Albany, NY -- (SBWIRE) -- 05/14/2019 -- Waste-to-energy Market: Snapshot
Waste-to-energy is another efficient alternative for energy production. It helps in reduction of carbon emissions and replenish fossil fuels. It is also an effective way to getting rid of trash through disposal methods, and even recovers valuable resources. Waste-to-energy holds an important role in sustainable waste management chain.
The global waste-to-energy market was valued at around US$ 19 Bn in 2017 and is anticipated to expand at a CAGR of more than 6% from 2018 to 2026, according to a new report titled 'Waste-to-energy Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,' published by Transparency Market Research (TMR). Waste-to-energy (WtE) is a process that converts non-recyclable waste into usable forms of energy such as heat, fuels, and electricity. WtE can be achieved through several processes such as incineration, gasification, pyrolysis, anaerobic digestion, and landfill gas recovery.
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Abundance of Waste
Waste management is becoming a major issue across the globe. Every year, billion tons of waste is generated from agriculture, municipal, and industrial sectors. Member countries of the Organization for Economic Co-operation and Development (OECD) accounted for approximately 50% of the global waste in 2016. Around 17 million tons of waste is produced every year in the U.S. and approximately 90 million tons of manures and slurries are generated every year in the U.K. According to the World Bank, the global waste generation is projected to nearly double, in terms of volume, by 2025 to reach 6 million tons per day. Several countries are opting for alternative sources of energy due to restricted landfilling, growing environment-related issues, and high volatility in fuel prices. Waste-to-energy (WtE) is a process of generating energy by treating waste. WtE not only resolves environment-related issues related to waste by reducing the volume but also decreases the greenhouse gas (GHG) emissions. Thus, high availability of waste is likely to boost the market during the forecast period.
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A key factor responsible for pull down the growth of global waste-to-energy market is the high initial cost for constructing a waste-to-energy plant. In fact, the average time for payback of an anaerobic digestion project is above five years. This fortifies the restricting factor behind the market growth in forecast period.
Regionally, in 2017, Europe led the global waste-to-energy market. Rising initiatives by the governments, new targets regarding renewable energy, and increasing investments in biogas technology are estimated to fuel the growth of waste-to-energy market in Europe in the span of coming years. In year 2016 itself, nearly 41 new biomethane plants were established in the region. In addition, the Asia Pacific waste-to-energy market in Asia Pacific is likely to grow rapidly in the forthcoming years. In various nations in Asia Pacific, such as Thailand, India, Malaysia, and South Korea, the consumption of energy is consistently increasing. Growth in industrialization, and increasing importance of renewable source of energy is estimated to fuel the mentioned region in the forecast period.
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The global waste-to-energy market appears to be immensely fragmented. Several regional and global players are operating in the market. The major firms leading the global waste-to-energy market are SUEZ, Veolia, Covanta Holding Corporation, Constructions industrielles de la Méditerranée (CNIM), Keppel Corporation Limited, China Everbright International Limited, STEAG GmbH, Future Biogas Limited, Babcock & Wilcox Enterprises, Inc., and Gazasia Ltd.