The global waste to energy market is extremely competitive. There are several players in the market. These companies are focused on bring in better technology to strengthen the process of waste to energy, says Transparency Market Research (TMR) report.
Some of the key players in the global waste to energy market are –Suez Environment S.A., Covanta, Waste Management, Inc., China Everbright International Limited, and C& G Environmental Protection Holdings.
The demand for converting solid waste to energy has been rising keeping environmental factor and alternative energy source as an objective. Advanced technology and safe process of converting municipal waste into renewable energy drives the global waste to energy market. The global waste to energy market is predicted to expand at 6.1% during the forecast period 2018 to 2026. The global revenue is estimated to reach US$ 32 Bn by the end of forecast period. The global waste to energy market is predicted to grow at a steady rate in upcoming years.
Regionally, Europe dominated the global waste to energy market previously and is likely to continue its dominance in coming years. The factors driving the growth in this region are increasing investments biogas technology, rising government initiatives, new objectives with regards to renewable energy. Asia Pacific is expected to rule the global waste to energy market during the forecast period. Increasing importance to sustainable energy, increasing consumption of energy, rapid urbanization are likely to push the global waste to energy market. The global waste to energy market is segmented into biochemical and thermochemical in terms of technology. Thermochemical technology segment is likely to dominate the global market during the forecast period.
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Increasing Waste to Promote Market
Waste is increasing across the globe in the form of solid waste, municipal waste, and agricultural waste. Converting these waste into renewable energy to overcome the environmental issues such as increasing landfills. Such ever increasing demand is likely to provide impetus to the global waste to energy market in upcoming years. Several projects are being undertaken by government to convert waste into energy supporting the global waste to energy market. Tax subsidies and capital subsidies are being given to initiate waste to energy projects across the globe. Thus, pushing the global waste to energy market to swell up in upcoming years.
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Rising Power Consumption to Stimulate Growth
The global waste to energy market is driven by increasing demand for energy. Due to rapid urbanization and increasing population in developing economies acts as a prominent driver in the global waste to energy market. As per World Bank, the global waste to energy market is expected to increase at a stellar rate due to several countries opting for alternate source of energy. This again is a catalyst for strengthening of the global waste to energy market.
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One of the key factor that restraints the growth of the global waste to energy market is high investment cost. Installation of power plants involves high cost and the break-even is expected after 5 years. Thus, restraining the global waste to energy market. Nevertheless, the global waste to energy market is likely to witness a substantial expansion due to government supporting the waste to energy projects across the globe.
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