The global demand for waste-to-energy (WtE) market is expected to witness high surge in demand as governments across the globe invest in developing sustainable solutions for generating energy from waste.
This is being encouraged by improved awareness amongst consumers about the depletion of the non-renewable energy resources and soaring levels of pollution across land, water and air. Collectively, these factors have contributed to rise in demand for the incineration process and public waste-to-energy expenditure.
Zero emission sources
The positive approach to waste-to-energy technologies has led to its widespread acceptance in various countries. The need to cater to the rising demand of electricity consumption is also triggering the demand for these alternative technologies. Government bodies are increasingly implementing several federal laws and regulations to control usage of non-renewable energy resources. Countries are moving towards achieving the zero emission sources, bolstering the demand for the global waste-to-energy market.
However, there are certain restraints affecting the growth of the global market such as environmental hazards associated with the incineration process.
The type segment in the waste-to-energy market is segregated into thermal and biological. The thermal segment is further segmented into incineration, pyrolysis, and gasification. Among these, the incineration segment is expected to lead the global waste-to-energy market by registering a rising CAGR over the forecast period. There has been a rise in waste generation across the globe leading to increased demand for incineration process globally. This process is increasingly rising in demand as it can treat multiple types of wastes.
North America has high potential for growth
North America is expected to lead the global waste-to-energy market as this region has high potential due to developed economies in this region. North America has high potential for growth with steady installations of waste to energy plants. The government policies in this region are strict, adhering to the Paris Climate Change Agreement hence, bolstering demand for better alternatives of non renewable energy sources.
Europe is also expected to rise in demand during the forecast period as this region is heavily focusing on an energy system that depends lesser on fossil fuels.
Key players in the market are actively focusing on strategies such as mergers and acquisitions. There has been a rise in investment for research and development activities as investors are actively seeking reliable sources of energy conversion to create lucrative market growth opportunities. The key players operating in the global waste-to-energy market are Covanta Energy Corporation, Veolia, Seuz Environment, China Everbright International Limited, EDF, AVR, EQT AB, Wheelabrator, Hitachi Zosen Inova AG, Babcock & Wilcox, Viridor, Ramboll Group and GCL Poly.
Rise in demand for sustainable energy sources to boost the demand for the global market.
Stricter government laws and regulations are forcing the key players to invest in alternative sources of energy generation.
The incineration segment expected to rise, owing to its ability to treat multiple types of wastes.
Players to focus on investing in research and development activities to stay at the top of the game.
Fuente: Waste Management World