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The global Waste to Energy Market size was valued at USD 34.7 billion in 2021 and is projected to reach USD 59.86 billion by 2028, growing at a CAGR of 8.1% during the forecast period.
The growth in the need for renewable sources of energy to meet the demand for electricity and heat at various application verticals is the main market driver for the worldwide waste-to-energy industry. The global expansion of the waste-to-energy industry is also being driven by growing awareness of ways to reduce carbon footprints and recycle garbage to produce electricity. The high initial cost of building the treatment facility is a major market restraint for the global waste-to-energy business.
The COVID-19 epidemic has disrupted the world economy by stopping the production of key sectors like those that recycle trash and produce energy. The industries are maintained shut down or run in constrained circumstances, such as with fewer workers and shorter hours. Many nations, including the U.S., China, Spain, Austria, Poland, Korea, India, Germany, the UK, Italy, and France, went into lockdown. The epidemic caused manpower and raw material scarcity in the energy and recycling industries. Some waste-to-energy producers may close their doors depending on how severe the damage is. Due to a lack of workers, manufacturers had to stop manufacturing. Due to this, factory output decreased, resulting in financial losses.
The global Waste to Energy Market is segmented based on Waste Type (Municipal Solid Waste (MSW), Agricultural Waste, Others), Technology (Thermochemical, Incineration, Others), Biochemical (Anaerobic Digestion, Others), Application (Heat, Electricity, Others).
Global demand for incineration processes is mostly driven by an increase in trash generation worldwide. This method is greatly favored over other thermal waste treatment technologies since incinerators can handle all different types of garbage.
An effective and environmentally friendly way to treat garbage is through the waste of energy, which creates heat that can provide electricity. These waste-to-energy facilities may cut waste by 95% to 96% while also keeping it out of landfills. These facilities provide several advantages and eliminate hazardous waste, including medical waste. The use of waste to energy technology has several benefits, including the generation of heat and power, effective metal recycling, efficient waste management, a reduction in waste, the prevention of the production of methane gas and harmful greenhouse gases, better control over noise and odor during the decomposition process, minimal pollution, and the non-contamination of groundwater. During the projected period, it is predicted that all of these advantages will increase demand for waste-to-energy markets.
Municipal solid waste burning in waste-to-energy plants is a reliable and affordable substitute for coal power plants. When coal is burned to produce power, hazardous gases such as sulfur dioxide, nitrogen oxides, and hydrogen chloride are released, along with trace amounts of lead, mercury, and cadmium. On average, waste-to-energy facilities can produce 300 million Tonnes of electricity per year by burning waste. This lessens the demand placed on fossil fuels, such as coal and other non-renewable forms of energy. These facilities also stop the emission of dangerous substances, such as dioxin, which is predicted to create excellent growth prospects during the forecast period.
Large amounts of rubbish are being produced every day as a result of the population’s fast growth and migration to cities. In addition, the COVID-19 epidemic has had a significant impact on nations like China and India, which has caused panic buying of things, an increase in single-use items, and the buildup of a lot of medical waste, which has led to plastic pollution. As a result, Shenzhen, one of China’s major megacities, has built the world’s largest waste-to-energy facility, which can handle up to 5,000 tonnes of waste every day. Additionally, China has more than 300 waste-to-energy facilities that effectively manage waste and produce energy. Similar to this, over 90 waste-to-energy plants that treat municipal solid trash and produce power are managed by Veolia, a business that provides waste management and energy services.
Some of the major key players operating in the market are Abu Dhabi National Energy Company Pjsc (TAQA), Babcock & Wilcox Enterprises, Inc., China Everbright International Limited, John Wood Group Plc, C&G Ltd., Suez, Waste Management, Inc., Veolia, Covanta Holding Corporation, and CNIM.