Newly Published Visiongain Report: Waste to Energy (WtE) Market Forecast 2020-2030
"Visiongain assesses that the global Waste-to-Energy market was valued at $16.4 billion in 2019, and it is expected to reach $22.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.3% from 2020 to 2030"
Waste-to-Energy (WtE) facilities are considered to be plants that use municipal solid waste (MSW) as a primary fuel source for energy production. During the last several years, increased waste generation and narrowed prospects for landfill have brought strong growth prospects for the WtE industry. Not only is the world population growing, but it is also becoming increasingly urbanised. This leads to greater levels of waste being generated globally, in more concentrated levels and in close proximity to large urban areas. These issues are focusing more attention on waste management frameworks, with increased interest in alternatives to landfill. As a result, municipalities worldwide are considering the functionality of WtE plants to help deal with mounting waste being generated.
The emergence of Asia-Pacific as a major hub for WTE development is expected to provide growth opportunities to market participants over the forecast period. The emerging economies of China and India have been developing their renewable resources to reduce carbon footprints to meet the carbon footprints seen in developed economies and have been involved in extensive R&D to develop low-cost WTE technologies. These efforts are expected to create immense opportunities for market participants. Public opposition has been a significant restraint for the development of the WtE practices at a larger scale, but the technological breakthroughs, as well as the necessity to tackle the waste management issues that emerge in many developed and recently in developing countries, can curb the reluctance of local communities.
In terms of technological development, the thermal Waste to Energy process dominated the market, representing in 2019 87% of the market. This dominance is set to continue for the forecasting period too. On the other hand, biological Waste to Energy technology is anticipated to grow significantly over the current decade and especially the first half of the 2020-2030 period, when it is projected to achieve CAGR higher than 5%.
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