Waste To Energy Market size to grow by USD 23.13 billion from 2022 to 2027, Increasing awareness about climate change to boost the market growth, Technavio
NEW YORK, March 7, 2024 /PRNewswire/ -- The waste-to-energy market size is expected to grow by USD 23,.13 billion from 2022 to 2027, progressing at a CAGR of over 6.55% as per the latest Technavio market research report. Europe is going to have lucrative growth during the forecast period. About 43% of the market's overall growth is expected to originate from Europe. One of the main factors which are significantly contributing to the global waste-to-energy market growth in Europe is due to the several countries seeking to minimize their dependence on fossil fuels and using their renewable energy sources. Some of the various processes by which waste energy technology converts solid waste into energy include incineration, gasification, and pyrolysis. There is an increasing development of a mature waste-to-energy industry in several countries such as Germany, France, the UK, Sweden, Denmark, and the Netherlands which is expected to drive market growth in Europe during the forecast period.
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- The growing awareness regarding climate change drives the market growth during the forecast period.
- Rising waste generation for waste to energy conversion is an emerging trend in the market during the forecast period.
The high operating and maintenance costs of waste to energy plants are a major challenge hindering the market growth during the forecast period.
Factors such as high investment for the construction of waste-to-energy plants, high electricity prices, and increased cost of waste processing when compared to conventional waste disposal methods are negatively impacting the market growth. Some of the main processes involved in processing include sorting, shredding, and incineration, and these plants must handle different types of waste. Furthermore, the cost of maintenance of the equipment by complying with the environmental regulations adds to the total cost. Hence, such factors are hindering the market growth during the forecast period.
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Key Company:
The waste-to-energy market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
A2A Spa, Abu Dhabi National Energy Company PJSC, Babcock and Wilcox Enterprises Inc., BlueFire Renewables Inc., China Everbright Environment Group Ltd., China Jinjiang Environment Holding Co. Ltd, CNIM SA, Covanta Holding Corp., Ener Core Inc., Future Biogas Ltd., Hitachi Zosen Corp., John Wood Group PLC, Keppel Corp. Ltd., MARTIN GmbH, Meridiam SAS, Mitsubishi Heavy Industries Ltd., MVV Energie AG, Veolia Environnement SA, Waste Management Inc., and Wheelabrator Technologies Holdings Inc.
Segmentation Analysis
The market is segmented by technology (thermal and biological), application (electricity and heat), and geography (Europe, APAC, North America, Middle East and Africa, and South America).
The growth of the thermal segment in the global waste-to-energy market is significant during the forecast period. One of the main technology used in the waste-to-energy market is the thermal segment. This technology mainly comprises the utilization of heat to convert waste into energy. Some of the main classifications in this segment include incineration, gasification, pyrolysis, and plasma arc gasification. In the incineration segment, the burning of waste at high temperatures generates steam which is used to generate electricity. Hence, such benefits are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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Analyst Review
In the quest for sustainable energy solutions, pyrolysis emerges as a transformative process, converting waste materials into valuable resources. Pyrolysis involves the thermal decomposition of organic materials in the absence of oxygen, yielding bio-oil, syngas, and biochar. This process is a cornerstone of thermal waste to energy processes, harnessing heat to drive chemical reactions that generate usable energy.
Furthermore, biochemical waste to energy processes offer another avenue for converting organic waste into renewable energy sources. Through biochemical reactions such as anaerobic digestion, organic matter decomposes into biogas and digestate, providing a dual benefit of energy generation and nutrient-rich fertilizer production.
The International Energy Agency (IEA) recognizes the pivotal role of waste to energy technologies in mitigating environmental challenges and advancing sustainable development goals. By promoting research and collaboration, the IEA facilitates knowledge exchange and innovation in the waste to energy sector, driving global efforts towards a circular economy.
Within this landscape, R&D (Research and Development) initiatives play a critical role in enhancing the efficiency and viability of waste to energy processes. Researchers continuously explore novel catalysts, reactor designs, and integration strategies to optimize resource recovery and minimize environmental impacts.
The waste to energy market is experiencing rapid growth as governments, industries, and communities seek alternatives to traditional waste management practices. By converting waste streams into valuable energy commodities, pyrolysis and other waste to energy technologies offer a sustainable solution to waste diversion and energy generation challenges.
Moreover, waste to energy projects contribute to sustainable development, offering economic opportunities, reducing greenhouse gas emissions, and alleviating pressure on landfills. As countries strive to meet their renewable energy targets and reduce reliance on fossil fuels, waste to energy emerges as a promising pathway towards a cleaner, more resilient energy future.
In conclusion, the waste to energy market presents a dynamic opportunity to transform waste into wealth while addressing pressing environmental concerns. Through innovation, collaboration, and strategic investment, stakeholders can unlock the full potential of waste to energy technologies, paving the way for a more sustainable and prosperous future.
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Market Overview
The Waste to Energy market is witnessing rapid growth due to innovative technologies like pyrolysis, thermal waste to energy processes, and biochemical waste to energy processes. These methods efficiently convert waste into valuable energy resources. The International Energy Agency (IEA) plays a crucial role in promoting sustainable energy solutions globally, encouraging the adoption of waste to energy technologies. With increasing environmental concerns and energy demands, R&D (Research and Development) investments are driving advancements in this sector. Governments and industries are recognizing the potential of waste as a valuable resource, leading to a surge in waste to energy projects worldwide. Embracing these technologies not only addresses waste management issues but also contributes to sustainable energy production, paving the way for a cleaner and more efficient future.
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Related Reports:
The electronic waste recycling market size is estimated to grow at a CAGR of 15.67% between 2022 and 2027. The market size is forecast to increase by USD 16,004.9 million. This report extensively covers market segmentation by material (metals and chemicals, plastic, and glass), source (household appliances, entertainment, consumer electronics, IT and telecom, medical equipment, and others), and geography ( Europe, APAC, North America, South America, and Middle East and Africa). - Increase in industrial activities globally drives market growth.
The wet waste management market size is estimated to grow at a CAGR of 5.08% between 2022 and 2027. The market size is forecast to increase by USD 36.54 billion. This report extensively covers market segmentation by method (landfill, recycling, and incineration), service (processing, collection and transportation, disposal and landfill, sorting, and storage), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). Growing awareness for wet waste management and recycling drives market growth.
Table of Contents
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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