Global Waste to Energy Market Driving Factors 2018-2026
Waste-to-energy Market: Snapshot
Waste-to-energy is another efficient alternative for energy production. It helps in reduction of carbon emissions and replenish fossil fuels. It is also an effective way to getting rid of trash through disposal methods, and even recovers valuable resources. Waste-to-energy holds an important role in sustainable waste management chain.
Waste to energy is achieved through esterification, thermos-chemical or bio-chemical technologies. The utilization of technologies is dependent on several factors for example, type and composition of waste, final energy form, and calorific value. The energy produced is used in applications like heat and electricity generation, mainly achieved through incineration. Moreover, transport fuel like bio-deisel, ethanol, and bio-jet fuel are extracted from waste processing. This blending of gasoline and ethanol boosts the growth in global ethanol production.
The study caters an elaborated analysis of the global waste-to-energy market on the basis of various segments as per technology, type, region, and application. On the basis of waste type, the market is divided into agricultural waste, municipal solid waste, and so on. Moreover, as per the technology, the global waste-to-energy market is segregated as biochemical and thermochemical. Application-wise, the market has been divided into heat, electricity, and so forth. These segments are studied from present as well as future point of view, both.
Several new waste-to-energy projects are being established in the world, and supporting the global energy mix consistently in coming years. Moreover, government regulations are as well furling the demand in the waste-to-energy market. Policies for example, tax credits, feed-in-tariffs, and capital subsidies are given to for waste-to-energy plants in India, the U.S., China, and nations in the EU.
A key factor responsible for pull down the growth of global waste-to-energy market is the high initial cost for constructing a waste-to-energy plant. In fact, the average time for payback of an anaerobic digestion project is above five years. This fortifies the restricting factor behind the market growth in forecast period.
Regionally, in 2017, Europe led the global waste-to-energy market. Rising initiatives by the governments, new targets regarding renewable energy, and increasing investments in biogas technology are estimated to fuel the growth of waste-to-energy market in Europe in the span of coming years. In year 2016 itself, nearly 41 new biomethane plants were established in the region. In addition, the Asia Pacific waste-to-energy market in Asia Pacific is likely to grow rapidly in the forthcoming years. In various nations in Asia Pacific, such as Thailand, India, Malaysia, and South Korea, the consumption of energy is consistently increasing. Growth in industrialization, and increasing importance of renewable source of energy is estimated to fuel the mentioned region in the forecast period.
The global waste-to-energy market appears to be immensely fragmented. Several regional and global players are operating in the market. The major firms leading the global waste-to-energy market are SUEZ, Veolia, Covanta Holding Corporation, Constructions industrielles de la Méditerranée (CNIM), Keppel Corporation Limited, China Everbright International Limited, STEAG GmbH, Future Biogas Limited, Babcock & Wilcox Enterprises, Inc., and Gazasia Ltd.