The world market for waste-to-energy (WtE) is expected to grow at a combined annual growth rate (CAGR) of approximately 6.45% during the forecast period of 2020-2025. This is according to a recent report by Research and Markets.
The report notes that an increasing amount of waste generation and growing concern for its management to meet the need for sustainable urban living, along with an increased focus on non-fossil fuel sources of energy are driving the adoption of waste-to-energy market.
The market is restrained by the expensive nature of incinerators, particularly as energy prices decline and a number of plants are unable to cover operating costs. Further, several European countries and Japan are planning to focus more on recycling, which saves three to five times more energy and hence, restraining the waste-to-energy market.
The global waste-to-energy (WtE) market is fragmented in nature. The key players in this market include Mitsubishi Heavy Industries, Waste Management, A2A, Veolia Environment, Hitachi Zosen Corp, China Everbright International, and China Jinjiang Environment Holding Company.
Key highlights from the report:
- Thermal technology is expected to dominate the waste-to-energy market in 2019, owing to the increasing development in the incineration and gasification technologies, as well as the increasing amount of waste generated, especially from the growing economies of Asia-Pacific.
- Emerging waste-to-energy technologies, such as Dendro Liquid Energy (DLE), which is four times more efficient in terms of electricity generation, with additional benefits of no emission discharge and effluence problems at plant sites, are expected to create significant opportunities for the market players over the coming years.
- Asia Pacific dominated the market across the globe, with the majority of demand coming from China and Japan.
Major Market Trends:
- The report notes that, as of 2019, thermal technology is expected to account for the highest market share in the global waste-to-energy market. This trend of dominance by the thermal division is expected to continue in the coming years, owing to the increasing developments in the technologies of incineration and gasification.
- It is estimated that plants, which utilize cogeneration of thermal power (heating and cooling), together with electricity generation, can reach optimum efficiencies of 80%.
- In the present scenario, incineration is the most well-known waste-to-energy technology for Muncipal Solid Waste (MSW) processing. However, waste-to-energy technologies, particularly incineration, produces pollution and carry potential health safety risks. In order to reduce particulate and gas phase emissions, incineration plant owners have adopted a series of process units for cleaning the flue gas stream, which has, in turn, led to a significant improvement in terms of environmental sustainability.
- The thermal-based waste-to-energy conversion is expected to lead the market, particularly in growing economies of Asia-Pacific, where rising urban population is expected to be the key contributing factor for increasing municipal solid waste (MSW). Other factors, such as industrialization, economic development would also contribute towards MSW generation, which is further expected to influence the growth of the thermal based waste-to-energy market.