Wilmington, Delaware, United States, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global waste-to-energy market stood at US$ 26.8 billion in 2022 and is projected to reach US$ 43.1 billion in 2031. The global waste-to-energy market is anticipated to expand at a CAGR of 6.1% between 2022 and 2031.
The global market is significantly driven by the potential advantages of waste-to-energy and an increase in government policies toward developing waste-to-energy during the forecast period. Demand for energy is increasing along with the prices of oil and gas. Governments are taking various initiatives to reuse & recycle waste and convert it into energy. Innovative waste-to-energy plants are being developed for proper waste management in developing countries.
Waste-to-energy (WTE) is a process of generating energy from waste and reducing the dependence on fossil fuels, such as coal, for energy generation. Countries across the globe are investing in renewable energy sources to reduce reliance on fossil fuels. Favorable incentives and schemes have been introduced across all regions to promote effective waste collection and processing, creating significant opportunities for the waste-to-energy industry.
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The global waste-to-energy industry has been segregated into municipal solid waste, agriculture, and others. The municipal substantial waste segment held a significant share of 65.5% of the global market in 2021. It is estimated to dominate the market during the forecast period. The generation of municipal solid waste is rising due to rapid industrialization. Municipal solid waste can be extensively used for energy generation across the globe.
Organic waste from urban and rural areas degrades. It is a resource for generating energy. Issues caused by solid and liquid wastes can be considerably reduced by adopting environment-friendly waste-to-energy technologies that enable the processing and treatment of waste before its disposal. These measures reduce waste, generate substantial energy, and decrease environmental pollution.
Key Takeaways of Market Report
• Global waste-to-energy market to generate absolute dollar opportunity worth US$ 43.1 billion until 2031.
• Global waste-to-energy market from 2022 to 2031 is 6.1%
• The global waste-to-energy market is valued at US$ 26.8 billion in 2022.
• The global waste-to-energy market stood at US$ 24.2 billion in 2021.
Waste-to-energy Market: Growth Drivers
- The rise in investment in renewable energy, government initiatives and policies, and a focus on reducing global dependence on coal and other fossil fuels by various governments are some of the factors expected to drive the market for waste-to-energy. Several new waste-to-energy projects are being established across the globe. Policies such as feed-in-tariffs, tax credits, and capital subsidies have been provided for waste-to-energy in countries such as China, India, the U.S., and countries in the EU. The Government of India recognizes waste-to-energy as a renewable technology and supports it through various subsidies and incentives.
- Most of the generated waste finds its way into land and water bodies without being adequately treated, thus causing water pollution. This waste emits greenhouse gases such as carbon dioxide and methane, increasing air pollution. According to the World Bank estimates, worldwide waste generation is projected to nearly double in volume by 2025 and reach 6 million tons of waste per day. Several countries are opting for alternate sources of energy due to restricted landfilling, growing environmental issues, and volatility in fuel prices. Waste-to-energy is a process of generating power by treating waste. WTE solves ecological problems related to waste by reducing the volume and decreasing the emission of greenhouse gases.
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Waste-to-energy Market: Regional Landscape
- Europe accounted for a prominent share of 39.48% of the global market in 2021. This trend is projected to continue during the forecast period. In Europe, the electricity segment accounted for a 43.3% market share, while the thermochemical part held a 58.65% share in 2021. In terms of waste type, the municipal solid waste segment constituted a 70.6% share of the market in Europe in 2021.
- Asia Pacific is also a key market for waste-to-energy. The region held a 30.59% share of the global market in 2021.
Waste-to-energy Market: Key Players
- SUEZ was awarded a new industrial wastewater treatment project contract in Changshu (China) to increase the city’s quality and socio-economic development. The project is located in the Changshu Economic and Technological Development Zone and is worth a total investment of EUR 37 Mn.
- Veolia became the first company to establish a European synthetic e-fuel production unit. The production unit was implemented at LIPOR’s Energy Recovery Plant near Porto. Its innovative technology configuration and design are expected to revolutionize the waste-to-energy industry while decarbonizing the aviation sector.
Waste-to-energy Market: Segmentation
- Waste Type
- Municipal Solid Waste (MSW)
- Agricultural Waste
- Others
- Technology
- Thermochemical
- Incineration
- Others
- Biochemical
- Anaerobic Digestion
- Others
- Application
- Heat
- Electricity
- Others
- Region
-
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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