The Waste to Energy Market is estimated to be valued at US$ 54.40 Bn in 2022 and is expected to exhibit a CAGR of 7.35% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Waste to energy is a process of generating energy in the form of electricity or heat from the primary treatment of waste. The municipal solid waste and biomass waste serves as a fuel source for producing steam which drives turbines that generate electricity. The combustion of waste reduces the waste volume by around 90% and provides renewable source of energy. It is an effective way of managing municipal solid waste in an environment friendly manner.
Market key trends:
One of the key trends driving the growth of waste to energy market is increasing concerns towards sustainable waste management. With growing global population, the waste generation is increasing tremendously creating pressure on landfill space. Waste to energy is seen as an alternative to traditional landfilling and incineration as it convert non-recyclable waste into useable form of energy. Some countries in Europe have defined targets to use waste for producing renewable energy under waste management directives. This is expected to boost the adoption of waste to energy technologies during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the waste to energy market is moderate as the establishment of new waste to energy plants requires high initial capital investments.
Bargaining power of buyers: The bargaining power of buyers is moderate since they have limited options for waste disposal and waste to energy plants act as a reliable alternative.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of diverse waste feedstock options for waste to energy plants.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives available for efficient waste treatment and energy generation.
Competitive rivalry: High due to presence of large number of global players.
SWOT Analysis
Strengths: Waste to energy is a sustainable solution for waste treatment and energy generation. It also avoids emission of greenhouse gases from landfills.
Weaknesses: High capital cost and technical complexities involved. Public resistance to locate plants near residential areas.
Opportunities: Increasing global waste generation and need for alternate renewable energy sources. Supportive government policies and regulations.
Threats: Volatility in waste quality and quantity. Stricter emission standards leading to increased operating costs.
Key Takeaways
The global Waste To Energy Market Share is expected to witness high growth, exhibiting CAGR of 7.35% over the forecast period, due to increasing waste generation worldwide. Asia Pacific region currently dominates the market owing to high waste generation in countries like China and India. The European region is also a major market for waste to energy fueled by supportive regulatory framework pertaining to waste management.
Key players operating in the Waste to Energy market are Austrian Energy & Environment Group GmbH, Arrow Ecology Ltd., Babcock & Wilcox Vølund A/S, Constructions Industrielles De La Editerranée (CNIM), Covanta Energy Corporation, Essent N.V., Haase Energietechnik AG, Wood Group, Qinetiq, and Pacific Renewable Fuels Inc. Major players are focusing on technological innovations to improve plant efficiency and reduce emissions to strengthen their market position.
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https://www.newsstatix.com/the-waste-to-energy-market-trends-size-and-share-analysis/
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