Waste To Energy Market size was USD 25.0 billion in 2015 and is expected to reach USD 43.96 billion by 2024. Market is expected to witness a steady growth on account of increasing waste generation activities. Waste to energy (WtE) technologies consists of waste management to produce electricity or transport fuel. This technology finds the application on various types of unwanted materials including semi-solid, liquid and gaseous waste.
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The key driving factors responsible for the growth of Waste To
Energy market :
The most popular application is
municipal solid waste (MSW) processing followed by industrial remains. The main
drivers expected to impact overall market growth includes increasing waste
generation activities by industries coupled with high energy costs. Restricted
land filling and growing environmental issues are also expected to further
enhance global industry demand over the forecast period. WtE is expected to
solve the environmental problems related to waste by reducing the volume and
decreasing the greenhouse gas emissions.
Moreover, government initiatives
especially by European governments have significantly contributed to the
regional WtE industry growth in the recent years. Economic development,
industrialisation, and public habits have given rise to the generation of
tremendous left overs and, therefore, driving the overall market.
As of 2015, more than 50% of the
global population live in urban areas and, therefore, accelerating municipal
solid waste accumulation. Garbage has been a worrying cause for local governing
bodies mainly in developing areas. Favourable government policies coupled with
financial aid are expected to positively influence the industry in near future.
Government institutions have been supporting the growth by giving relaxation on
taxes as well as providing incentives.
Further, growing recycling
industry in developed markets including the U.S., Japan, and Germany is
expected to significantly contribute the overall growth. Some companies have
in-house established WtE as a part of their corporate social responsibility.
General Motors and Detroit Renewable energy collaborated to establish an energy
project which converts approximately one million tons annually. The project
provides around 15.8 megawatts of renewable energy to General Motors.
A study by world bank in 2012
found out that global MSW is approximately 1.3 billion tonnes per year with
high percentage share belonging North America and Asia Pacific. These MSW
contain paper, organics, plastics, metals, and glasses. WtE technologies are
capable of converting these wastes into various valuable energy forms. Local
and national grid systems can be used to distribute power generated from these
wastes. Heat can be generated and transported for district heating and
thermodynamic purposes. Some biofuels variants can be obtained from organic
wastes and sold in markets after refining. High costs associated with WtE
establishment is expected to act as a barrier for global market over the
forecast period.
Initial investment costs play a
crucial role on account of large facility size and installed components.
Maintenance and operational costs have a lower impact on the total expenses.
Cost effective traditional dumping method which include landfill sites creation
is expected to hamper the rapid growth over the forecast period.
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