Waste to energy global market size to reach $35.5bn by 2024 according to latest report
New research from Global Market Insights indicates increasing MSW adoption as a fuel to generate renewable energy will drive industry growth
As per a recent industry report put forward by Global Market Insights Inc., the global Waste to Energy Market is forecast to register its name in the billion-dollar fraternity down the line of six years, by exceeding a revenue of USD 35.5 billion by 2024 with a projected CAGR of 6.5% over 2018-2024.
Increasing municipal solid waste (MSW) adoption as a fuel to generate renewable energy via thermal and biological techniques will drive industry growth according to GMI. Thermal technology dominated the total share in 2015. In addition, incineration waste to energy market may witness significant growth, the technology was already valued at over USD 12.05 billion in 2015. Converting MSW as feedstock and help to enhance streams process are key factors fostering incineration technology market growth.
GMI also says that increasing electricity demand along with growing dependency on renewable sources to generate energy due to depleting petrochemical reserves is likely to drive waste to energy market over the forecast timeframe. MSW management programs adopted by regional governments to promote power generation will further boost industry growth. Additionally, the U.S. recognition to include WTE to do their renewable energy targets may spur regional industry growth.
Additional insight from GMI includes the below:
-WTE can attract stable tipping fees compared to landfills and help in reducing GHG emissions from MSW in landfills. In addition, government has made target towards renewable energy use. EU has set target to derive 20% energy from renewable sources owing to boost waste to energy demand.
-Growing urban population is forecast to be the key contributing factor for increasing MSW such as plastic, glass bottles, paper, tetra pack, cans, newspaper, cardboard boxes, meta items, aluminum foil, and wood pieces. Other factors such as industrialization, economic development, local climate, and public habits such as leftover food, further contribute towards MSW generation.
-Increasing MSW is anticipated to positively influence waste to energy market growth from 2016 to 2024. Major countries contributing MSW generation include U.S, China, India, Indonesia, and Brazil.
-Depleting fossil fuel along with the correction in crude oil prices is anticipated to fuel the need for finding petroleum substitutes for power generation.
Furthermore, GMI says rigorous research activities towards technological development to use MSW for power generation by substituting natural gas, oil, and coal is enduring, which in turn is anticipated to lay massive environmental benefits and technical feasibility to catalyze the waste to energy market growth from 2016 to 2024. However, high cost associated with plant construction as well as expensive components installation may hamper industry demand in the near future. Also, more capital involved in flue gases treatment and other residues produced may negatively impact growth.