The global waste to energy market is expected to generate significant income in the coming years due to the growing concerns about environmental degradation. The thermal sub-segment is expected to be the most lucrative. Europe should dominate the market.
New York, United States, August 09, 2021 (GLOBE NEWSWIRE) – The global energy waste market is expected to generate revenue of $ 70,700.0 million by 2028, growing at a CAGR of 4.7% during the forecast period (2021-2028) from 49,300.0 million dollars in 2020. The included report gives a brief overview of the current market scenario including significant market aspects such as growth factors, challenges, restraints, and various opportunities over the forecast period. The report also provides all the market figures which makes it easier and easier for new entrants to understand the market.
Engines: The waste-to-energy method makes the best use of waste to produce heat and energy to produce electricity. This reduces indigenous dependence on fossil fuels for energy production. This factor is expected to drive the growth of the global waste to energy market.
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Constraints: The initial cost of incinerating waste into energy and building waste-to-energy plants to complete the process is exorbitant. These factors are believed to be restraining the growth of the global waste to energy market.
Opportunities: Waste-to-energy has immense potential to replace traditional coal for power generation due to the efficiency, sustainability and economic benefits of using waste-to-energy methods. These factors are expected to create huge opportunities in the near future.
The report has divided the market into different segments based on technology and regional outlook.
Technology: The thermal sub-segment is expected to be the most lucrative
The thermal sub-segment is expected to generate revenue of $ 2,438.1 million during the forecast period, up from $ 1,639.7 million in 2020. Thermal energy is widely used to operate thermal power plants. steam turbines to generate electricity, which is expected to drive the growth of the sub-segment.
The global waste to energy market will experience tremendous growth due to increased energy consumption
Regional outlook: Europe should dominate the market
The waste to energy market in Europe generated $ 20,513.7 million in 2020 and is expected to grow at a CAGR of 4.3% during the forecast period. Growing concerns about the emission of toxic waste have called for the application of sustainable waste to energy methods to generate electricity. This factor is expected to drive the market growth in this region.
Impact of COVID-19 on the market
The COVID-19 pandemic has negatively impacted the growth of the global waste to energy market. Nationwide lockdowns have resulted in the shutdown of manufacturing, production and supply chain units in various industries. This had a negative impact on the overall functioning of the waste management process. In addition, the growing risk of contracting the virus among ragpickers has further hampered energy recovery methods. Hence, these factors have negatively impacted the growth of the global waste to energy market. However, several government initiatives and developments in waste-to-energy projects are expected to recover the market after the post-pandemic loss period.
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The major players in the waste to energy market include –
Babcock and Wilcox Enterprises Inc.
John Wood Group Plc.
Waste Management Inc.
Abu Dhabi National Energy Company Pjsc (TAQUA)
China Everbright International Limited
Covanta Holding Corporation
These players work on developing strategies such as product development, mergers and acquisitions, partnerships and collaborations to support market growth.
For example, in December 2020, XcelPlus International Inc., a leading alternative energy company acquired AdaptiveGRC Inc., a plasma waste-to-energy company in order to develop and scale up units capable of processing up to 1000 tons and more of waste per day.
The report also summarizes many important aspects including financial performance of key players, SWOT analysis, product portfolio and latest strategic developments.
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