Waste to Energy Market size to exceed $35 billion by 2024
Published Date: August 29, 2019 Authors: Ankit Gupta, Aditya Singh Bais
According to a new research report by Global Market Insights, Inc. the waste to energy market share will exceed USD 35 Billion by 2024, growing at a CAGR of 7%.
Growing electricity applications with rapid increase in the global urban population will uplift the waste to energy (WTE) market over the forecast period. As per the United nations in 2018, 55% of the global population resides in the urban areas which is anticipated to reach over 65% by 2050. Increasing government focus towards the development of high capacity sustainable power generation sources which meet all the environmental standards will surge the industry dynamics. In 2018, IEA stated that the share of renewable energy in the global energy demand will tend to raise by one-fifth by 2023.
India WTE market is expected to witness substantial growth over the forecast period. Several government reforms to promote the private investments in waste to power industry will drive the industry outlook over the forecast period. Furthermore, stringent emission control measures to restrict the penetration of harmful gases in environment will significantly stimulate the technology adoption.
Growing demand for uninterrupted and reliable power supply in line with efficient resource utilization have driven the installation of WTE systems globally. Rising penetration of captive power projects coupled with increasing techno financial assistance by regulatory arms will strengthen technology adoption over the forecast period. In addition, ability to effectively utilize the harmful organic substrate will further drive the waste to energy market growth.
Europe WTE market in 2015 was valued over USD 10 Billion. Rising concerns to effectively utilize the solid wastes coupled with stringent government measures to restrain the conventional landfill practices will stimulate the technology demand over the forecast period. Furthermore, introduction of taxes including carbon tax and landfill tax will complement the business outlook. For instance, in 2019, the U.K. revised its standard for landfill taxes to USD 102 per ton from USD 94 per ton in 2016.
Browse key industry insights spread across 144 pages with 134 market data tables & 13 figures & charts from the report, “Waste to Energy (WTE) Market Size By Technology (Biological, Thermal [Incineration, Pyrolysis & Gasification), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Sweden, China, India, Japan, South Korea, Australia, Thailand, Indonesia, Malaysia, Philippines, Argentina, Brazil, Chile, Kenya, Nigeria, South Africa, Qatar), Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Thermal incineration, pyrolysis and gasification systems are expected to witness substantial growth by 2024. High efficiency index with capability to effectively decrease the harmful impact of carbon emission will strengthen the technology adoption. Furthermore, stringent regulatory measures pertaining to solid waste management from various building establishments will positively influence the business dynamics.
Australia waste to energy market tends to witness significant growth on account of surging power demand with soaring national population. In 2018, Acciona announced the investment of USD 700 million for the development of country’s largest WTE facility which will be able to harness 36 MW power by processing 400,000 tons of trash annually.
Rapid technological advancements leading to significant decline in the component prices will stimulate the technology installation by 2024. Growing concerns toward the adverse effect of conventional hazardous waste management practices will further strengthen industry outlook over the forecast timeframe. Furthermore, government efforts to reduce the penetration of landfills will substantially raise the WTE installation over the forecast period.
Leading player across waste to energy market include Mitsubishi Heavy Industries, Hitachi Zosen, Covanta, Keppel Seghers, Tenologies, Xcel Energy, China Everbright International, Foster Wheeler, Green Conversion Systems, Veolia Environment, and Plasco Energy amongst others.