The global waste to energy market is projected to reach a valuation of US$ 82.49 Bn in 2032, with sales growing at a healthy CAGR of 7.3% during the forecast period of 2022 to 2032. Valued at US$ 38 Bn in the year 2021, the waste to energy market will reach an estimated US$ 40.77 Bn in 2022. Escalating waste production is an immense concern. In addition to this, there is heightened demand for clean energy. Thus, the waste to energy technology is gaining mass recognition as it addresses two issues at the same time.
Rapid urbanization and industrialization have led to greater power requirements. With High power needs and emphasis on cultivating energy from renewable sources, the waste to energy market looks at bright market prospects. More and more countries are investing in renewable energy and reducing their dependency on fossil fuels which creates lucrative opportunities for the waste-to-energy sector. Elevated greenhouse gas emissions have resulted in the implementation of strict government regulations.
This in turn induces manufacturers of green technology to continue to produce novel and innovative technologies that will aid in the production of cleaner energy. This fosters an environment of growth for the waste to energy market. Many governments across the globe increasing their investment in renewable energy sources to decrease their dependency on fossil fuels. This, too, contributes to the market expansion of waste to energy market.
Heightened demand for thermochemical waste to energy technology also fosters market growth for the waste to energy technology over the forecast period. Due to constant developments in waste treatment technology, thermal technologies are expected to dominate the waste to energy market. Waste is transformed into usable heat during thermal treatment and this heat or steam is then used to turn a turbine and produce power. This technology is being adopted by many companies around the world and is likely to drive the waste to energy market.
“Government initiatives and policies coupled with developing waste treatment technologies will likely drive the growth of the waste to energy market over the forecast period,” says an FMI analyst.
· Constant advancements in waste treatment technology generate market possibilities.
· By technology, the biological waste to energy segment is expected to dominate the market.
· The thermal waste to energy segment is predicted to account for 83% of the total market revenue in 2022.
· The European waste to energy (WTE) market is expected to reach a value of US$ 16.5 Bn in 2022.
· The waste to energy market in North America will presumably grow at a 7.6% CAGR
Veolia, Velocys, Biffa, Sims Limited, Stericycle, Keppel Seghers, Recology, Waste Connections, Xcel Energy, Hitachi Zosen Inova AG, China Everbright Environment Group Limited, JANSEN Combustion and Boiler Technologies, Wheelabrator Technologies, SUEZ, OMNI Conversion Technologies, WM Intellectual Property Holdings, and Covanta Holding Corporation and others are some of the major players in the waste to energy market that are profiled in the full version of the report.
Leading market players are concentrating on increasing their investments in R&D activities to develop new technologies with advanced and variety of features. These businesses are also keen on mergers and acquisitions to expand their revenue stream.