by The global Waste to Energy Market is estimated to be valued at US$ 54.40 Billion in 2022 and is expected to exhibit a CAGR of 7.35% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Waste to Energy Market comprises technologies that generate energy in the form of electricity or heat from waste through various processes like combustion, gasification and pyrolysis. With rapid industrialization and urbanization, waste generation has increased substantially posing serious threat to the environment. Waste to Energy methods help divert waste from landfills and incineration while providing renewable source of energy. The energy generated from waste can help reduce dependence on fossil fuels. These technologies are gaining prominence worldwide due to their ability to effectively treat waste and produce energy.
Market key trends:
One of the key trends in the waste to energy market is growing preference for advanced gasification and pyrolysis technologies. These thermo-chemical processes convert waste into syngas or pyrolysis oil/wax through heating in an oxygen-limited environment. The syngas or oil can then be utilized for combined heat and power generation or as transportation fuel. Gasification and pyrolysis methods offer higher energy recovery rates and fewer emissions making them more environment-friendly compared to combustion. Their deployment is increasing globally due to various benefits.
Porter’s Analysis:
Threat of new entrants: The waste to energy market requires high capital investment for building facilities. Strict environmental regulations also pose significant entry barriers.
Bargaining power of buyers: Municipalities have significant control over waste management contracts. They can negotiate on price and quality of service.
Bargaining power of suppliers: A small number of technology providers globally increases their bargaining power. Overall the industry relies on steady waste volumes from municipalities.
Threat of new substitutes: Alternate waste treatment technologies like anaerobic digestion compete with WtE plants. However, the energy recovery capability of WtE makes it a viable primary option.
Competitive rivalry: Major global players compete fiercely for contracts. Price wars can arise due to overcapacity issues locally. Quality of service also determines competitive advantage.
Key Takeaways
The global Waste To Energy Market Share is expected to witness high growth, exhibiting CAGR of 7.35% over the forecast period, due to increasing urbanization and waste volumes. Rapid industrialization in developing markets also drive the need for sustainable waste management.
Regional analysis indicates that the Asia Pacific region currently dominates waste to energy installations led by China, Japan and India. The region accounted for over 50% of the global capacity in 2023 owing to strong government support through policies and investments. Europe is also an established as well as the fastest growing region with highest capacity utilization across WtE plants.
Key players operating in the Waste to Energy market are Austrian Energy & Environment Group GmbH, Arrow Ecology Ltd., Babcock & Wilcox Vølund A/S, Constructions Industrielles De La Editerranée (CNIM), Covanta Energy Corporation, Essent N.V., Haase Energietechnik AG, Wood Group, Qinetiq, and Pacific Renewable Fuels Inc. These market leaders have a widespread geographical presence and focus on deployment of innovative technologies to meet the growing waste treatment demand globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
