Status : Published | Published On : Nov, 2023 | Report Code : VREP3028 | Industry : Energy & Power | Available Format :
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Page : 200 |
Industry Overview
Waste-to-energy (WTE) is a sustainable approach that converts non-recyclable waste materials into usable energy forms. This process involves incineration or gasification of waste, where heat released is harnessed to generate electricity or heat for industrial purposes. WTE not only reduces the volume of waste destined for landfills, but also mitigates greenhouse gas emissions by offsetting the need for fossil fuels. While it's an effective method to extract value from waste, proper environmental safeguards are crucial to manage emissions and residue effectively. WTE plays a vital role in the circular economy, contributing to both waste management solutions and renewable energy generation.
Global waste-to-energy market was worth USD 34.50 billion in 2022 and is expected to reach USD 48.60 billion by 2030 with a CAGR of 4.63% during the forecast period, i.e., 2023-2030. Waste-to-energy demand is rising due to increasing waste generation, growing environmental concerns, stringent regulations, and a rising demand for renewable energy sources. This convergence fuels the adoption of waste-to-energy technologies for sustainable waste management and energy production.
Geographically, the market is expanding rapidly in North America, Europe and the Asia Pacific, as a result of the advanced infrastructure, stringent regulations, high waste generation, and a strong focus on sustainability; however, the market confronts constraints such as high initial investment costs, public opposition, complex regulatory frameworks, and concerns about air emissions and ash disposal. Overall, the global waste-to-energy market offers potential prospects for market participants to develop and fulfill the growing needs of wide range of industries including transportation, energy storage, consumer electronics, and other industries.
Market Segmentation
Insight by Technology
Based on the technology, the global waste-to-energy market is segmented into thermal and biological. In 2022, thermal technology dominated the global waste-to-energy market due to its efficiency in converting waste into energy. Incineration and gasification processes release heat used to generate electricity or heat. Covanta, a prominent company, operates over 40 WTE facilities in North America, exemplifying this technology's widespread adoption. Covanta's Energy-from-Waste (EfW) facilities have collectively converted millions of tons of waste into clean energy. Additionally, partnerships like that between Hitachi Zosen Inova and Wheelabrator Technologies have further propelled the industry forward. Their joint venture aims to develop and operate cutting-edge waste-to-energy plants, showcasing the enduring influence of thermal technology in waste management and sustainable energy production.
Insight by Waste Type
Based on the waste type, the global waste-to-energy market is segmented into municipal solid waste, agriculture waste, industrial waste, and others. In 2022, municipal solid waste dominated the global waste-to-energy market due its abundance and consistent generation from households and businesses. According to the World Bank, the world generates 2.01 billion tonnes of municipal solid waste annually. This waste stream offers a reliable source for energy conversion. Companies like Babcock & Wilcox are key players utilizing MSW in their waste-to-energy facilities. Their technology efficiently transforms MSW into electricity and heat. Moreover, partnerships such as Keppel Seghers and Beijing Environment Equipment Group have resulted in state-of-the-art waste-to-energy plants, such as the Tuas WTE Plant in Singapore. These collaborations showcase the prominence of MSW in the global waste-to-energy market.
Waste-To-Energy Market Report Coverage
Report Metric |
Details |
Historical Period |
2018–2022 |
Base Year Considered |
2023 |
Forecast Period |
2023 - 2030 |
Market Size in 2022 |
$34.50 Billion |
Revenue Forecast in 2030 |
$48.60 Billion |
Growth Rate |
CAGR 4.63% |
Segments Covered in the Report |
By Technology and By Waste Type |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
Need for sustainable waste management
A significant driver for the global waste-to-energy market is the pressing need for sustainable waste management amidst burgeoning urbanization. Hitachi Zosen Inova, in partnership with METKA EGN, exemplifies this trend with their waste-to-energy plant in Australia. This facility converts 400,000 tons of non-recyclable waste into 5MW of electricity annually, contributing to the region's renewable energy goals. Additionally, the Covanta-Dubal joint venture in the UAE underscores the market's momentum. Their WTE plant in Dubai processes 1.5 million tons of waste each year, demonstrating how waste-to-energy addresses both waste disposal challenges and the demand for clean, reliable energy in rapidly growing urban areas.
Need for sustainable technologies
Increasing focus on reducing greenhouse gas emissions is another major driver for the global waste-to-energy market. Companies such as Waste Management and Green Conversion Systems have projects that convert organic waste into renewable natural gas (RNG). For instance, Waste Management's Milam Landfill Gas-to-Energy Plant in Washington converts landfill gases into RNG, displacing traditional fossil fuels, resulting in significantly less emissions. Additionally, the Renewable Energy Group (REG) has various waste-to-energy plants to produce biodiesel from waste fats, oils, and greases. This drive to lower carbon footprints propels the waste-to-energy market as a crucial player in sustainable energy solutions for the future.
Challenge
Public perception and opposition
One major challenge for the growth of the global waste-to-energy market is public perception and opposition. Communities often express concerns about potential air pollution, noise, and visual impact associated with waste-to-energy facilities. Addressing these apprehensions and engaging in transparent communication with the public is crucial for gaining acceptance and support for such projects. Additionally, educating communities about the advanced emission control technologies and stringent regulatory standards employed in modern waste-to-energy plants can help alleviate concerns. Overcoming public resistance remains a significant hurdle in expanding the waste-to-energy market and necessitates effective community engagement strategies.
Geographic Overview
North America
Europe
Asia Pacific (APAC)
Latin America
Middle East and Africa (MEA)
The global Waste-to-energy market is segmented into North America, Europe, the Asia-Pacific, and Latin America, and Middle East and Africa region. The global waste-to-energy market was dominated by the Asia-Pacific in 2022 due to rapid urbanization, burgeoning populations, and escalating waste generation. Companies like China Everbright International have spearheaded this growth with numerous waste-to-energy projects across the region. Their Nantong Waste-to-Energy Project in China exemplifies this trend, processing 1,000 tons of waste daily. Moreover, partnerships between Hitachi Zosen Inova and Zhejiang Energy in China have resulted in cutting-edge waste-to-energy plants, like the Shaoxing WTE Plant. The surge in waste volumes, coupled with a commitment to sustainable waste management, positions Asia-Pacific at the forefront of the global waste-to-energy industry.
Competitive Insight
Covanta is a prominent player in the global waste-to-energy market, renowned for its extensive network of over 40 Energy-from-Waste (EfW) facilities in North America. Their plants efficiently convert millions of tons of non-recyclable waste into clean electricity and heat annually. Covanta also leads in environmental sustainability with initiatives like the Covanta Environmental Solutions, focusing on hazardous and non-hazardous waste management. Moreover, Covanta has partnered with the Green Investment Group (GIG) to develop new EfW projects, exemplifying its commitment to expanding sustainable waste management solutions. With a strong presence and ongoing investments, Covanta maintains a pivotal position in the global waste-to-energy market.
Hitachi Zosen Inova is a leading force in the global waste-to-energy market, known for its cutting-edge solutions in waste treatment and energy recovery. The company has established a strong presence worldwide, with numerous waste-to-energy projects in Asia, Europe, and North America. Noteworthy partnerships include collaborations with Beijing Environment Equipment Group in China and Zhejiang Energy in Shaoxing. These ventures have resulted in state-of-the-art waste-to-energy facilities, showcasing Hitachi Zosen Inova's expertise. Additionally, the company continues to invest in research and development, ensuring it remains at the forefront of technological advancements in sustainable waste management and energy production.
Recent Development by Key Players
In October 2023, Yokogawa Electric Corporation completed installation of the FuzEvent combustion control solution at a waste-to-energy (WtE) plant operated by Krakowski Holding Komunalny SA in Krakow, Poland. FuzEvent was developed by Dublix Technology ApS and it increases the waste incineration volume by 2.5% (equivalent to 5,500 tons annually if the plant is operated at full capacity)
In October 2023, Mitsubishi Heavy Industries Environmental & Chemical Engineering received an order from the Fukushima Municipal Government to rebuild the city's Abukuma Clean Center Incineration Plant (Superannuated Waste-to-Energy Plant). The contract includes two stoker-type incinerators with waste processing capacity of 120 tpd, contributing to Fukushima's quest to become a "zero carbon city".
Key Players Covered in the Report
Covanta, China Everbright International, Veolia, Hitachi Zosen Inova, Babcock & Wilcox, Wheelabrator Technologies, Keppel Seghers, Suez, Mitsubishi Heavy Industries Environmental & Chemical Engineering, Martin GmbH, Sumitomo Heavy Industries, Constructions Industrielles de la Méditerranée (CNIM), Novo Energy, Xcel Energy, Viridor, Waste Management, Green Conversion Systems, Abu Dhabi National Energy Company (TAQA), Guangzhou Energy, and C&G Environmental Protection Holdings.
The Waste-to-energy market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
Technology
Thermal
Biological
Waste Type
Municipal solid waste
Agriculture waste
Industrial waste
Others
Region Covered in the Report
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Russia
Rest of Europe
Asia-Pacific (APAC)
China
Japan
Vietnam
India
South Korea
Rest of Asia-Pacific
Middle East and Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
Latin America
Argentina
Brazil
Chile
Rest of LATAM
Primary Research Interviews Breakdown
Waste-to-Energy Market