July 27, 2022 11:23 ET | Source: Facts & Factors Facts & Factors
LONDON, United Kingdom, July 27, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Waste To Energy Market By Technology (Biochemical, Thermal, and Others), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Waste To Energy Market size & share was approximately USD 39.8 Billion in 2021. The market is expected to grow above a CAGR of 5.3% and is anticipated to reach over USD 52.5 Billion by 2028.”
The report analyses the Waste To Energy market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Waste To Energy market.
What is Waste To Energy? How big is the Waste To Energy Industry?
Waste to energy, or energy from waste, is an energy recovery method that generates energy in the form of light and heat through waste treatment. The majority of these techniques aid in the direct generation of heat or electricity through thermal combustion or the production of a flammable fuel commodity such as synthetic fuels, methane, methanol, and ethanol, among others.
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Market Growth Dynamics: Growth Drivers
The growth in favorable government regulatory frameworks supporting proper waste disposal, as well as energy production from waste to meet the world's high energy demand, is a primary factor influencing the growth of the global waste-to-energy market. The government's initiatives to commercialize alternative energy sources, such as waste to energy (WTE) technology, the rapid reduction of conventional energy sources, and the compliance with environmental policies aimed at reducing carbon emissions from fossil-fuel use, all contribute to the growth of the market. The rise in industrial and domestic waste has prompted the regional government to promote waste-to-energy generation.
The key players bolstering the implementation of WTE plants across various regions, and the potential of this technique to reduce substantial amounts of harmful emissions due to various factors such as methane avoidance from landfills, and carbon dioxide offset from fossil fuel power generation, and metal recovery for recycling influence the waste. Moreover, space constraints, rising landfilling costs, a focus on renewable energy sources, and growing demands from end-user industries all benefit the market. Furthermore, technological advances in energy recovery to improve the efficiency levels of waste to energy plants expand the waste to energy market's profitable opportunities.
On the other hand, initial high set-up costs for waste to energy plants, as well as opposition from resident societies and environmental groups are expected to stymie the market's growth. The growing concerns about the environmental hazards affiliated with the incineration process, as well as inadequate infrastructure and skilled labor, are expected to pose a challenge to the waste-to-energy market from 2021 to 2028.
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Key Insights from Primary Research
Key questions answered in this report:
Waste To Energy Market: COVID-19 Impact Analysis
The COVID-19 outbreak has impacted economic growth by delaying the operational processes of key sectors like recycling waste and energy generation. The industries are closed tight or operate under restricted conditions, such as fewer employees and shorter working hours. Many countries, including the United States, Spain, China, Poland, Austria, India, Korea, Germany, the United Kingdom, France, and Italy, declared a state of emergency.
The pandemic caused a labor and raw material shortage in the recycling and energy generation industries. The magnitude of the impact may force the closure of some waste-to-energy producers. Manufacturers' production was halted due to a labor shortage. As a result, production output was reduced, resulting in economic losses.
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Waste To Energy Market: Segmentation Analysis
The global waste to energy market is segmented on the basis of technology and region.
By technology, the market is divided into biochemical, thermal, and others. The thermal method involves the high-temperature recyclable materials of energy from MSW. Thermal technology encompasses a variety of processes, including combustion or incineration, gasification, and pyrolysis. The main distinction between these technological innovations is the O2 and temperature associated with the process that gives rise to the conversion to final products, water, and CO2, or to intermediate useful products.
During the forecast period, the incineration segment is expected to grow at a rapid pace. Increased waste generation around the world significantly drives global demand for incineration processes. Because incinerators can treat all types of waste, this method is far superior to other thermal waste treatment techniques.
In recent years, Asia Pacific has seen significant growth in the global waste to energy market. With increasing government efforts to implement good MSW management strategies, offering incentives for waste-to-energy initiatives in the form of capital subsidies and feed-in tariff rates, and providing funding for R & D projects on a cost-sharing basis, it has dominated the market globally. As a result of economic development and increasing urbanization, municipal solid waste (MSW) generation in China has increased rapidly as a result. Thus, effective municipal solid waste disposal has emerged as a major environmental crisis in China.
Japan has been one of Asia's leading waste-to-energy markets. The waste-to-energy market in the country is being powered by effective solid waste management and financial assistance for waste-to-energy projects from both local and national governments. Furthermore, in order to protect the environment, the country intends to incorporate treatment and recycling technologies that effectively convert waste into resources or dispose of it properly. As a result, factors such as the rising volume of waste produced and the efforts made by various governments to address this issue are expected to drive demand for waste-to-energy plants in the near future.
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The report contains qualitative and quantitative research on the global Waste To Energy Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
Some of the main players in the global Waste To Energy market include;
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The global Waste To Energy market is segmented as follows:
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