New York, September 21, 2021 (GLOBE NEWSWIRE) – Overview of the waste to energy market: According to a comprehensive research report from Market Research Future (MRFR), “Waste to Energy Market Research, Technology, Biological Technology and Region Report – Forecast to 2028 “ The market is expected 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.
List of Key Companies presented in the Waste to Energy Market report are:
- Hitachi Zosen Inova SA
- Covanta Holding Corporation
- China Everbright International Limited
- Abu Dhabi National Energy Company PJSC
- Ramboll Group A / S
- Babcock & Wilcox Enterprises, Inc.
- Wheelabrator Technologies Inc
- Xcel Energy Inc., among others.
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The waste to energy market experiences many strategic approaches, such as mergers and acquisitions, collaborations, expansion and product launches. The main market players invest heavily in research and development activities and promote their expansion plans.
For example, recently on September 17, 2021, MTC Group and Exigo Recycling Pvt. Ltd. (MERPL) announced investments of US $ 25 million to process more than 200,000 tonnes of electronic waste per year. MERPL is a joint venture (JV) between scrap metal processor MTC Group and e-waste recycler Exigo Recycling.
The investment would strengthen MTC’s position as a global market leader in ferrous and non-ferrous scrap companies and Exigo’s expertise in setting up low-cost modular recycling and refining plants in a cost-effective manner. .
Energy recovery from waste helps economies meet important renewable energy targets
The global market for waste to energy is growing at a rapid rate. Factors such as increasing government initiatives to ensure maximization of resource security and environmental sustainability, establishing low-cost modular recycling and refining plants in a profitable manner justifies the growth of the market for waste to energy. In addition, the growing awareness and inclusive growth of the informal sector around the world is influencing the size of the market.
With increasing funding from the public and private sectors to develop an ecosystem offering opportunities through technology, finance and expertise in waste management, the market is likely to reach exponential highs in the years to come. .
Browse the in-depth Waste to Energy (185 pages) market research report
Penetration of Renewable Energy Sources Boosts Market Income
Energy is an important aspect of infrastructure essential for economic growth and the well-being of nations. The presence and development of adequate infrastructure is essential for the sustained growth of an economy. Governments around the world are launching programs to encourage the establishment of biomass factories to generate electricity by disposing of agricultural waste in a carbon neutral manner, tackling growing pollution problems.
Favorable government regulations aimed at boosting renewable energy sources and technological development have positively impacted the growth of the market. In addition, technological improvements have helped to increase the energy performance of waste. Climate change and the growing demand for energy are expected to drive the industry from waste to energy around the world. Growing developments of facilities using household and commercial waste to generate electricity and power the national grid are driving the growth of the market.
Impacts of COVID-19
Revenues from the waste-to-energy market have remained robust and reassuring, even during COVID-19 crises. As a result, the market has become more dynamic and constantly changing than in the pre-pandemic era. At the same time, the ability to respond to market changes has become more important than ever in post-pandemic times.
The lockdowns implemented to control the spread of the virus have fostered many trends, including industrial automation and robotics, networked machines, and analytics. Therefore, the waste-to-energy market has continued to grow, testifying to the increasing adoption of bioenergy solutions and equipment during the pandemic period.
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The market is segmented into technologies, verticals and regions. The technology segment is sub-segmented into thermal technology and biological technology. The thermal technology of the sub-segment is divided into incineration, pyrolysis, plasma arc gasification and others.
The biological technology of the sub-segment is divided into methane capture, anaerobic digestion, fermentation and others. The vertical segment is sub-segmented into public and private sectors. The regional segment is sub-segmented into Europe, North America, Asia-Pacific and the rest of the world.
The Asia-Pacific region represents the largest market in terms of the global market value of waste to energy. The growing consumer preference for the organic energy source or a renewable source to manage the changing environment is increasing the region’s waste-to-energy market shares. In addition, increasing government initiatives to promote the decomposition of waste and convert it into usable energy offers significant market opportunities.
The growing demand for electricity generation from waste and renewable energy sources is increasing the size of the waste to energy market. In addition, favorable government regulations to increase the integration of bioenergy and the development of the manufacturing sector in the region offer significant opportunities for the growth of the energy market.
In addition, the increasing use of waste-to-energy solutions in various power generation and industrial applications and extensive technological upgrades are increasing the size of the market.
Several APAC countries are evaluating alternative energy sources to address growing environmental concerns, volatile crude prices and limited landfills. Energy recovery from waste solves long-term environmental challenges by reducing the amount of greenhouse gas emissions.
Market segmentation covered by research:
Waste to Energy Market Research Report: Insights, By Technology [(Thermal Technology (Incineration, Pyrolysis, and Plasma-Arc Gasification), and Biological Technology (Methane Capture, Anaerobic Digestion, and Fermentation)] and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) – Forecast to 2028
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