Selbyville, Delaware, United States, September 29 2020 (Wiredrelease) Global Market Insights, Inc –:Growing demand for electricity across the world is a major factor that is expected to augment global waste to energy (WTE) market share through 2024. The world is presently witnessing an upsurge in the demand of electricity owing to mounting developments across emerging economies.
Meanwhile, renewable sources are steadily gaining a major market traction when it comes to energy generation, especially due to depleting petrochemical reserves. This prominence of renewable sources is likely to fuel the market size in the coming years.
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Along with renewable sources, new government regulations regarding energy generation from wastes should spur market trends. Several regional governments are implementing MSW (municipal solid waste) management programs to support energy generation. Additionally, the U.S. recognition to have WTE to complete the country’s renewable energy targets should expand the overall waste to energy market growth.
Reducing fossil fuel reserves coupled with correction in crude oil prices is likely to increase the need to find petroleum substitutes to generate power. Besides, mounting research activities for newer technological developments to utilize MSW for power generation through the substitution of oil, coal, and natural gas, would majorly catalyze the global waste to energy industry size by 2024.
As per a research report by Global Market Insights, Inc., global waste to energy (WTE) market is estimated to touch $35.5 billion through 2024.
Speaking of the technology segment, growing adoption of MSW (municipal solid waste) to produce renewable energy should propel biological and thermal segment growth. Thermal technology is anticipated to dominate the overall market trends in the coming years. The incineration waste to the energy sub-segment is projected to drive the majority of thermal energy segment growth.
Back in 2015, the subsegment was valued for more than $12.05 billion. Conversion of MSW to use as feedstock and further help improve streams process are the major factor propelling incineration technology growth.
Meanwhile, gasification and pyrolysis segments are likely to observe considerable traction owing to their growing applications in Germany. The segment witnessed a demand of more than $0.69 billion in 2015. Gasification and pyrolysis help convert waste into energy-rich fuels through heat that is under controlled conditions, which convert it into ash and energy.
In addition to Germany, the U.K., France and Italy are likely to lead the waste to energy industry share in Europe in coming years. The region is predicted to show growth of more than 5.5% and would possibly surpass $2.5 billion through the analysis timeframe.
The region is projected to observe this growth owing to increasing biological segment. In fact, the biological segment is slated to show steady progress in the market and would possibly replace the composting step for the treatment of biodegradable waste produced from MSW.
Meanwhile, the APAC waste to energy market is poised to witness an exponential growth trend during the analysis timeframe. India, China, Australia, and Japan are projected to lead the industry share of the region through the forthcoming timeframe.
The APAC is predicted to record a growth of more than 7.5% through 2024. Stringent government regulations are likely to fuel the industry expansion in the region. Furthermore, growing investments in the market should augment its expansion in the region.
The competitive landscape of global waste to energy market is inclusive of players such as Hitachi Zosen, Covanta, Wheelabrator, Tenologies, Keppel Seghers, Green Conversion Systems, Veolia Environment, Plasco Energy, China Everbright International, Xcel Energy, Foster Wheeler, and Mitsubishi Heavy Industries among others.
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