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Albany, New York, June 07, 2019 (GLOBE NEWSWIRE) -- Advent of effective technologies that are able to convert waste to energy is augmenting growth of the waste to the energy market. Further, due to rising demand for energy coupled with deteriorating sources such as coal and natural gas for energy generation is augmenting demand for waste to energy systems and in turn, benefiting the market growth. Additionally, waste-to-energy is an efficient and unconventional substitute for energy production, which ensures the safety of the environment by lowering the carbon emission.
It also reduces the use of fossil fuels for energy generation. Thus, growing focus on adoption of the unconventional substitutes for energy generation is boosting the waste to energy market. Thanks to the awareness toward environment safety, the waste to energy market is likely to expand at a CAGR of 6.1% over the forecast period from 2018 to 2026. In addition, it is a key way of getting rid of waste, which is generated on a large amount. This is expected to augment demand for the technologies in the coming years. This may help the market to grab a value of US$32 bn by 2026-end.
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Robust Adoption from European Countries Propels Market Growth
Rising adoption of the waste to energy systems globally and especially across the European countries is leading to account for leading share Europe has. It is predicted to retain its dominance in the overall market in the coming years. The biogas production in the region is higher among others. Additionally, the governments of the European countries are focusing on encouraging the adoption of alternate technologies. Thus, they are implementing a few regulations on the use of fuel during certain energy generation. These factors are augmenting penetration of the technologies and in turn, are propelling growth of the global waste to energy market.
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However, raising awareness about environment coupled with rising demand for energy from the developing countries across the Asia Pacific due to robust industrialization is favoring the adoption of the waste to energy technologies in the region. Moreover, the rising importance of sustainable energy, rapid urbanization, and increasing consumption of energy are pushing growth of the waste to energy market.
Rising Government Support Boosts Market Growth
The market for water to energy is likely to face challenges due to high initial cost required for technologies and surge in investments. Additionally, the low-profit-margin for initial few years is likely to restrain growth of the global waste to energy market. However, growing government subsidies on the energy generation through unconventional ways or from waste is likely to reduce negative effects on the market due to high initial investment. Lack of supporting policies across few developing or underdeveloped countries is posing as a challenge to the growth in the coming years.
Nonetheless, several projects implemented by governments and governmental bodies for converting waste to energy is likely to offer the most lucrative opportunities for growth over the forecast period.
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Moreover, by knowing the potential of the market, key players are increasingly investing for research and development. This is expected to favor market growth over the next few years. This investment is likely to increase competition in the market. Some of the key players that are holding a substantial share in the global waste to energy market are Suez Environment S.A., Waste Management, Inc., Covanta, C& G Environmental Protection Holdings, and China Everbright International Limited.
This information is encompassed in the report by TMR, titled, “Waste to Energy Market (Waste Type - Municipal Solid Waste (MSW), Agricultural Waste; Technology - Thermochemical (Incineration, Others), Biochemical (Anaerobic Digestion, Others); Application - Electricity, Heat) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
For the study, the waste to energy market has been segmented as follows:
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