Rise in demand for incineration process and growth in public WtE expenditure drive the growth of the global waste to energy market. Based on technology, the thermal segment dominated the market in 2019. Based on thermal technology, the incineration segment is anticipated to register the fastest growth rate by 2027. Region wise, Europe would maintain the lead throughout the forecast period.
Portland, OR, Sept. 07, 2020 (GLOBE NEWSWIRE) -- According to the report published, the global waste to energy industry was estimated at $35.1 billion in 2019, and is anticipated to hit $50.1 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Rise in demand for incineration process and growth in public WtE expenditure drive the growth of the global waste to energy market. Conversely, growth in concerns related to several environmental hazards regarding the incineration process is expected to affect the overall market growth in developed and developing countries. Nevertheless, increase in investments in R&D activities to ensure reliability in terms of environmental effects is expected to provide multiple opportunities in the future.
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The outbreak of Covid-19 impacted the supply chain resulting in shortage of raw materials and resources in the energy generating sector. This has promoted the industries to implement long-term and short term changes in waste management practices all across the world.
Furthermore, the increasing cases of novel coronavirus is also fueling the concern regarding environmental footprints. As a result, a significant increase in the use of waste as a combustion substance has been witnessed to reduce landfill volumes.
The global Waste to energy market is segmented on the basis of technology and region. Based on technology, the thermal segment contributed to more than four-fifths of the total market share in 2019, and is anticipated to lead throughout 2027. On the other hand, the biochemical segment, on the other hand, would grow at the fastest CAGR of 5.0% till 2027.
Based on thermal technology, the incineration segment accounted for more than half of the global waste to energy market revenue in 2019. Furthermore, the segment is projected to lead the trail by the end of 2027. In addition, the same segment would also register the fastest CAGR of 4.6% during the study period. The report also analyzes segments including gasification and pyrolysis.
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Based on region, Europe held the major share in 2019, generating more than two-fifths of the global waste to energy market. Conversely, the region across Asia-Pacific is anticipated manifest the fastest CAGR of 4.8% by 2027, owing to high demand for renewable energy in the province. In addition, the report also studies regions across LAMEA and North America.
The key players in the industry include Constructions industrielles de la Méditerranée (CNIM), China Everbright International Limited, Waste Management Inc., Suez Environment S.A., C&G Environmental Protection Holdings,Covanta Energy Corporation, Foster Wheeler A.G., Abu Dhabi National Energy Company PJSC, Babcock & Wilcox Enterprises, Inc., and Veolia Environment.
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