Waste-to-energy market to see 6.45 percent annual global growth rate to 2025March 23, 2020
The world’s WtE market is predicted to achieve a combined annual growth rate for the next five years.
The world waste-to-energy market is expected to achieve a 6.45 percent combined annual growth rate (CAGR) during a 2020 to 2025 forecast period. This, according to a Research and Markets report.
The report underscores a rising amount of waste creation and an increasing concern over its management.
The Research and Markets report spotlights the way waste is being produced at an increasing rate. As a result, there is a rising concern over the future of its management. It also points out the necessity for sustainable urban living and a boosted focus on energy sources other than fossil fuels. These are among the primary driving factors of waste-to-energy market adoption.
Still, it remains held back by the rising use of incinerators, especially as electricity prices keep falling, and a number of plants cannot cover the cost of operations. Moreover, Japan and a number of European countries intend to place a greater focus on recycling. This helps to save between three and five times more energy, thereby holding back WtE.
The very nature of the current global waste-to-energy market is deeply fragmented.
The main players within this marketplace are currently Waste Management, Veolia Environment, Mitsubishi Heavy Industries, A2A, China Everbright International, Hitachi Zesen Corp, and China Jinjiang Environment Holding Company.
The report showed that thermal technology is predicted to lead the way in WtE this year as a result of the rising gasification and incineration technology developments along with the growing amount of trash, particularly from Asia-Pacific economies. Plants using cogeneration of electricity and thermal (heating and cooling) can achieve an optimal efficiency level of 80 percent.
Emerging WtE tech such as Dendro Liquid Energy (DLE) is expected to make substantial opportunities for players across the market over the next few years. DLE has four times greater electricity generation and also features zero emission discharge and no plant site effluence issues.
The global waste-to-energy-market is dominated by the Asia-Pacific region. Most of the demand for this form of renewable energy stems from Japan and China, specifically.