Waste to Energy Market
Waste to Energy Market by Technology (Thermal, Biochemical, and Others) and Regional Analysis (North America, Europe, Asia-Pacific, and Latin America) - Global Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecasts,2020-2030Request Sample Request Discount
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The global waste to energy market reached 50,373 million valuation in size in 2020. The market is expected to witness robust growth in 2020-2030 period, to reach 81,753 million in 2030, growing at 5.3%CAGR. Growing recycling of Municipality Solid Waste (MSW), increased production of bioenergy, increased urbanization, and increased sustainable initiatives remain key drives of growth.
Waste to Energy Market: Key Drivers
The waste to energy market has expanded tremendously over the last 10 years, thanks to growing capacity for Energy from Waste (EfW). By end of 2017, 339 EfW plants became operational around the world. This raised the EfW output by 1GW per year on average during 2013-2018. Furthermore, this represents the largest capacity for bioenergy, which is capable of managing over 100 Mt solid waste per year.
Furthermore, countries like China remain a major positive for the overall growth of the waste to energy market. The waste to energy market in China grew by 26% on average per year during 2013-2018, representing the largest increase globally. Furthermore, thanks to growth of recycling in municipalities globally, the growth remained promising around the world. In other five Asian countries, member of the OECD group, the EfW grew by 16% on average per year. Furthermore, the EfW also grew in saturated markets of OECD countries. The EfW production in OECD countries grew by 4% on average in countries other than China, and other five Asian economies.
Urbanization remains a promising driver of growth. In China, the urban population grew by 8%. On the other hand, urbanization grew by 5% in Indonesia, 7% in Thailand, and 4% in Vietnam. According to the International Energy Agency (IEA), another 160 million were anticipated to be added to the urban environments in these five countries. People living in urban areas and municipalities supporting EfW remain a major promise for waste to energy market.
China, Vietnam, Thailand, Pakistan, and India grew the MSW production by 60Mt to take the total to 300 Mt. China remains the key leader, accounting for over 50% of the total capacity. Moreover, IEA anticipates the MSW production would double in these countries, with total capacity reaching 600 Mt of MSW annually by 2023. Policy support remains a promising driver of this development.
In 2018, Pakistan introduced a policy tariff of USD 100/MWh, which led to production of plants in key cities of Islamabad, and Lahore. Furthermore, Vietnam has also introduced fiscal tax exemptions, with tariffs of USD 73/100 MWh to USD 105/MWh to encourage EfW progress. Furthermore, such projects have also received low-interest loans from entities like the Asian Development Bank. With the help of such grants, Indonesia announced a strategic project in 12 major cities, with a purchase tariff of USD 133/MWh.
Waste to Energy Market: Notable Developments
In October, 2022, Kore Infrastructure announced that it had developed its waste to energy to run on 100% renewable energy. The company achieved this feat while operating a one-year plant in Los Angeles, USA. The new technology relied on closed loop, and carbon negative process. The company also demonstrated that the produced energy can be used to fuel buses, trucks, cell cars, and trains. Furthermore, it is currently being used to decarbonize a variety of industrial application including ammonia production, and steel manufacturing.
SUEZ was awarded a new industrial wastewater treatment project contract in April, 2022. The company was awarded the Changshu city’s quality and soci-economic development project, with a total contract worth EUR 37 million.
In February 2022, Veolia developed a synthetic e-fuel production unit in Europe. The unit was part of the LIPOR’s Energy Recovery Plant near Porto. The technology remains a major breakthrough, and promising initiatives for the global growth of the waste to energy market.
Waste to Energy Market: Segmentation
The waste to energy market report is segmented on the basis of waste type into Muncipalty solid waste, agriculture waste, and others. Among these, the Municipal Solid Waste or MSW is expected to register highest growth, thanks to rising urbanization. Despite the promising growth of MSW, and urbanization, issues like stubble burning remain major challenges for the environment in emerging economies. This is expected to drive the fastest CAGR growth for agriculture waste during the 2022-2030 forecast period.
Furthermore, the waste to energy market report is also segmented by technology into thermochemical and biochemical. Among these, the biochemical waste to energy production remains promising. The market segment has registered the highest valuation in 2020, thanks to robust adoption of its practices by OECD countries. The large-scale nature of the thermochemical technology promises more opportunities in the future, making the segment with anticipated fastest CAGR growth during the 2022-2030 period.
Waste to Energy Market: Regional Outlook
Waste to energy market report is segmented on the basis of key regions into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the Europe is anticipated to witness highest growth during the 2022-2030 period. The region witnesses the highest penetration of recycling, storage, and waste to energy initiatives. Countries like Sweden not only recycle 100% of their waste, but also import waste from neighbouring countries to produce energy. The growing promise of 100% renewable energy, and increased promise of high-rates with electrification of transport sector; this development is likely to register robust growth for Europe in the near future.
Waste to Energy Market: Key Players
Waste to Energy market remains a competitive and innovative landscape, thanks to increased competition, and rising sustainable initiatives globally. The Waste to Energy market remains home to 6-7 key players that dominate a large share of the market. These key players include Veolia, SUEZ, Covanta Holding Corporation, Keppel Corporation Limited, China Everbright International Limited, Constructions industrielles de la Méditerranée (CNIM), STEAG GmbH, Babcock & Wilcox Enterprises, Inc., Future Biogas Limited, and Gazasia Ltd. These key players continue to invest in strategic decision making such as mergers, acquisitions, new product launches to increase their footprint globally.
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