The global waste to energy (WTE) market is projected to attain a valuation of USD 43.75 billion in 2023 and is expected to reach USD 88.96 billion by 2033, trailing a CAGR of 7.3% during the forecast period.
Government regulations that are strict in response to escalating greenhouse gas emissions will urge manufacturers of green technology to keep up with innovative technologies that will assist create cleaner energy, which will ultimately fuel market expansion.
Because of continual developments in waste treatment technologies, thermal technologies will command a sizeable market share for the conversion of waste to energy in the upcoming years. Waste is converted into usable heat or steam during thermal treatment, and this heat or steam is then used to turn a turbine and produce power.
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Key Takeaways from the Market Study
- In 2022, the European waste to energy market is expected to be valued at US$ 16.5 Billion
- The waste-to-energy market in the Asia Pacific is presumed to expand at a CAGR of 6%
- North America to experience a noteworthy CAGR of 7.6% during the 2022-2032 assessment period
- Demand for thermal waste to energy technology to remain prominent, comprising 83% revenue in 2022
- Global waste to energy market worth to more than double from 2022 to 2032
“Significant increases in power generation as a result of rapid urbanization and industrialization, as well as a greater emphasis on generating energy from renewable sources, are expected to be key drivers of the waste-to-energy market,” remarks an FMI analyst.
Increased Demand for Thermochemical Waste-to-Energy Technology to Accelerate Market Growth
Due to ongoing advancements in waste treatment technologies, thermal methods are expected to dominate a significant market share for waste-to-energy (WTE) conversion in the coming years. Thermal treatment involves converting waste into usable heat or steam, which is then utilized to power turbines and generate electricity.
Businesses worldwide are employing various thermal processes to produce energy. These methods include incineration, where waste is fully burned to produce heat, pyrolysis, where waste is combusted under controlled conditions, pyrolysis & gasification, where waste is partially burned to create an intermediate for energy recovery or recycling, and plasma arc treatment, among other techniques.
Competitive Landscape
Key players in the global Waste to Energy market
- Veolia
- Velocys
- Biffa
- Sims Limited
- Stericycle
- Keppel Seghers
- Recology
- Waste Connections
- Xcel Energy
- Hitachi Zosen Inova AG
- China Everbright Environment Group Limited
- JANSEN Combustion and Boiler Technologies
- Wheelabrator Technologies
- SUEZ
- OMNI Conversion Technologies
- WM Intellectual Property Holdings
- Covanta Holding Corporation
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Key developments among players are:
- Fiberight announced in February 2019 that it would open a new advanced recycling facility in Hampden by April 2019. Using pulping and anaerobic digestion, the plant will break down materials and convert them into biofuel using high-tech processes.
- Veolia became the first company in Europe to establish a synthetic e-fuel production unit on February 17, 2022. The manufacturing unit was installed at LIPOR’s Energy Recovery Plant near Porto. Its cutting-edge technology configuration and design are expected to revolutionize the waste-to-energy industry while also decarbonizing the aviation sector.
- In July 2022, Biffa announced that it was selected for supervising the government of Scotland’s Deposit Return Scheme’s (DRS) official logistic provider. The agreement comes after several months of close collaboration between the organizations as they progress towards DRS going live in August 2023 and is expected to create around 500 jobs in Scotland to support the collection, sorting and counting of products within scope of the scheme.
About Future Market Insights (FMI)
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