The global waste to energy market size is expected to reach USD 54.8 billion by 2027, ascending at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc. Growing power demand from end-use industries along with favorable regulatory policies regarding waste disposal and utilization for clean energy are likely to strengthen the market over the forecast period.
Governments are emphasizing on the development of alternate energy production sources such as Waste to Energy (WTE) plants owing to surging power demand along with the rapid depletion of conventional energy sources. In addition, increasing landfilling prices and limited space are among the primary factors responsible for driving the market over the forecast period.
Asia Pacific economies such as China have become high potential markets for waste-to-energy technologies owing to the generation of industrial waste at a huge level. Moreover, Japan is expected to follow a more aggressive approach than China regarding the implementation of WTE technology across the country. It aims to provide combination packages including additional services such as waste reduction, waste sorting, and recycling. These trends are anticipated to positively influence the market over the forecast period.
Industry players are emphasizing on technological advancements and innovations in order to reduce the technology cost associated with waste-to-energy plants, boosting the commercialization of WTE technology. In addition, market participants practice vertical integration in order to strengthen the services. Companies do a tie-up with municipal solid waste providers for the distribution of waste sources.
Waste To Energy Market Report Highlights
· The thermal technology segment occupied the largest market share in 2019 owing to the relatively simple process along with ease of operations during thermal conversion
· Incineration thermal technology is a major revenue contributor to the market. It offers several advantages such as waste volume reduction, limiting greenhouse gas emissions, and preserving energy
· The biological technology segment is projected to attain the highest CAGR over the forecast period owing to the consistent advancement of anaerobic decomposition technology
· Europe dominates the market owing to the presence of large market players across the region
· In Asia Pacific, the market is anticipated to escalate at the fastest CAGR owing to the potential growth opportunities in countries such as China and Japan.
Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/waste-to-energy-technology-industry
Waste To Energy Market Segmentation
Grand View Research has segmented the global waste to energy market on the basis of technology and region:
Waste to Energy Technology Outlook (Revenue, USD Million, 2016 - 2027)
· Thermal
o Incineration
o Gasification
o Pyrolysis
· Biological