PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1173649
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1173649
Over the next few decades, the rate of generation of municipal solid waste (MSW) will outweigh that of the urbanization worldwide. The situation is alarming, and estimations implicate more than 4 billion tons of municipal solid waste to be generated per year by the end of 2050. Voluminous growth in municipal and industrial waste generation forms a strong base for the establishment of waste-to-energy market. Global waste-to-energy market has been thoroughly studied in a newly published report that reveals how the market growth will unfold during 2022 - 2029. Escalating investments in WtE technology, especially from the nations abiding by the Paris Climate Change Agreement is expected to fuel the growth of waste-to-energy market. The report forecasts market revenue to reach nearly US$45.2 Bn in 2029, up from US$27.7 Bn attained in 2021. The market continues to be influenced by the regulatory guidelines about municipal solid waste management, says the report.
The waste-to-energy market report provides deep-dive analysis of the various market segments. Based on application, electricity generation currently contributes more than 64% to the overall market revenue and will clearly be the dominant area of application throughout the assessment period. On the other hand, based on the technology preferred for WtE conversion, thermal conversion technology is likely to remain the top segment in the waste-to-energy market. The segment currently accounts for over 75% market share in terms of value and will most likely continue to surge ahead because of a growing user perception about it as a viable means of reducing the load on landfills. In this segment, incineration will garner greater traction on the back of is higher operational feasibility, and economic viability.
Asia Pacific spearheads global waste-to-energy market with presence of the maximum number of operational WtE facilities. China will retain the lead in terms of the total installed base while the report also highlights the other key markets of Asia Pacific, viz., India, Japan, South Korea, and Australia. The region's improving scenario around renewable energy generation, and sustainable waste treatment are likely to contribute around 200 more new WtE facilities over the next decade. Furthermore, Europe that houses around 500 functional WtE facilities, follows Asia Pacific. Europe's waste-to-energy market witnesses strong presence of some of the globally prominent companies in this space, including Veolia, Suez, and EQT AB, which will continue to support the market growth in the region. The report marks a significant role of European governments, in form of landfilling and carbon taxation, in creating a favorable breeding ground for waste-to-energy market. North America on the other side showcases an accelerating market with more than 200 newly established WtE plants in the region. The US is especially an untapped market with high growth potential. The nation has been lately witnessing a growing number of installations of new WtE plants.
Veolia, Seuz Environment, Covanta Energy Corporation, Hitachi Zosen Inova, Sembcorp Industries, Ramboll Group, Viridor, AVR, China Everbright Environment Group Limited, Wheelabrator Technologies Inc., Babcock & Wilcox Enterprises, Inc.