New York, United States , Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Global Waste To Energy Market Size is to grow from USD 35.52 Billion in 2022 to USD 66.05 Billion By 2032, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.
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Waste-to-Energy (WtE) is a process that converts solid waste into usable energy, such as electricity or heat. It offers an environmentally sustainable solution by reducing waste volume, minimizing greenhouse gas emissions, and decreasing reliance on fossil fuels. Waste is incinerated in specialized facilities, generating heat that is used to produce steam, driving turbines to generate electricity. Advanced technologies ensure efficient energy recovery and stringent emission control. WtE contributes to a circular economy by safely disposing of residual ash. It provides an effective waste management strategy, reducing landfill use and harnessing the energy potential of waste materials.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on, "Global Waste To Energy Market Size, Share, and COVID-19 Impact Analysis, By Technology (Thermochemical and Biochemical), By Waste Type (Municipal Solid Waste, Process Waste, Agriculture Waste, and Others), By Application (Electricity and Heat), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Here:
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Thermochemical segment is expected to grow at a CAGR of around 6.1% during the forecast period.
Based on the technology, the global waste to energy market is segmented into thermochemical and biochemical. The thermochemical segment is expected to experience significant growth in the forecast period in the Waste-to-Energy (WtE) market. Thermochemical processes involve the combustion or gasification of waste materials to generate heat or syngas, which can be further converted into electricity or fuel. This segment's growth is driven by advancements in technology, such as improved efficiency and emission control, making thermochemical WtE solutions more attractive. Additionally, the ability to handle a wide range of waste types and the increasing demand for renewable energy sources contribute to the anticipated growth of the thermochemical segment in the WtE market.
The electricity segment held the largest market share with more than 65.4% in 2022.
Based on the application, the global waste to energy market is segmented into electricity and heat. The electricity segment holds the largest market share in the Waste-to-Energy market due to the increasing global demand for electricity and the ability of waste-to-energy facilities to generate electricity from waste. WtE technologies, such as incineration and gasification, produce heat that is used to generate steam and drive turbines, producing electricity. The electricity segment's dominance is driven by the growing emphasis on renewable energy sources and the need to reduce dependence on fossil fuels. Additionally, government incentives and favorable policies promoting renewable energy further contribute to the significant market share of the electricity segment in the WtE market.
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Europe is predicted to grow at a significant CAGR of around 6.7% over the projected period.
Based on region, Europe is expected to experience significant growth in the Waste-to-Energy (WtE) market during the forecast period. The region has been at the forefront of sustainable waste management practices, with stringent regulations and policies promoting the transition towards a circular economy. Europe's focus on reducing landfilling and increasing renewable energy sources drives the demand for WtE solutions. The presence of well-established infrastructure, advanced technologies, and favorable government support further facilitates market growth. Additionally, increasing awareness and public acceptance of WtE as an environmentally friendly solution contribute to the region's anticipated growth. Europe's commitment to sustainable development and energy transition positions it as a promising market for Waste-to-Energy in the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global waste to energy market include Hitachi Zosen Inova AG, Suez, Covanta, Covanta Holding Corporation, China Everbright International Limited, Veolia, Abu Dhabi National Energy Company PJSC, Ramboll Group A/S, Babcock & Wilcox Enterprises, Inc., Attero, Viridor, Wheelabrator Technologies Inc., and Xcel Energy Inc.
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