Energia
Thermal Conversion to Remain the Technology of Choice in Global Waste-to-Energy (WtE) Market, Says Fairfield Market Research
The Paris Agreement, concerns about the safe disposal of waste, and ever-increasing investments in green energy are the primary drivers in the waste-to-energy market. Government subsidies help in no small measure. A lower scope for landfill coupled with greater waste generation has improved growth prospects in the waste-to-energy market. As the global population simultaneously grows and urbanises, waste is concentrated in metropolitan areas, putting the spotlight on efficient waste management frameworks. Cities are considering waste-to-energy units to cope with urban waste effectively, boding well for companies in the waste-to-energy market.
In 2020, the thermal technology segment held 51.6% of the waste-to-energy market with a value of US$19.9 Bn . Incineration is a popular process as it can reduce waste weight and volume by 75% and 90% respectively. The bottom layer of ash generated in incineration plants is used by construction companies, further reducing landfill burden. Incineration is the only waste-to-energy technology that is operationally feasible and viable on a commercial level. Heat recovered from incineration can be further deployed for hydroelectric power generation, making it well-worth the while for stakeholders in the waste-to-energy market.
In 2021, Europe accounts for the maximum share of the waste-to-energy market as a result of giants such as EQT, Suez Environment, Ramboll Group, and Veolia having their headquarters there. Supportive government policies including direct subsidies, carbon tax, and landfill tax are predicted to drive the waste-to-energy market over the forecast period. European energy and climate policy is emphasizing the need to move away from polluting fossil fuels, creating an incentive for waste-to-energy techniques to produce biofuels and biogas. Report predicts that the Europe waste-to-energy market will show a CAGR of 6.80% between 2020 and 2025.
Asia Pacific follows Europe in the waste-to-energy market with Australia , China , Japan , and South Korea particularly profitable. The Indian Ministry of New and Renewable Energy has unveiled an initiative to subsidise $310 thousand per MW up to a limit of $1.55 million per venture for five waste-to-energy plants. China has similar ambitions with its 13 Five-Year Plan that sought to generate 600,000 tonnes of energy from waste by 2020. This would necessitate the building of 200 new facilities between 2020 and 2030, benefiting demand in the Asia Pacific waste-to-energy market.
Some companies profiled in the report on the waste-to-energy market are
In 2019, Covanta Holding Corp. signed a concession agreement with Zhao County, China to manufacture and operate a waste-to-energy facility. The project is a joint venture between Covanta and a local partner. China's energy-to-waste targets are aided by preferential tariffs on purchasing electricity from energy-to-waste facilities and it remains to be seen how rivals respond to this development in the waste-to-energy market.
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