The global waste to energy market is experiencing growth due to several factors such as the increasing emphasis on sustainable waste management practices worldwide. As industries expand, the need for efficient waste disposal methods has been witnessed to increase notably, making waste to energy solutions crucial across diverse sectors such as manufacturing, petrochemicals, and energy production.
WILMINGTON, Del., Dec. 13, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Waste to Energy Market by Technology (Thermal, Biochemical, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global waste to energy market was valued at $35.6 billion in 2022, and is projected to reach $56.0 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032.
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Prime determinants of growth
The growth of the global waste to energy market is majorly driven by surge in demand for renewable energy, implementation of stringent environmental regulations coupled with rise in environmental concerns, and increase in energy demand and sustainable solutions. However, high initial costs of waste to energy hinder the market growth. Moreover, advancements in technologies offer an alternative by converting waste materials into usable forms of energy such as electricity, heat, or biofuels. This helps to reduce dependency on non-renewable resources and offers remunerative opportunities for the expansion of the waste to energy market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$35.6 Billion |
|
Market Size in 2032 |
$56.0 Billion |
|
CAGR |
4.7 % |
|
No. of Pages in Report |
250 |
|
Segments covered |
Technology and Region |
|
Drivers |
• Surge in demand for renewable energy • Implementation of stringent environmental regulations coupled with rise in environmental concerns |
|
Opportunities |
• Surge in energy demand and sustainable solutions |
|
Restraints |
• High cost of investment |
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The thermal segment is expected to maintain its dominance by 2032
On the basis of technology, the thermal segment held the highest market share in 2022, accounting for more than four-fifths of the global waste to energy market revenue and is estimated to maintain this trend throughout the forecast period. This is attributed to the utilization of various waste streams such as municipal solid waste, industrial residues, agricultural by-products, and biomass. Moreover, thermal technology plays a crucial role in addressing waste management challenges by reducing waste volume and mitigating environmental pollution. However, the others segment, including mechanical biological treatment (MBT), plasma gasification, and hydrothermal processing is projected to register the highest CAGR of 5.3% from 2023 to 2032.
Asia-Pacific is expected to grow at a notable pace during the forecast period
Region wise, Europe garnered the highest market share in 2022, accounting for more than two-fifths of the global waste to energy market revenue, and is estimated to maintain its dominance throughout the forecast period. This is attributed to the fact that waste to energy plays a vital role in the European sustainable waste management and energy production strategy. Moreover, European countries have been actively adopting these technologies to address both the challenges of waste disposal and the need for renewable energy sources. However, Asia-Pacific is estimated to register the highest CAGR of 5.1% from 2023 to 2032 due to rapid urbanization and fast-paced industrial growth, which result in increased waste generation. This surge in municipal solid waste coupled with industrial and agricultural residues presents a significant opportunity for the waste to energy market in Asia-Pacific.
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Leading Market Players: –
- BABCOCK & WILCOX ENTERPRISES, INC.
- CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED.
- COVANTA HOLDING CORPORATION
- HITACHI ZOSEN INOVA AG
- KEPPEL INFRASTRUCTURE GROUP.
- MVV ENERGIE AG
- SUEZ
- VEOLIA
- VIRIDOR LIMITED
- WHEELABRATOR TECHNOLOGIES INC.
The report provides a detailed analysis of these key players in the global waste to energy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to acquire maximum market share and strengthen their foothold in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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