The global waste to energy market growth is driven by an increase in demand for the incineration process and rise in public WtE expenditure.
PORTLAND, OR, UNITED STATES, September 22, 2020 /EINPresswire.com/ — An increase in demand for the incineration process and a rise in public WtE expenditure drive the growth of the global waste to energy market. On the other hand, the rise in concerns related to several environmental hazards associated with the incineration process is expected to affect the overall market growth in developed and developing countries.
Allied Market Research published a report, titled, "Waste to Energy Market by Technology (Incineration, Pyrolysis, Gasification, Biological, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global waste to energy industry was estimated at $35.1 billion in 2019, and is anticipated to hit $50.1 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027.
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The market is expected to register the highest growth in biological process, owing to increase in technological advancements and rise in disposable incomes. Furthermore, rapid urbanization and upsurge in renewable energy sources are expected to boost the market growth.
Based on technology, the thermal segment contributed to more than four-fifths of the global waste to energy market share in 2019, and is anticipated to rule the roost by 2027. The ability of incinerator to deal with artificial and organic substances increases the demand for thermal incineration technology, thereby fueling the segment growth.
Based on geography, Europe held the major share in 2019, generating more than two-fifths of the global waste to energy market. Stable regulatory framework, improved access to finance for the waste to energy sector, cost-effective grid investment & connection, and continuous support for innovation & training coupled with enhanced synergies are anticipated to support the growth of the European market.
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Based on thermal technology, the incineration segment accounted for more than half of the global waste to energy market revenue in 2019 and is projected to lead the trail by the end of 2027. The same segment would also register the fastest CAGR of 4.6% during the study period.
Impact Of Covid-19 On Global Waste To Energy Market:
Continuing the delivery of basic waste management service like waste collection and management has become a major challenge for cities having maximum fallout from COVID-19. Every year around 2 billion metric tons of municipal solid waste are generated. It is estimated that by 2050 annual waste generation will increase by 70-75% to reach 3.4 billion metric tons.
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Key players in the industry-
• Suez Environment S.A.
• Veolia Environment
• Covanta Energy Corporation
• Constructions industrielles de la Méditerranée (CNIM)
• Foster Wheeler A.G.
• Abu Dhabi National Energy Company PJSC
• Waste Management Inc.
• C&G Environmental Protection Holdings
• Babcock & Wilcox Enterprises, Inc.
• China Everbright International Limited
Key Findings of the Study:
• The incineration segment is anticipated to witness highest waste to energy market growth during the analysis period and occupied around half of the total thermal technology market in 2019.
• Asia-Pacific is projected to grow with a CAGR of 4.8% during the forecast period.
• Japan occupied around one-third waste to energy market share of the Asia-Pacific in 2019.
• The North America thermal waste to energy market growth is projected to grow at a CAGR of 4.2%.
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Source: EIN Presswire