ID: MRFR/E&P/0861-HCR | February 2021 | Region: Global | 185 pages
Waste to Energy Market is projected to be worth USD 52.37 billion by 2028, registering a CAGR of 5.1% during the forecast period (2021 - 2028)., The market was valued at USD 36.12 billion in 2021.
The amount of waste collected throughout the world is a concern of the world population leading to global warming at an alarming rate. Thus, making Waste to Energy an essential industry in today’s world. More consumers are inclined to using the organic source of energy or renewable source to maintain the biological balance of the changing environment. Asia-Pacific is the most highly involved global market industry that decomposes the waste and converts it to usable energy. America has the highest demand for building industries for power generation through waste material making field for renewable energy sources. Europe and other EMEA regions like Japan, Australia have also created many market opportunities for industries involved in the waste conversion. Canada on the other hand has targeted to convert 90% of its waste into reusable energy by the year 2026 by promoting greenhouse energy, thermal energy, and biochemical energy for daily uses.
Competitive Landscape for the market:
Many mergers of industries have happened in the past decade supporting the waste to energy claims made by them. Governments throughout the world have adapted to growth strategies penetrating the market of waste energy renewal to higher market share. Waste Management (US) is the world leader of energy in form of fuel, gas, and electricity at the lower calorific value using catalysts to boost up the energy conversion. Recently Waste Management (US) has collaborated with United Arab Emirates (UAE) by exporting waste from UAE to the US and then converting it to energy and exporting this to UAE at a lower tax rate thus, creating a market for the waste conversion industry to benefit. A2A (Italy), Hitachi (Japan), Ramboll (Denmark), Axpo Holding AG (Switzerland), BlueFire Renewables (US) are a few of the market leaders in the Waste to Energy Industry.
Market COVID-19 Analysis:
COVID-19 pandemic has caused the world to come to a halt. By causing human loss COVID-19 virus affected the world in different aspects i.e. emotional loss for people, economical loss for government, GDP loss for countries, and manpower and financial loss for most of the industries. Industries and governments around the world are taking preventive steps to sustain the loss and move forward and sustain the ecological balance. Waste to energy market value increased in the COVID-19 times as more healthcare waste was accumulated which was sent to waste disposal plants where it was converted into usable energy. Like the industries benefited around the waste disposal but due to heavy taxes imposed by the government on the energy generated many countries faced a growth in price at per unit consumption of this energy. Prices are expected to decrease in upcoming years due to the increase of industrial waste and people's inclination towards the use of sustainable energy form.
The waste to the energy industry is on the verge to change the world of useable energy. With an increased public disposable waste and industrial waste, it has become a global issue to have disposable furnaces separate the waste and accumulate it to areas so that it does not create havoc for the environment. More people these days are inclined to use the efficient source of energy thus increasing the demand for waste to energy (WTE) methods which can produce heat and electricity with the methods of pyrolysis, incineration, biochemical treatments, and gasification.
The waste to energy Industry has elevated to global levels involving all the major industries around the world into the energy market. Governments imposed rules that have regulated the use of this waste to energy technology in meeting the high demand for electricity needs. Now waste disposed at rural areas is used in locally built power plants to provide electricity to areas where bigger power plants were not possible. Public Utility Regulatory Act (PURPA) involves government invest in these industries and provide electricity to local areas at a comparatively lower rate per unit.
Waste to Energy industry deals with the waste disposable methods defined by different government and convert it into energy in form of heat and energy. Earlier all the waste was accumulated in one sector and was left to decompose at their rate but certain non-degradable items like plastics which cannot be decomposed have led to pollution on air and water levels and making global warning phenomena a threat to world’s living organisms. Thus, conversion of this waste to energy was essential. Now with government regulations and rules waste is separated at the base level only through which degradable and non-degradable waste goes to separate industries where it is decomposed on high levels in furnaces and thus producing useable energy using methods like pyrolysis, incineration, biochemical treatments, and gasification. This process of energy conversion is called thermal combustion generating fuels like methanol, ethanol, CNG, etc.
Waste to Energy is segmented as biochemical and thermal energy. Thermal energy is the process of combustion of homemade or organic waste using gasification or pyrolysis and converting it into gas, fuel, or heat. Biochemical energy on the other hand deals with the fermentation of chemical waste from industries involving waste materials like methanol, ethanol, etc., and converting it into biogas. The amount of oxygen used and the temperature to which waste is heated is the basis of the segmentation of these two types of energy resulting in the amount of water and carbon dioxide production.
By vertical Waste to Energy is segmented as the public and private sector. Many people have started using degradable waste as manure for soil and crops for their kitchen garden. Fruits peels and other vegetable waste is a high source of manure for organic gardening these days. Other wastes which cannot be decomposed at homes are sent to government-authorized industries that convert this waste to energy for higher use like heat, electricity, gas, fuel, etc.
Conversion of waste to energy is the process in which the waste from around the houses, industries, and power plants are collected and segregated in form of degradable and non-degradable waste which is further boiled in a high voltage furnace to generate electricity which can be further utilized n various sectors. The waste to energy market is on the verge of rising due to increased pollution levels and waste which can cause the extinction of degradable energy like coal, mineral oil, fuel, etc. With the increased demand of customer’s inclination towards efficient energy and vast accumulation of waste around the world, the government has come up with effective solutions to convert the waste to usable energy.
With the current scenario of poor waste management facilities, it has become important to utilize this waste in some form as it could affect the environment around and can lead to less sustainable life forms making the world a black place for living organisms. The government in coordination with private sectors has come up with an initiative to cause a penalty to people to break waste disposal rules and adjourning strict laws for waste collectors to export them to industries that can convert this waste into useable and biodegradable energy.
Market Recent Developments:
Recently Wheelabrator has collaborated with Verus Energy Limited in the regions of West Midlands Vicinity (UK) and has produced electricity by converting more than 400000 garbage disposals from landfills and household waste to energy consumed by more than 70000 houses in the area. Waste Management (US) has collaborated with United Arab Emirates (UAE) by exporting waste from UAE to the US and then converting it to energy and exporting this to UAE at a lower tax rate thus, creating a market for the waste conversion industry to benefit.
The Waste to energy market Report forecasts quantitative and qualitative analysis of the current market scenario of waste disposal and energy conversion creating a market for industries to drive the WTE rate. The market is estimated to grow by more than 50 Billion US dollars by the year 2026. Waste to energy industry Research Report forecasts a CAGR of 5.61% by the year 2026. Global market trends shows a significant growth in the use of reusable sources of energy and conserving the degradable source of energy for future generations. The government is acting on involving more industries to directly convert their waste to energy on home ground to reduce the transportation fee and accumulation of this waste for a longer period. The US has imposed several acts for waste to energy conversion that has accounted for profits to many industries.
|Market Size||2028: USD 52.37 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Biological Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||A2A (Italy), Hitachi (Japan), Ramboll (Denmark), Axpo Holding AG (Switzerland), BlueFire Renewables (US)|
|Key Market Opportunities||Increased demand of customer’s inclination towards efficient energy|
|Key Market Drivers||Increased pollution levels and waste|
Frequently Asked Questions (FAQ) :
Increasing demand for clean energy and rising need for efficient waste management are expected to drive the augmentation of the waste to energy market.
Lack of awareness in underdeveloped regions can restrict market growth in the near future.
The waste to energy market is anticipated to mark 5.1% CAGR.
Waste to Energy Market is projected to be worth USD 52.37 billion by 2028
The major market participants are Waste Management, Inc. (US), Veolia (France), A2A S.p.A. (Italy), Hitachi Zosen Inova AG (Japan), BABCOCK & WILCOX VØLUND A/S (Denmark), Keppel Seghers (Qatar), Ramboll Group A/S (Denmark), Covanta Holding Corporation (US), BTA International GmbH (Germany), Wheelabrator Technologies Inc. (US), Axpo Holding AG(Switzerland), and BlueFire Renewables (US).
One way to generate electricity is to burn solid waste, like the material found in landfills (incinerates garbage) transforming chemical energy to thermal energy. That thermal energy is transformed into electrical energy, usually by turning a turbine. Another energy resource that comes from our garbage is the methane gas that is produced as the waste decays. This gas can be used as fuel.