virus among rag pickers further impeded the waste to energy methods. Hence, these factors have negatively impacted the growth of the global waste to energy market. However, several governmental initiatives and developments in the waste to energy projects are expected to recover the market from the loss post-pandemic period.
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The Major Players of the Waste to Energy Market Include -
- Babcock and Wilcox Enterprises Inc.
- Suez
- John Wood Group Plc.
- Veolia
- Waste Management Inc.
- CNIM
- Abu Dhabi National Energy Company Pjsc (TAQUA)
- China Everbright International Limited
- C&G Ltd.
- Covanta Holding Corporation
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in December 2020, XcelPlus International Inc., a leading alternative energy company acquired AdaptiveGRC Inc., a plasma-waste-to-energy company in order to develop and amplify the units capable of processing up to 1,000 plus tons of waste per day.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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