According to “Waste-to-Energy (WtE) Market – Global Industry Analysis (2017-2020), Growth Trends and Market Forecast (2021-2025)” report published by ResearchAndMarkets, the global demand for WtE market is expected to witness high surge in demand as governments across the globe invest in developing sustainable solutions for generating energy from waste. According to the report, this is being encouraged by improved awareness amongst consumers about the depletion of the non-renewable energy resources and soaring levels of pollution across land, water and air. Collectively, these factors have contributed to rise in demand for the incineration process and public expenditure in WtE projects.
Moreover, a positive approach to WtE technologies has led to its widespread acceptance in various countries. The need to cater to the rising demand of electricity consumption is also triggering the demand for these alternative technologies. Furthermore, government bodies are increasingly implementing several federal laws and regulations to control usage of non-renewable energy resources. Also, countries in a bid to achieve zero emission targets are increasing the demand for WtE projects.
The WtE market is segregated into thermal and biological. The thermal segment is further segmented into incineration, pyrolysis, and gasification. Among these, the incineration segment is expected to lead the global WtE market by registering a rising CAGR over the forecast period. There has been a rise in waste generation across the globe leading to increased demand for incineration process globally. This process is increasingly rising in demand as it can treat multiple types of wastes.
North America is expected to lead the global WtE market as this region has high potential due to developed economies in this region. The government policies in this region are strict, adhering to the Paris Climate Change Agreement, hence, bolstering demand for better alternatives of non-renewable energy sources. Demand for WtE projects is also expected to increase in Europe during the forecast period as this region is heavily focusing on an energy transition.
The report adds that key players in the market are actively focusing on strategies such as mergers and acquisitions. There has been a rise in investment for research and development activities as investors are actively seeking reliable sources of energy conversion to create lucrative market growth opportunities.