WILMINGTON, DELAWARE, UNITED STATES, February 5, 2024 /EINPresswire.com/ —
According to a new report published by Allied Market Research, the waste to energy market size was valued at $35.6 billion in 2022, and is estimated to reach $56.0 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032.
Waste to Energy plays a significant role in the broader context of sustainable waste management and the transition to a more circular and resource-efficient economy. While challenges exist, ongoing advancements in technology and increased awareness of environmental issues contribute to the continued development and adoption of Waste to Energy solutions.
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Europe was the highest revenue contributor accounting for more than two-fifths waste to energy market share in 2022 representing the CAGR of 4.6% of CAGR.
Asia-Pacific is the fastest growing region representing for 5.1% of CAGR to the market.
The Asia Pacific region is undergoing rapid urbanization and industrial growth which increases waste generation. This surge in municipal solid waste coupled with industrial and agricultural residues, presents a significant opportunity for the waste to energy market. In addition, there is a surge in energy demands in the Asia-Pacific regions due to rapid urbanization, industrialization, and population growth. All these factors are anticipated to offer waste to energy market opportunities in Asia-Pacific during the forecast period.
Top Industry Participants
Babcock & Wilcox Enterprises, Inc., China Everbright Environment Group Limited, Covanta Holding Corporation, Hitachi Zosen Inova AG, Keppel Infrastructure Group, MVV Energie AG, Suez, Veolia, Viridor Limited, and Wheelabrator Technologies Inc.
Apart from these major players, there are other key players in the waste to energy market. These include EEW Energy from Waste GmbH, Fortum Corporation, Waste Management, Inc., Ramboll Group, Acciona S.A., Advanced Plasma Power, BioHiTech Global, Inc., GFL Environmental Inc., Herz GmbH, KEPPEL SEGHERS, CNIM Group, and Plasco Energy Group Inc.
Waste-to-Energy (WtE) refers to the process of generating energy, typically in the form of electricity and heat, from the conversion of various types of waste materials.
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Incineration is the most established method that involves controlled combustion of waste at high temperatures which produces heat that generates steam to power turbines for electricity production.
Gasification and pyrolysis operate in oxygen-controlled environments, converting waste into syngas, bio-oil, or other energy-rich products for electricity generation or biofuel refinement.
Governments have implemented more stringent regulations to tackle waste and protect the environment. They are promoting less waste in landfills, more recycling, and better ways to manage waste. Waste to energy methods like incineration & anaerobic digestion abide by these rules by keeping waste out of landfills and reducing pollution.
The demand for renewable energy is boosted due to strong government support and clean energy goals established at global climate meetings.
Waste to energy methods help by turning waste into clean energy, reducing pollution, and lowering the need for non-renewable fuels. These attributes are increasing the demand for waste-to-energy technologies.
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Waste to energy solutions play a crucial role in diversifying the energy mix as traditional fossil fuels face challenges in availability and environmental concerns. As demand surges, reliance on finite fossil fuel resources becomes considerably unsustainable.
Waste to energy technologies offer an alternative by converting waste materials into usable forms of energy like electricity, heat, or biofuels. This help to reduce dependency on non-renewable resources and contributes to the development of sustainable & diverse energy portfolios.
Mechanical Biological Treatment (MBT) is a process that combines mechanical sorting and biological treatment to manage mixed waste streams such as municipal solid waste (MSW). Initially, the waste undergoes mechanical sorting to remove recyclables and separate organic material. The remaining waste is then subjected to biological treatment, typically composting or anaerobic digestion, to break down organic matter, producing biogas or compost.
Plasma gasification technology involves subjecting waste materials to extremely high temperatures (up to 10,000 degrees Celsius) in a gasification chamber using plasma torches. This process breaks down organic materials into syngas, a mixture of hydrogen and carbon monoxide, which is used to produce electricity or converted into various fuels or chemicals.
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By technology, the thermal segment was the highest revenue contributor to the market accounting for more than four-fifths waste to energy market share in 2022.
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