Waste-to-energy Market Outlook 2031
- The global waste to energy market was valued at US$ 24.2 Bn in 2021
- It is estimated to grow at a CAGR of 6.1% from 2022 to 2031
- The global market for waste to energy is expected to reach US$ 43.1 Bn by the end of 2031
Various technologies used for waste to energy conversion process can be grouped into biological and thermal. Presently, thermal technology leads the global market. However, in the recent years, biological technologies have gathered steam and the segment is projected to expand at a rapid pace during the assessment period. The demand for the anaerobic digestion technology for waste to energy conversion has gathered pace, owing to its effectiveness in reducing greenhouse gas emissions and flexibility in meeting the needs of end users, especially farmers.
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Rising Demand for Technologically Advanced Methods for Converting Waste to Energy
The waste to energy market is driven by the substantial demand for safe and technologically advanced processes for disposal of solid and municipal waste while generating renewable energy in various parts of the globe. Rise in governmental impetus in emerging and developed nations for the adoption of clean energy for supporting a low-carbon economy is catalyzing the market growth. Increase in demand for alternative sources of fuel is also boosting the demand for waste to energy conversion methods.
Support of Governments for Adoption of Environment-friendly Methods of Waste Disposal Provides Sustained Push
Growing initiatives to adopt environment-friendly means of waste disposal as a result of commercial and industrial units is bolstering the demand for such facilities across the world. The uptake of waste to energy conversion technologies is further catalyzed by stringent implementation of various governmental regulations for proper waste disposal. Wide support from governments of several developing and developed countries in the form of tax breaks and subsidies is also propelling the market. In addition, substantial focus on reducing greenhouse emissions in these countries is fueling the adoption of waste to energy conversion methods.
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Constant Advances in Biological Technologies Open Up Promising Avenues
The growth of the market may be hindered by limitations in effectiveness of thermal waste to energy conversion technologies. Nevertheless, constant improvements made in existing technologies to optimize heat and electricity generation, which can be used for commercial purposes, bode well for the market. Rapid advances made in non-thermal technologies for waste to energy conversion are further expanding the horizon of the market.
Regional segments of the global waste to energy market are Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. Of these, currently, Asia Pacific leads the market. Swift pace of economic development in its key economies, coupled with the burgeoning volumes of waste generated across the region, is fueling the growth of the market in Asia Pacific.
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Global Waste to Energy Market: Segmentation
Waste to Energy Market, by Technology
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