OVERNMENTAL SUPPORT FOR ENVIRONMENTAL-FRIENDLY METHODS OF WASTE DISPOSAL PROVIDES THRUST
Prominent players operating in the global waste to energy market include Suez Environment S.A., Waste Management, Inc., Constructions industrielles de la Méditerranée (CNIM), C&G Environmental Protection Holdings, Covanta, China Everbright International Limited, and Veolia Environnement S.A., finds Transparency Market Research (TMR). A growing number of players are focusing on bringing improvements in technologies to convert municipal solid waste to renewable energy.
The global waste to energy market was valued at US$18.4 billion in 2012 and is projected to reach US$31.8 billion by the end of 2019. During the forecast period of 2013 – 2019, the global market is projected to expand at a CAGR of 8.1%.
The various technologies used for waste to energy conversion process can be grouped into biological and thermal. Presently, thermal technology leads the global market. However, in recent years, biological technologies have gathered steam and the segment is projected to rise at a rapid pace over the assessment period. The demand for anaerobic digestion technology for waste to energy conversion has gathered pace owing to its effectiveness in reducing greenhouse gas emissions and its flexibility in meeting the needs of end users, especially those of farmers.
The various regional segments for waste to energy are Europe, North America, Asia Pacific, and Rest of the World. Of these, currently Asia Pacific leads the pack and is expected to rise at a rapid CAGR over the forecast timeline. The swift pace of economic development in its key economies, coupled with the burgeoning volumes of waste generated across the region, is fueling the growth.
Rising Demand for Technologically Advanced Means for Converting Waste to Energy propel Growth
The waste to energy market is driven by the substantial demand for safe and technologically-advanced processes for disposal of solid and municipal waste while generating renewable energy in various parts of the globe. The rising governmental impetus in emerging and developed nations for the adoption of clean energy for supporting a low-carbon economy is catalyzing the market growth. The rising demand for alternative sources of fuel is also imparting a robust momentum to the demand for waste to energy conversion methods.
Governmental Support for Adoption of Environmental-Friendly Methods of Waste Disposal provide Sustained Push
Growing initiatives to adopt environmental-friendly means of waste disposal coming out of commercial and industrial units is bolstering the demand for such facilities world over. The uptake of waste to energy conversion technologies is further catalyzed by stringent implementation of various governmental regulations for proper waste disposal.
The wide support from the governments in several developing and developed countries in the form of tax breaks and subsidies is also propelling the growth of the market. In addition, the substantial focus of reducing greenhouse emissions in these countries is fueling the adoption of waste to energy conversion methods.
Constant Advances in Biological Technologies open Promising Avenues
However, the growth of the market may be hindered by limitations in the effectiveness of thermal waste to energy conversion technologies. Nevertheless, constant improvements made in the existing technologies to optimize heat and electricity generation which can be used for commercial purposes bode well for the market. Rapid advances made in non-thermal technologies for waste to energy conversion are further expanding the horizon of the market through 2019 and will create new, exciting avenues in the years to come.