New York, USA, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global waste to energy market. As per the report, the global market is projected to surpass $70,700.0 million and grow with a CAGR of 4.7% in the estimated period, 2021-2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the waste to energy market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Factors Impacting the Waste to Energy Market Growth:
The global waste to energy market growth is driving owing to growing production of heat and electricity from waste and rising initiatives to reduce the amount of waste by adopting waste to energy technology. Moreover, increasing use of waste to energy technology owing to its potential to replace coal for electricity generation is anticipated to divulge profitable opportunities for the growth of the market in the estimated period. However, high costs of involved in the installation of waste to energy plants is expected to obstruct the growth of the market in the coming years.
Impact of COVID-19 Pandemic on the Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global waste to energy market. The pandemic surged the amount of toxic medical waste like gloves, sanitizer bottles, PPE kits, and others, which triggered the fear of infection among waste handling departments. Additionally, implementation of lockdown and social distancing norms affected several commercial activities, disrupted transport, and halted manufacturing & production processes, thus impacting the waste management owing to inappropriate collection & disposal of waste. All these factors hampered the growth of the market during the pandemic period.
The report segments the global waste to energy market based on technology and region.
Thermal Sub-Segment to Hold Leading Market Share
The thermal sub-segment of the technology segment is predicted to hit $48,366.9 million in the estimated period. This growth is mainly because of the growing incineration of waste for generating thermal energy, which can be used for driving steam turbines for producing electricity.
Asia-Pacific Waste to Energy Market to Witness Rapid Growth
The report examines the global waste to energy market across numerous regions including Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is anticipated to grow rapidly by garnering $25,982.3 million during forecast period. The growth of this region market is mostly owing to the growing population and speedy relocation of people in cities, which result in huge quantities of waste generation in this region.
Key Players in the Waste to Energy Market:
The report states some of the foremost players operating in the global waste to energy market including
- China Everbright International Limited
- John Wood Group Plc
- C&G Ltd.
- Suez
- Covanta Holding Corporation
- Waste Management, Inc.
- Abu Dhabi National Energy Company Pjsc (TAQA)
- Veolia
- CNIM
- Babcock & Wilcox Enterprises, Inc.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading-edge in the global market.
For instance, in September 2021, the United Nations Development Programme (UNDP), launched Yemen’s first ever waste-to-energy (WtE) plant. The plant uses a novel method of generating energy that might modernize the governorate’s viewpoint for addressing waste management.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
Post COVID-19 Impact Insights on Waste to Energy Market. Ask an Analyst or Schedule a call
More about Waste to Energy Market:
- Waste to Energy: A Circular Economy for Reducing Environmental Impacts
- Strategic Collaborations and Business Expansion by Key Players to Contribute to the Growth of the Global Waste to Energy Market by 2028
