The global waste to energy market was valued at USD 43 billion in 2022 and is expected to surpass USD 79.05 billion by 2031, expanding at a CAGR of 7% during the forecast period, 2023–2031. Waste to energy is an efficient technique of waste management that converts primary waste into heat or light form of energy.
Energy produced from waste materials helps combat the environment issues caused by climate changes and provides a sustainable environment by treating the non- renewable or recyclable waste.
Use of fossil fuels is reduced, as the production of this energy is rising. Activities associated with the production of chemicals, automobiles, pharmaceuticals, and textiles generate a ton of waste. Several governments are offering incentives and tax benefits to encourage the installment of waste to energy devices, thereby creating energy from waste components.
Market Trends, Drivers, Restraints, and Opportunities:
Exponential depletion of conventional energy resources (fossil fuels), due to over-consumption, is expected to boost the waste to energy market in the coming years.
Increasing demand for energy generation from waste is anticipated to fuel the market growth during the forecast period. For example, Suez, a France-based company has developed a CHP+ technique that facilitates heat recovery and captures energy.
Several governments across countries are adopting policies to ensure that mass manufacturing takes place by using waste components as energy sources.
Increasing pressure on land due to landfills, lack of space for waste disposal, and rising costs of land are some key factors that can hamper the market growth during the forecast period. Dumping of waste in water bodies harms the aquatic life, which raises the demand for waste to energy methods.
Thermal techniques of waste to energy such as incineration is harmful to the environment.
Slow growth of technology for waste management in developing and less developed countries restrains the market growth.
Some companies adopt projects that have less or no scope of using waste to energy methods, thus impeding the market growth.
Substantial investments and waste minimization policies in waste management to cope up with increasing garbage disposals prove to be key opportunities for the market development.
Scope of the Report
The report on the global waste to energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Waste to Energy Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Thermal Technologies (Incineration, Gasification, and Pyrolysis), Biochemical Technologies (Methane Capture, Anaerobic Digestion, and Fermentation)
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
E Report Coverage
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered
Hitachi Zosen Corporation, Waste Management Inc., Suez Environment S.A., C&G Environmental Protection Holdings, Constructions industrielles de la Méditerranée (CNIM), China Everbright International Limited, Covanta Energy Corporation, Foster Wheeler A.G., Abu Dhabi National Energy Company PJSC, Babcock & Wilcox Enterprises, Inc., and Veolia Environment
Market Segment Insights
Thermal Technologies to hold a significant market share
In terms of thermal technologies, the waste to energy market can be divided into incineration, gasification, and pyrolysis. The incineration segment is estimated to hold a major revenue share in the market, as companies adopt this technique help cut the amount of waste by large volume and allow for complete combustion of gases for all types of wastes.
Biochemical Technologies to witness considerable growth in the market
On the basis of biochemical technologies, the market can be divided into methane capture, anaerobic digestion, and fermentation. Recent developments in genetic studies have paved the way to increase the demand for anaerobic digestion, which is anticipated to boost the biochemical waste technologies segment. Since this process is best suited for wet organic waste management, it is expected to act as a substitute of biodegradable process for waste management during the forecast period.
Asia Pacific region to lead the global waste to energy market
Based on regions, the global waste to energy market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to lead the market, as countries such as Japan and China are aggressively developing and increasing their funds to expand the waste to energy market, owing to rapid rise in urbanization.
In addition to this, the market in Asia Pacific is expected to witness a significant demand, owing to the increase in the establishment of waste to energy plants in countries such as Singapore, Vietnam, Thailand, Malaysia, and Indonesia.
The waste to energy markets in North America and Europe are expected to grow over the forecast period, due to various government policies providing large subsidies to local companies and growing awareness about climate change and sustainable environment among consumers. Countries in the Middle East such as Abu Dhabi and Sharjah are expected to incline towards the use of pyrolysis and gasification process to treat waste and produce energy.
The global waste to energy market can be divided based on thermal technologies, biochemical technologies, and regions.
- Methane Capture
- Anaerobic Digestion
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Hitachi Zosen Corporation
- Waste Management Inc.
- Suez Environment S.A.
- C&G Environmental Protection Holdings
- Constructions industrielles de la Méditerranée (CNIM)
- China Everbright International Limited
- Covanta Energy Corporation
- Foster Wheeler A.G.
- Abu Dhabi National Energy Company PJSC
- Babcock & Wilcox Enterprises Inc.
- Veolia Environment
Hitachi Zosen Corporation, Waste Management Inc., Suez Environment S.A., C&G Environmental Protection Holdings, Constructions industrielles de la Méditerranée (CNIM), China Everbright International Limited, Covanta Energy Corporation, Foster Wheeler A.G., Abu Dhabi National Energy Company PJSC, Babcock & Wilcox Enterprises, Inc., and Veolia Environment are major players in the global waste to energy market.
The manufacturers in the global waste to energy market are adopting new technologies for solar energy conversion, which is estimated to reduce operative costs of the plants and devices required in energy conversion. Adoption of vertical mergers and acquisitions have expanded the market share and services & solutions.