Global Waste-to-Energy Market predicted to Reach $22 Billion by 2030
The global waste-to-energy (WTE) market was valued at $16.4 billion in 2019, and is expected to reach $22.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.3% from 2020 to 2030. This is according to a new report from Visiongain.
The report says 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.
Thermal technologies have emerged as the leading technology used for generating energy from waste. The segment accounted for 87% of total market revenue in 2019. Thermal technologies are further segregated into conventional thermal technologies and alternative thermal technologies. Thermal is the oldest and the most trusted technology used for generating energy from waste. However, the high cost associated with its installation, and its emission of harmful gases during incineration, are expected to hinder the market growth over the forecast period.
The research states that biological treatment is expected to be the fastest growing technology, with an estimated CAGR of 5.4% from 2020 to 2025. Biological treatments include the treatment of waste with microorganisms to generate energy. These methods are considered more environmentally friendly than thermal technologies and are expected to increase their market penetration over the forecast period.
WTE is gaining status as an important component of integrated waste management strategies in which it plays the role of an alternative strategy to relieve the pressure on landfills. The added benefit of WTE over other waste management strategies is the potential for the extraction of energy. A major portion of this energy is used by the plant itself for its internal energy requirements; the remainder is supplied to the community.
Despite the potential that the sector offers both in terms of waste management and in terms of providing a cheap alternate energy source, the report notes that many of the WTE technologies have been met with public opposition. For instance, thermal WTE projects have received bad publicity with concerns from environmental groups and local communities regarding several factors, including their impact on the environment and human health. Even though it is claimed that modern WTE combustion plants are safe and odor-free, public concern remains a barrier and continues to slow the implementation of new projects. However, several emerging technologies are much more efficient and promising and face less opposition. With growing waste volumes, the adoption of efficient and environmentally friendly waste management methods is becoming a priority for countries around the globe.