Market Definition
Waste-to-Energy (WTE) is the process of generating energy in the form of electricity or heat through the combustion of MSW (Municipal Solid Waste). It provides two major benefits— sustainable waste management & disposal and clean power generation. Several countries worldwide are massively investing in renewable energy sources to minimize their dependence on fossil fuels and curb the growing carbon emissions. The high volume of waste generated and the increasing number of WTE plants worldwide are boding well for both the environment and the leading companies operating in the industry.
Market Insights & Analysis: Global Waste to Energy Market (2023-28)
The Global Waste to Energy Market was valued at 39.21 billion in 2022 and is projected to grow at a CAGR of around 6% during the forecast period, i.e., 2023-28. The growth of the market would be driven primarily by the massive amount of residential & commercial waste generated every year due to urbanization & industrialization, coupled with increasing population & power consumption levels. As a result, there's a mounting focus of various countries on clean power generation from renewable sources, i.e., augmenting the demand for waste-to-energy plants to treat the substantial waste produced worldwide.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 6% |
| Regions Covered | North America: U.S., Canada, Mexico, Cuba, Puerto |
| South America: Brazil, Argentina, Colombia, Chile, Peru, Ecuador, Uruguay, Paraguay | |
| Europe: U.K, France, Germany, Spain, Italy, Belgium, Netherlands, Poland, Russia, Romania | |
| Asia-Pacific: China, India, Japan, Australia, South-Korea, Thailand, Indonesia, Philippines, Malaysia, Vietnam | |
| Middle East & Africa: Saudi Arabia, Kuwait, Qatar, Oman, Turkey, South Africa, Egypt, Morocco, Algeria | |
| Key Companies Profiled | Suez Environment S.A, Veolia Environment, C&G Limited, Waste Management Inc., Keppel Seghers, Babcock & Wilcox Co., Covanta Energy Corporation, ADI Systems Inc., Hitachi Zosen Inova AG, Xcel Energy Inc., Abu Dhabi National Energy Company PJSC, MVV Energie AG, China Jinjiang Environment Holding Co Ltd, A2A SpA,, Martin GmbH, China Everbright International Limited, Mitsubishi Heavy Industries Ltd, Shandong Wheelabrator Technologies Inc., Constructions Industrielles de la Mediterranee, Foster Wheeler A.G. |
| Unit Denominations | USD 39.21 Billion |
Moreover, various initiatives by governments of different countries toward reducing the alarming levels of GHG emissions and promoting the use of sustainable energy resources are also contributing to the overall market expansion. Additionally, benefits of WTE, like clean energy generation & efficient metal recycling, technological advancements in WTE plants, such as combustion & boiler design enhancements and more effective metal recovery systems, coupled with the lack of sufficient landfill sites across most places, are other prominent aspects projected to boost the Global Waste to Energy Market through 2028.
Global Waste to Energy Market (2023-28): Segmentation Analysis
Global Waste to Energy Market report by Markntel Advisors includes segmentation analysis based on Technology and Type of Waste. This breakdown allows businesses to identify specific market segments and tailor their marketing and product strategies accordingly, maximizing their chances of success in the Global Waste to Energy Market.
Based on Technology:
Among all, thermal technology, particularly incineration, is expected to hold a significant share of the Global Waste-to-Energy Market during 2023-28. It attributes to the increasing development of waste incineration facilities worldwide, especially across Asia-Pacific, owing to their benefits like easy operation, reduced GHG emissions, energy preservation, minimized waste volumes, and effective recycling of metal & bottom ash. As a result, incineration is serving as a sustainable solution for both urban & rural areas by enabling the complete combustion of gases released from all kinds of waste, thereby augmenting the overall growth of the waste to energy market.
Based on Type of Waste:
Here, MSW (Municipal Solid Waste) holds the majority share of the Global Waste to Energy Market. It owes to the ever-increasing industrialization and high waste generation from residences, offices, shops, schools, & hotels, among other areas. As a result, stringent norms are being imposed by governments of different countries worldwide for the proper management of MSW. Hence, a massive amount of MSW being produced can be used extensively for energy generation globally, which, in turn, would contribute to the overall growth of the Waste to Energy industry through 2028.
Global Waste to Energy Market Regional Projection
Of all regions globally, Europe accounts for the largest share of the Waste to Energy Market. It primarily owes to the extensive presence of key companies operating in the industry, favorable regulatory policies regarding proper waste disposal, and rapid technological advancements in waste-to-energy plants. The European Union is substantially investing in implementing numerous energy conservation & efficiency projects to cater to the mounting consumer requirements for energy-efficient & clean power generation.
The massive commercial & industrial waste produced in the UK is a brilliant opportunity for the regional market to expand significantly in the forecast period since the amount of waste treated in waste-to-energy plants is small compared to the waste generated. With growing energy security threats and the ever-increasing need to reduce carbon emissions, the country has been working actively on finding a sustainable & financially feasible alternative to fossil fuels. Consequently, it shall generate new directions for the Europe Waste to Energy Market to witness remunerative prospects in the years ahead.
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Frequently Asked Questions
A. The Waste to Energy Market is expected to record around 6% CAGR during 2023-28.
A. The huge waste generated worldwide and various government initiatives for reducing reliance on fossil fuels & promoting the adoption of renewable energy resources are the prime aspects projected to drive the Waste to Energy Market during 2023-28.
A. Incineration thermal technology is projected to create lucrative prospects for the Waste to Energy Market during 2023-28.
A. Europe would continue generating remunerative opportunities for the key companies in the Waste to Energy Market over the forecast years.
Global Waste to Energy Market Research Report (2023-2028) - Table of Contents
