Global Waste to Energy Market Projected to Reach USD 53.07 Billion
The global Waste to Energy Market size is predicted to reach USD 53.07 billion with a CAGR of 4.4% by 2030. The increasing concern over environmental sustainability coupled with the rising need for energy sources has been driving the adoption of waste to energy technologies globally. Waste to energy technologies offer a sustainable solution for waste management while simultaneously generating renewable energy, thus addressing two critical challenges faced by societies today – waste disposal and energy generation.
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Europe holds the lion’s share of the global waste-to-energy market. This is attributed to factors such as favorable regulatory policies including landfill tax, carbon tax, and increasing focus on reducing greenhouse gases to control global warming.
North America also occupied a significant market share and is expected to continue this trend throughout the forecast period owing to the gradual climate change in this region and government emphasis on enhancing the utilization of clean electricity.
Asia Pacific is expected to experience the highest growth rate throughout the forecast period due to increasing government funding for managing municipal waste and growing awareness regarding waste to energy plants across various countries such as China, and India.
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Lucrative growth opportunities make the waste-to-energy industry more competitive. Some of the major players in the industry are TAQA Group , JOHN WOOD GROUP US HOLDINGS INC , Babcock & Wilcox , GS E&C , China Everbright International Co., Ltd. , Covanta Holding Ltd , SUEZ , Veolia , WM , and CNIM .
The leading players in the market are launching various new products and are focusing on making various agreements to strengthen their foothold in the industry. For instance, on December 4, 2020, Suez Environment S.A. introduced its first recycling plant Circular Polymer in Thailand to reverse the plastic pollution crisis in Asia.
Source: WhaTech