As per the report published by Kings Research, the global Waste to Energy Market was valued at USD 37.94 billion in 2023. The market is projected to reach USD 54.36 billion by 2031, growing at a CAGR of 4.61% from 2024 to 2031.
Companies Launch Cutting Edge Products to Expand Their Market Reach
The global waste to energy market is fragmented with key players such as Veolia, SUEZ Group, Covanta Holding Corporation, Babcock & Wilcox Enterprises, Inc., Hitachi Zosen Inova AG, Fortum, MVV Energie AG, Attero, ACCIONA, Viridor, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.
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Key Insights
- Based on waste type, the municipal waste segment held the largest market share of 67.93% in 2023
- Based on technology, the thermal segment generated the highest revenue of USD 27.21 billion in 2023
- On the basis of region, North America is projected to garner revenue of USD 16.27 billion by 2031
The waste-to-energy market is experiencing significant growth, mainly driven by increasing demand for energy due to rapid urbanization and industrialization globally. The rising concern over environmental sustainability, which prompts governments and industries to adopt cleaner energy solutions, is further supporting market growth.
The waste-to-energy market is poised to witness substantial growth, mainly attributed to regulatory support, technological innovations, and increasing demand for clean energy solutions.
Viridi Energy Partners with Casella Waste Systems Inc. for Logistics of Biosolids
March 2024: Viridi, a prominent renewable natural gas (RNG) platform, disclosed its acquisition of a longstanding biosolids digester plant located in Brunswick, Maine. The company intends to convert the facility into a cutting-edge waste-to-RNG plant. The corporation has entered a collaboration with Casella Waste Systems Inc., headquartered in Rutland, Vermont. Casella will oversee the collection and transportation logistics for approximately 85,000 tons of biosolids annually sourced from various wastewater treatment facilities.
Regional Insights
In 2023, Europe held the highest percentage—36.00%. Because of the region's strict environmental laws, cleaner technology and more effective plant operations are being developed. In order to comply with some of the strictest laws on air pollution and waste disposal, Europe encourages a culture of constant improvement in waste-to-energy operations.
Asia-Pacific: This region is expected to witness the fastest growth, driven by rapid industrialization, urbanization, and government initiatives in countries like China, India, and Japan. China’s 13th Five-Year Plan emphaGlobal Industrys the development of WtE plants to manage its growing waste problem.
North America: The market in North America is driven by increasing environmental regulations and the need for sustainable waste management solutions. The U.S. and Canada are investing heavily in modern WtE facilities.
Market Segmentation
The Waste to Energy Market segmentation based on technology, waste type, and application:
- By Technology: The market includes thermal technologies such as incineration and gasification, and biological technologies like anaerobic digestion. Incineration currently holds the largest market share due to its widespread adoption and technological maturity.
- By Waste Type: Municipal solid waste (MSW) dominates the market, followed by industrial and agricultural waste. The treatment of MSW is crucial for urban areas facing landfill shortages.
- By Application: The generated energy is used for electricity generation, heating, and industrial processes. Electricity generation is the predominant application, driven by the growing demand for renewable energy sources.
Key Drivers
- Environmental Regulations and Policies: Governments worldwide are implementing stringent regulations to manage waste and reduce greenhouse gas emissions. These policies are propelling the adoption of WtE technologies. For instance, the European Union’s Renewable Energy Directive mandates member states to increase their share of renewable energy, including energy from waste.
- Technological Advancements: Innovations in WtE technologies are enhancing efficiency and reducing costs. Advanced thermal treatments and improved anaerobic digestion processes are making WtE a more viable option for energy production. These technologies not only generate electricity but also produce heat and biofuels, adding multiple streams of revenue for operators.
- Growing Waste Generation: Rapid urbanization and industrialization are leading to increased waste production. The World Bank estimates that global waste will grow by 70% by 2050 unless urgent action is taken. WtE provides a sustainable solution by converting municipal solid waste, agricultural residues, and industrial waste into energy, thereby reducing landfill usage and environmental pollution.
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