LONDON, Jan. 19, 2021 /PRNewswire/ -- The global waste to energy market is expected to witness expansion as conventional energy sources are depleting rapidly while contributing to harmful emissions. In terms of value, the waste to energy market stood at US$ 25,071.3 Mn in 2019 and is expected to reach US$ 36,266.6 Mn by 2025.
Government bodies across the globe 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 commercialize alternative energy sources such as waste-to-energy (WtE) technology. Government and regulatory bodies are also imposing strict environment policies for reducing carbon emissions released due to excessive use of fossil fuels. A recent report by Fairfield Market Research indicates that the waste-to-energy market holds great growth potential in the coming years.
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Waste-to-energy 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. Overflowing landfills with limited space availability are expected to further augment the demand in the market.
The market is also expected to face certain restraints such as environmental hazards associated with the incineration process. However, 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 as it Remains Environmentally Safer
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 will Likely Accelerate Market Growth of Europe
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. The government bodies in this region promote favourable regulatory policies for carbon taxes, landfill taxes and direct subsidies for waste to energy plants.
North America is also expected to dominate the global market as this region is technologically ahead of others. Government bodies in this region are actively working towards environment protection and safety to keep up with the commitments of climate change. Regulatory and government bodies are also exercising integration and utilization of clean electricity generation, bolstering the demand for the waste-to-energy technology in this region.
Key Players Collaborate to Promote the Waste-to-Energy Concept
The key players of the market are focusing on investing in research and development activities to stay ahead in the competition. They are also adopting various market strategies such as mergers and acquisitions to strengthen their foothold in the global market. Players are making a collaborative approach 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.
The key players operating in the global waste to energy market are Covanta Energy Corporation, Veolia, Suez Environment, China Everbright International Limited, EDF, AVR, EQT AB, Wheelabrator, Hitachi Zosen Inova AG, Babcock & Wilcox Vφlund A/S, Viridor, Ramboll Group, GCL Poly, etc.
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SOURCE Fairfield Market Research