DUBLIN--(BUSINESS WIRE)--Nov 7, 2022--
The "Waste to Energy Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The waste to energy market is evaluated at US$32.127 billion for the year 2020, growing at a CAGR of 5.92% reaching a market size of US$48.053 billion by the year 2027.
Waste to energy refers to a process in which energy is generated in the form of electricity or heat, which is done through the processing or treatment of waste. In other words, waste-to-energy refers to the technology that converts waste into a fuel source. It is also known as the recovery of energy. The majority of the electricity or heat is produced through direct combustion. However, a combustible fuel commodity is often generated through the treatment of waste such as ethanol and methane, among others.
The waste-to-energy market is expected to grow significantly over the next five years, owing to growing concerns about waste disposal and a growing focus on the generation of clean energy in many parts of the world. This advanced technology helps in reducing the waste disposed of in landfills thereby reducing greenhouse gases.
Furthermore, it helps in the recycling of waste, which also reduces the amount of harmful impact of waste on the environment. The waste to energy facilities is often considered the only facilities that help to mitigate the adverse changes in the climate as it reduces the burning of fossil fuels and can further reduce the harmful emissions being done to the environment. Various governments across the globe are taking the necessary steps in order to protect the environment.
That has also led to an upsurge in the investments being made in waste to energy facilities in both developed and underdeveloped economies, which, in turn, is playing a significant role in shaping the market growth throughout the forecast period. Furthermore, the increased focus on waste management is further positively impacting the market growth as numerous regulations are being implemented in many countries for the proper disposal and treatment of waste for energy generation purposes on account of the availability of limited land area in many parts of the world.
Governments are taking the necessary steps to implement numerous sustainable and effective waste management solutions, and waste to energy is considered an integral part. W With a growing emphasis on renewable energy and rising fossil fuel prices, as well as a desire to reduce reliance on fossil fuels, many countries are investing in alternative energy sources Several regional governments are investing in WtE facilities to avail of the benefits of it.
For instance, in January 2020, the Indian Railways announced the opening of its first-ever waste-to-energy plant in Bhubaneswar as its first step towards sustainable development. Also, in October 2018, ACCIONA, a Spanish conglomerate that is primarily dedicated to developing and managing infrastructure for renewable energy, announced a project worth $700 million that will be Australia's first large-scale thermal waste to energy plant with the aim of reducing landfills and also to produce renewable energy.
The plant has the capacity to process 400,000 tonnes of waste per year. Similarly, in March 2017, the North Delhi Municipal Corporation announced the launch of India's largest waste to energy plant at Narela-Bawana with a capacity of using around 2,000 metric tonnes of waste every day and producing approximately 24 MW of energy.
However, the advent of the novel coronavirus disease is anticipated to restrain the market growth to some extent as the outbreak has led to a halt in the industrial activities in many parts of the world due to the shortage of labour as well as the non-availability of raw materials due to the disruption in supply chain activities. Furthermore, a slight decline in the demand for energy as well as the economic breakdown in many countries has led to an adverse impact on the investments in new projects, which in turn is projected to inhibit the market growth to some extent, especially during the short run.
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/07/2022 07:24 AM/DISC: 11/07/2022 07:24 AM
http://www.businesswire.com/news/home/20221107005643/en