Pune, India, Jan. 20, 2022 (GLOBE NEWSWIRE) — The world Waste to Energy Market likely to see high demand due to growing concern over environmental issues. The above information was shared by Fortune Business Insights in a report titled “Global Waste-to-Energy Market Size, Share & Trend By Technology (Thermochemical, Biochemical), By Waste Type (Municipal Solid Waste, Process Waste, agricultural waste), by application (electricity, heat) and by geographic forecast to 2026.”
The accumulation of waste at a staggering volume in the world forces companies to adopt waste-to-energy technologies. This technology is intended to reduce urban waste and deploy this waste in other areas of use. Additionally, the growing need for alternative energy sources is expected to add value to the market over the forecast years. For example, waste is increasingly used to generate thermal energy, which in turn is then used to generate electricity.
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List of Key Players of Waste to Energy Market:
- China Everbright
- Suez environment
- Ramboll Group
- all the seas
Impact of COVID-19-
The global pandemic has slumped the growth of several industries and markets, including the biogas market. Shutdowns, social distancing norms and curfews have caused massive disruptions to operations and supply chain networks. Delayed projects, unavailability of raw materials, reduced available manpower, etc. are stagnating the growth of the market. The global impact of the COVID-19 crisis is expected to gradually fade as nations attempt to return to pre-pandemic levels. It is uncertain how long the situation can persist in this way. Nevertheless, the in-depth analysis of our research report will help you gain a comprehensive understanding of this niche market.
Rising Waste Generation in the United States North America Records Market
Regionally, North America is expected to witness considerable growth in the global waste-to-energy market over the forecast period. Among the countries in this region, the United States produces the most waste and the country makes conscious efforts to convert this waste into different forms of energy such as heat and electricity. Besides North America, Europe is also set to expand, with countries like Denmark and Sweden having managed to generate a large amount of energy from waste.
The market in Asia-Pacific is expected to grow significantly over the forecast years. This is mainly due to the intensive use of waste for energy recovery from incinerators in the region. Countries in this region are actively adopting incineration technology to convert waste into energy. Currently, Japan is the leader in Asia-Pacific. Next come India, the United Arab Emirates and China. Rapid urbanization and industrialization are driving the market in regions like India and China.
To learn more about the short and long term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/waste-to-energy-market-100421
Government support to promote sustainable energy bodes well for the market
“Rising awareness of reducing carbon footprint and recycling waste to generate energy is driving the growth of the market,” said a senior analyst at Fortune Business Insights. “Governments such as the Ministry of New and Renewable Energy (MNRE) are investing in new technologies to recover energy from urban waste,” he added. Therefore, these technologies not only generate decentralized and sustainable energy, but they also help reduce the amount of waste and environmental pollution. These factors are expected to increase the need for waste-to-energy facilities over the projected horizon. According to the World Bank, several countries are considering switching to alternative energy sources. This, in turn, should drive energy to the waste market and help it grow at a blistering pace.
The growing emphasis on power generation through various renewable sources is acting as a potential growth catalyst in the market. This coupled with increasing growth in energy consumption is expected to contribute to the growth of the market by 2026. Moreover, the perception of the people regarding the models for turning waste into energy has changed. Moreover, the growing attention on green business models is likely to influence the market throughout the forecast years.
Ramboll announces its first large-scale waste-to-energy project to radically reduce carbon emissions
The National Federal Council of the United Arab Emirates (UAE) passed new legislation on integrated waste management in May 2018. The regulations aim to recycle approximately 75% of municipal solid waste by the end of 2021. In 2018, Mitsubishi received to build a waste incineration plant at the energy plant called Tachibana. The company received this order from Kawasaki City. Additionally, the plant will have a processing capacity of 600 tons per day and order completion is expected to be completed by September 2023.
Companies are currently focusing on several strategies to strengthen their market position and expand their product portfolio. For example, Fiberlight launched a new high-tech recycling facility in February 2019. This waste-to-energy plant aims to break down waste into biofuel using anaerobic digestion and pulping.
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