Press Release / Environment / Waste to Energy (WTE) Market size over $33 Billion by 2023: Global Market Insights, Inc.
Waste to Energy (WTE) Market size over $33 Billion by 2023: Global Market Insights, Inc.
By MareeAston on June 09 2016 | 91 Views
Market Size - $20.86 Billion in 2015, Market Growth - CAGR of 6.1%, Market Trends – Increasing focus towards improving waste disposable techniques to curb GHG emissions
(WTE) Waste to Energy Market Size was 20.86 Billion in 2015, as per the latest research report by Global Market Insights, Inc. Strong focus by regional government to adopt municipal solid waste (MSW) disposable techniques and treatments should drive global waste to energy market growth.
Thermal based waste to energy technology occupied a significant chunk of revenue, which may surpass USD 29 Billion by 2023 with moderate gains. Incineration process based on thermal technology was widely employed across major WTE units.
Browse Full Report with Charts and Figures: https://www.gminsights.com/industry-analysis/waste-to-energy-wte-market
Alternative thermal technologies, pyrolysis, gasification and plasma arc gasification, are relatively new process for WTE application and have limited installations globally. These alternative thermal technologies can contribute towards lowering carbon emissions but attract high initial investments costs.
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Europe waste to energy market size, with major operating plants in Germany, France and UK, dominated the regional industry and occupied over 47% of the total revenue share in 2015. Modernization of WTE plants in order to replace ageing equipments may favor growth in Europe market.
Stringent standards by European government to curb GHG emissions from landfills may also favor waste to energy market size. Rise in power generation owing to rapid industrialization coupled with renewable energy targets set by regional government owing to curb GHG emissions may favor WTE market growth.
The Renewable Energy Directive (RED) from EU has set a binding target to use 20% of energy derived from renewable sources by 2020. The U.S. DOE recognizes WTE as renewable source of energy and includes for progress tracking towards achieving Federal Government goal to derive power from renewable sources.
China, India, Indonesia and Brazil are expected to generate significant amount of MSW over the forecast period. Government of these regions are considering investments to improve MSW collection and treating techniques and are funding projects based on Public Private Partnerships (PPP).
High capital investments for plant commissioning along with component installation may hinder waste to energy market size and restrict participation of new entrants. Lack of technology awareness to generate energy from waste may affect industry growth prospects.
Key insights from the report include:
• Global waste to energy market size is forecast to gain at 6.1% CAGR up to 2023 and generate USD 33.46 Billion.
• North America, led by the U.S. waste to energy market share, may witness moderate gains at over 5.5% CAGR up to 2023. North America MSW collection industry is well developed with most of the MSW collected and sent for disposal, recycling or treatment.
• APAC, led by Japan and China waste to energy market size, may grow at significant rates up to 2023 and register over USD 12 Billion by 2023.
• China thermal based technology is set to grow at over 7.2% CAGR up to 2023. Rising investments to build WTE plants to minimize MSW generation may help to drive demand.
• Europe biological technology may witness significant gains over the next several years. Biological technology in Germany may witness grow rates at over 5.8% CAGR and register above USD 625 Million by 2023.
• LATAM, led by Mexico and Brazil, is forecast to attain above average growth rates at over 6.3% CAGR up to 2023 owing to measures adopted by regional government for WTE plant commissioning for MSW management.
• Global waste to energy market share is competitive. Key companies include Wheelabrator Technologies, Covanta, Hitachi Zosen and Keppel Seghers. Some companies present across value chain provide integrated MSW services right from waste collection to disposal or treatment.
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