The global waste-to-energy (WTE) market is expected to witness expansion as a result of the rapid depletion of conventional energy sources which contribute to harmful emissions. In terms of value, the waste-to-energy market stood at A$32,514.09m in 2019 and is expected to reach A$47,031.56m by 2025.
According to Fairfield Market Research, global Government bodies are framing and promoting favourable policies to encourage proper waste disposal and energy production. There has also been a rise in demand from end-user sectors, forcing Government bodies to commercialise alternative energy sources such as WTE regulatory bodies are also imposing strict environment policies for reducing carbon emissions released due to excessive use of fossil fuels.
WTE plants are expected to flourish during the forecast period as it aids in reducing a significant amount of harmful emissions by offering alternative forms of heat or electricity.
Although the market is also expected to face certain restraints such as environmental hazards associated with the incineration process, this has resulted in increased investments in research and development activities to find safer and technologically advanced production processes.
Thermal technology to lead the way
The type segment is divided into thermal and biological. The thermal segment is expected to dominate the global market as the technique remains simplest to deploy. The demand for thermal technology will also be driven by the fact that is environmentally safer for urban landscapes as it ensures complete combustion of gases that are released from waste.
Reduction of waste volume and limited greenhouse gas emissions are anticipated to boost the uptake of thermal technology in the global waste-to-energy market in the coming years. This technology also provides the advantage of recycling metal and the bottom ash, making it an ideal choice.
Dominance of key players
Europe is expected to lead the global market as this region has the presence of key players such as Veolia, Suez, EQT AB and Ramboll Group A/S.
According to Fairfield’s research, North America is also anticipated to hold a strong position as this region is technologically ahead of others. Meanwhile, regulatory and government bodies are also exercising integration and utilization of clean electricity generation, bolstering the demand for the WTE technology in this region.
The key players are also investing in R&D activities to stay ahead in the competition. They are collaborating towards the waste-to-energy initiative by partnering with organizations to get assistance for improving results. For example, in the West Midlands, UK, waste-to-energy specialists are collaborating with Low Carbon and Verus Energy Limited, the two environment centric companies to provide electricity to around 70,000 houses diverting around 395,000 loads of garbage from export operations or landfills.