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LONDON, April 12, 2023 (GLOBE NEWSWIRE) — The Business Research Company’s research on the waste to energy market forecasts increasing efficient waste management to drive the waste-to-energy market forward. Efficient waste management entails properly segregating waste at the source and ensuring that waste passes through various recycling and resource recovery streams. The most efficient waste management solution will be a sustainable waste-to-energy method that generates heat that can be used to generate electricity. According to an article published in November 2020 by the World Economic Forum, a Switzerland-based International Organization for Public-Private Cooperation, Wales aims to achieve zero waste by 2050, and the EU is considering a new 2030 target of at least 65%. Germany also has the world’s best waste management rate. Austria is the runner-up, followed by South Korea and Wales. Each of the four countries manages between 52% and 56% of their municipal waste. Switzerland, which ranks fifth, recycles nearly half of its municipal waste. As a result, improved waste management is propelling the waste-to-energy market growth.
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The global waste to energy market size is expected to grow from $33.3 billion in 2022 to $35.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The waste to energy market is then expected to grow to $45.3 billion in 2027 at a CAGR of more than 6%.
Major players in the waste to energy sector are Abu Dhabi National Energy Company, Babcock and Wilcox Enterprises Inc., China Everbright International Limited, Covanta Holding Corporation, Suez Environment S.A., Veolia Environnement S.A., Foster Wheeler AG.
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Technological advancement has emerged as a key trend gaining traction in the waste-to-energy market. To maintain their market position, major waste-to-energy companies are focusing on the development of new technologies. Waste Fuel Solutions, a US-based developer of bio-refineries focused on converting municipal solid waste into low-carbon fuels, for example, launched the WasteFuel Methanol technology in September 2022. The WasteFuel Methanol technology is intended to produce up to 100 metric tonnes of fuel-grade methanol per day from a variety of waste sources, including landfill gas and anaerobic digestion biogas. The process is designed in a modular fashion to improve overall resource utilisation and allow for cost-effective, rapid scaling. This technology will be built efficiently where waste exists and will scale production efficiently and quickly to meet the growing demand for green methanol in the shipping industry.
Europe was the largest region in the waste to energy market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the waste to energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global waste to energy market is segmented by waste type into municipal solid waste, agricultural waste, other waste types; by technology into thermal, biochemical, other technologies; by application into heat, electricity.
Waste To Energy Global Market Report 2023 by The Business Research Company provides insights on the waste to energy market size, waste to energy market segments, waste to energy market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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