Global Waste-to-Energy Market to Grow at a CAGR of 7.10% during 2024 –2032

Introduction

Waste-to-energy (WtE) or energy from waste (EfW) is a process of energy recovery and generating energy in the form of heat or electricity from the primary treatment of waste. The process of recovering energy and producing energy in the form of heat or electricity from the initial treatment of trash is known as waste-to-energy (WtE) and energy from waste (EfW), respectively. The rise in public WtE spending and increased demand for the incineration process fuel the expansion of the worldwide waste-to-energy market.

Market Dynamics

Increase in Demand for Renewable Sources of Energy Drives the Global Market

Solar, geothermal, wind, bioenergy, hydropower, and ocean power are some leading renewable energy sources. Currently, renewable energy is used for transportation, heating, and management. In comparison, fossil fuels are more expensive than renewable energy sources. Waste of power is the most cost-competitive way (in terms of operating cost). The increase in global temperatures brought on by burning fossil fuels emitting carbon dioxide (CO2) into the atmosphere is the main factor driving the market's expansion. Developed and developing countries have focused on boosting renewable energy sources, including wind, solar, and hydro, due to improved output efficiency, lower pollution, and low maintenance costs.

Upsurge in Energy Demand from the Asia-Pacific and Latin America Regions Creates Opportunities

The growing concern over utilizing the enormous volumes of garbage produced in diverse locations significantly impacts the waste-to-energy business. High growth rates have been observed in Asia-Pacific and LAMEA region countries, including China, India, Brazil, KSA, and others, due to increased waste generation and government initiatives to assist appropriate garbage utilization in these regions. Japan has a high degree of technological adoption, which has led to the development of a robust waste-to-energy industry. The people of many countries in Asia-Pacific and LAMEA now understand the significance of sustainable development, the imperative to reduce greenhouse gas emissions, and the necessity for proportionately larger consumption of renewable resources. The increase in industrialization, urbanization and GDP in these areas further encourage market expansion.

Regional Analysis

Europe is the largest shareholder in the global waste-to-energy market and is expected to grow at a CAGR of 4.6% during the forecast period. Due to the depletion of fossil resources like coal and petroleum, there is an increased push in Europe to minimize greenhouse emissions, achieve low carbon footprints, and provide a consistent electrical supply. A stable regulatory environment, better access to funding for the waste-to-energy sector, cost-effective grid investment and connection, continuous support for innovation and training, and enhanced cost-saving synergies are all projected to contribute to the growth of the European market.

Asia-Pacific is expected to grow at a CAGR of 4.8% during the forecast period. Due to the strong demand for renewable energy, the Asia-Pacific waste-to-energy business is still in its infancy. China, South Korea, and India are some major economies in this sector that are growing steadily. The Asia-Pacific waste-to-energy market's thermal category accounted for the most significant volume due to the expanding use of thermal technology for energy production.

North America is a developed region with high demand for various energy resources. The depletion of fossil fuels and rising pollution levels are predicted to restrict investment in fossil fuel power generation and encourage the use of various renewable energy sources, including waste-to-energy. In addition, the region's numerous sectors generate a lot of industrial, agricultural, and hazardous pollutants. Municipal solid waste (MSW) is caused by people who live in residential regions of industrialized nations like the United States and Canada and who work in business settings. This waste is then disposed of in landfills or burned to generate electricity.

Key Highlights

• The global waste-to-energy market size was valued at USD 39.53 billion in 2023. It is expected to reach USD 73.28 billion in 2032, growing at a CAGR of 7.10% over the forecast period (2024-32)
• Based on technology, the global waste-to-energy market is bifurcated into thermal, biochemical, and others. The thermal segment owns the highest market share and is expected to grow at a CAGR of 4.3% during the forecast period.
• Europe is the largest shareholder in the global waste-to-energy market and is expected to grow at a CAGR of 4.6% during the forecast period.

Competitive Players

1. Mitsubishi Heavy Industries Ltd
2. Waste Management Inc.
3. A2A SpA
4. Veolia Environment SA
5. Hitachi Zosen Corp.
6. MVV Energie AG
7. Martin GmbH
8. Babcock & Wilcox Enterprises Inc.
9. Zheng Jinjiang Environment Holding Co. Limited
10. Suez Group
11. Xcel Energy Inc.
12. Wheelabrator Technologies Inc.
13. Covanta Holding Corp.
14. China Everbright International Limited.

Recent Developments

• March 2024 - The waste-to-energy facility at Kodungaiyur will start operations in two years, according to Chennai Corporation. Instead of being built on the dumpyard's reclaimed ground, Metrowater will build the integrated waste management facility, which includes a waste-to-energy plant, on a different parcel of property.
• July 2024 - The Tadweer Group (Tadweer) and Emirates Water and Electricity Company (EWEC) received legal advice from international law firm Ashurst about the finance, procurement, and construction of the first waste-to-energy (WtE) plant to be built in the Emirate of Abu Dhabi, United Arab Emirates.

Segmentation

1. By Waste Type
   1. Municipal Solid Waste (MSW)
   2. Agricultural Waste
   3. Others
2. By Technology
   1. Thermochemical
   2. Incineration
   3. Biochemical
   4. Anaerobic Digestion
   5. Others
3. By Application
   1. Heat
   2. Electricity
   3. Others