Energy & Power Waste Market Overview
Energy at waste-to-energy plants and in some cases landfills is produced by garbage, also known as MSW (Municipal Solid Waste) which comprises of biomass from agricultural, animal or plant waste such as wastes by grass, wood, paper, leaves and leather products among others. Burning of wastes have a big hand in reducing soil pollution as it reduces the capacity of waste that would possibly be submerged in landfills. Biological machineries are anticipated to gain noteworthy market share over the forecast period.
Waste to energy finds its usage in producing heat or electricity directly by combustion. It is a process of generating energy with help of bacterial fermentation from major treatment of waste. Waste to energy also produces combustible fuel properties such as synthetic fuels, ethanol, methane and methanol. It uses method of biochemical expertise and modern day combustion techniques to recover energy in form of electricity, steam or heat from urban wastes. Depending on the use of outputs and composition, a major volume of original waste is reduced by these new technologies.
Increasing demand for electricity and high dependency on renewable sources to generate energy due to depleting petrochemical reserves is likely to drive waste to energy market with a CAGR of 5.7% over the period 2016-2024. MSW (Municipal Solid Waste) management programs adopted by regional governments to promote power generation will further boost the revenue of the global waste to energy market to USD 42,520.4 Million by the end of 2024 from USD 27,290.0 Million in 2016.
Growth Highlights based upon Regional Platform during 2016–2024
The global waste to energy market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, Europe is expected to observe significant growth by registering a CAGR of 5.9% over the period 2016-2024. Further, Europe market is expected to cross USD 15,400 Million by 2024. Germany is the major contributor to the growth of the Europe waste to energy (WTE) market and is expected to witness Y-o-Y growth rate of 7.2% by 2024. The Europe waste to energy market is driven by overall increase in the economic growth and stringent European regulations coupled with increasing municipal waste. Moreover, high technology adoption in the European countries is anticipated to fuel the market growth of waste to energy over the period 2016-2024. The second largest revenue generating region in the global WTE market is Asia-Pacific trailed by North America. Both of these regions are believed to benefit the expansion of the global waste to energy market by contributing around 50% of the total market share collectively by the end of 2024. In Asia-Pacific region, China and Japan are the two major countries which are creating a huge demand for the waste to energy technology. Factors such as rising adoption of advanced technological products and presence of large number of WTE manufacturers are boosting the demand for waste to energy management in the region.
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa)