The global waste to energy (WTE) market is expected to reach USD 43.96 billion by 2024, according to a new report by Grand View Research, Inc. Stringent waste management regulations particularly in Europe and in the U.S. coupled with the rise in concern to improve the waste management systems is expected to remain a key driving factor for global waste to energy market. The shift in focus towards energy generation through alternative routes is also expected to shape the industry structure.
Emerging economies such as India and China has been witnessing a sharp increase in energy demand on account of rapid industrialization and urbanization which has prompted energy producers to look for alternative energy sources. Since these countries generate a lot of industrial waste, they have become high potential markets for WTE technologies and are expected to provide ample opportunities to companies involved.
Companies such as China Everbright International Ltd. and Babcock & Wilcox Enterprises, Inc.have adopted acquisition strategies to enhance their waste management services. Most of the companies have tie-ups with local municipal solid waste providers for the distribution of waste sources.
To request a sample copy or view summary of this report, click the link below:
Further key findings from the study suggest:
- Thermal segment dominated the waste to energy technology in 2015 and accounted for over 80% of the total market revenue
- Processing of non-recyclable materials to produce electricity, heat, and fuel on account of less environmental impact is expected to boost the thermal technology market
- Thermal technologies including incineration, gasification, and pyrolysis are expected to lower the carbon emissions which in turn would lead to increase in the implementation of these WTE technology
- Biological segment is expected to grow at a significant rate of 9.4% over the forecast period
- Rising investment in waste to energy plant facilities, development and R&D of technologies is expected to propel the market over the coming years
- Major companies identified in the WTE market include Waste Management Inc., Covanta Energy Corporation, C&G Environmental Protection Holdings Ltd., and China Everbright International Ltd. among others.