New York City, New York Jan 9, 2019 (Issuewire.com) - With growing awareness towards preserving the environment, there is an increasing demand for conversion of energy by solid and municipal waste by safe and environmentally friendly waste disposal methods. The demand for constant technological advancements in waste to energy conversion methods is further driving the industrialists to collaborate with each other. This huge demand for the ecological waste management to generate energy is estimated to boom the growth of the global waste to energy market with a CAGR of 5.7% over the period 2016-2024. Further, diversified machinery with different features such as material recovery of organic waste, robust treatment of hazardous waste and wet flue gas desulfurization (FGD) systems will boost the demand for waste to energy machinery and plants.
Additionally, increasing awareness towards environmental pollution and rising demand for energy worldwide due to speedy depletion of conventional energy sources, the global waste to energy market is witnessing a boom in global energy advancements for waste management which is predicted to benefit the expansion of the global waste to energy market by reaching significant market valuation of around USD 42,520.4 Million by the end of 2024 from USD 27,290.0 Million in 2016.
Economic schemes and proposals to preserve agricultural wastes for energy production are devised by the governments across the globe to support the cause of garbage management to produce and provide clean energy alongside generating income from the usage of waste. Further, the global waste to energy (WTE) market is estimated to achieve absolute $ opportunity of USD 15,230.4 Million between 2016 and 2024.
The Global Waste to Energy Market is segmented by technology into thermal, biological and others, out of which, the thermal segment dominated by holding more than 70% of the total market share during 2016 and is expected hold its dominant stance over the forecast period. Further, the thermal technology segment is estimated to achieve Y-o-Y growth rate of 6% in 2024. The thermal technology is further divided into incineration, pyrolysis, and gasification. Further, Biological technologies segment is projected to expand with the highest CAGR of 6.1% over the forecast period. The demand for anaerobic digestion technology for waste to energy conversion has gathered pace owing to its effectiveness in reducing greenhouse gas emissions and its flexibility in meeting the needs of the end users.
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Environmental Pollution Concerns to Boost the Demand for Waste-to-Energy Generation in Future
The global waste to energy market is thriving on the back of ecological concerns to preserve natural resources and initiatives to support garbage and agricultural waste management.
Increasing Usage of Renewable Energy Sources – There is an increasing demand for using renewable sources of energy that is further expected to propel the demand for recycling and combustion for energy recovery via waste management.
Rising Amount of Waste Generation Globally – Within next ten years, more than 10 billion metric ton of solid waste will be generated annually, from urban households, commercial activities, industries, and construction, out of which, Asia-Pacific accounts for approximately 20-25%. The increasing waste generation, rising urbanized population, and increasing consumption levels are expected to support the growth of the waste to energy market.
Technology Advancement – The increasing urbanization leads to a high waste generation which further increases the demand for leveraging the advanced technology for converting waste to energy.
Industry Players are Progressing towards Minimizing the Barriers faced by the Global Waste to Energy Market
The operating costs of the incineration plants are very high. In addition to that, the incinerator plants also need regular maintenance, which further increases the cost of operation. Further, high uncertainty associated with duration of usability of the waste along with the requirement of large land areas and lack of public understanding is some of the major factors inhibiting the growth of the waste to energy market.
The report titled “Global Waste to Energy Market Outlook: Industry Insights & Opportunity Assessment 2016–2024” delivers a detailed overview of the global waste to energy market in terms of market segmentation by technology and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global waste to energy market which includes company profiling of C&G Ltd., Amec Foster Wheeler, Veolia Environment, Suez Environment S.A., Waste Management Inc., Keppel Seghers, Babcock & Wilcox Co., Covanta Energy Corporation, Hitachi Zosen Inova AG and ADI Systems Inc.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts a detailed overview of the global waste to the energy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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