The Global Waste to Energy (WTE) Market Size accounted for USD 41.4 Billion in 2022 and is estimated to achieve a market size of USD 81.5 Billion by 2032 growing at a CAGR of 7.1% from 2023 to 2032.
Waste to Energy (WTE) Market Highlights
Waste-to-energy (WTE) techniques involve the processing of renewable oil from waste materials, generating energy equivalent to that produced from coal, natural gas, oil, or other methods. The municipal solid waste (MSW) is projected to decrease by 90% through the energy cycle, and carbon dioxide (CO2) emissions from waste are further minimized. The volume of waste is increasing due to rising population and industrialization, requiring new and effective waste management strategies. The Waste-to-Energy (WTE) Market provides a valuable opportunity to reduce the increasing waste generation. This technology effectively converts waste into energy. Several waste-to-energy policies, such as tax credits, feed-in tariffs, and capital subsidies, have already been implemented in various countries like India, the United States, China, and Europe. Governments support this technology.
Global Waste to Energy (WTE) Market Dynamics
Waste to Energy (WTE) Market Report Coverage
|Market||Waste to Energy Market
|Waste to Energy Market Size 2022||USD 41.4 Billion|
|Waste to Energy Market Forecast 2032||USD 81.5 Billion|
|Waste to Energy Market CAGR During 2023 - 2032||7.1%|
|Waste to Energy Market Analysis Period||2020 - 2032|
|Waste to Energy Market Base Year||2022|
|Waste to Energy Market Forecast Data||2023 - 2032|
|Segments Covered||By Technology, By Waste Type, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abu Dhabi National Energy Company PJSC, Babcock & Wilcox Enterprises, Inc., China Everbright International Limited, Covanta Holding Corporation, Hitachi Zosen Inova AG, Ramboll Group A/S, Suez, Veolia, Wheelabrator Technologies Inc, Xcel Energy Inc.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis|
Waste to Energy (WTE) Market Insights
The increasing demand for renewable energy sources is expected to drive the need for recovery through recycling and combustion, leading to the expansion of the energy market in the coming years. Renewable energy sources are considered a cheaper alternative to most traditional energy sources. Specific developing economies, including China and India, have embraced renewable energy to reduce carbon footprints and boost electricity generation. Moreover, various developed countries are actively involved in extensive research and development programs to develop cost-effective waste-to-energy technologies.
Additionally, the global price of electricity for clean energy has increased due to green energy prices being influenced by the initial construction expenses of renewable energy systems compared to other energy plants, such as fossil fuels.
Furthermore, the promotion of waste reduction, waste reuse, and recycling are among the various factors projected to drive waste-to-energy market development during the forecast period. The worldwide waste-to-energy sector will be further supported by strategically developed waste reduction and green procurement programs, contributing to more balanced consumption trends and economic development in the near future.
Waste to Energy (WTE) Market Segmentation
The worldwide Market for Waste to Energy (WTE) is split based on technology, waste type, application, and geography.
Waste To Energy (WTE) Technology
In terms of technology, the waste to energy WTE market is segmented into two types: thermal technology and biological technology. According to waste-to-energy (WTE) industry analysis, thermal technology has historically held the largest portion in 2022. The thermal segment accounted for approximately 82% of the revenue share in the last year. Thermal technology uses waste products to generate heat, which is subsequently utilised to generate electricity. Because of its well-established infrastructure and dependability in turning garbage into electricity, it has been the dominating technology in the waste-to-energy sector.
The biological category, on the other hand, is expected to develop at the fastest rate over the projection period. Environmental concerns and the growing use of cleaner vehicle fuels, like as biogas, in the transportation business are driving up demand for the biological category. To transform organic waste into biogas or biofuels, biological technology uses procedures such as anaerobic digestion or fermentation. This technology is gaining popularity because it provides a more sustainable and ecologically friendly approach to waste-to-energy conversion, which is especially important given rising environmental awareness and the need to cut carbon emissions.
Waste To Energy (WTE) Waste Types
Based on the waste types segment, the market is categorized into municipal solid waste, process waste, agriculture waste, and others. According to the Waste to Energy (WTE) Market forecast, the municipal solid waste category will emerge as the leader in terms of revenue share in forthcoming years from 2023 to 2030. Some of the primary components of municipal solid waste used in waste to energy (WTE) include household-related waste, waste from commercial establishments, and institutions. Municipal solid waste also includes paper, plastic, organic waste, and other materials. Looking ahead, the process waste segment is projected to exhibit the highest revenue growth rate over the forecast period.
Waste To Energy Applications
According to the application segment, the Waste-to-Energy (WTE) Market includes electricity generation, steam exports, and combined heat and power (CHP). In recent years, the electricity generation segment has emerged as the dominant application in the Waste-to-Energy (WTE) Market. This application holds a major share in the market and is expected to be a key driver for market growth in the upcoming years. Electricity generation through waste contributes nearly 60% of the market's total share value.
By burning waste, the volume of wastage is reduced, and the generated heat or steam is used for various purposes. For instance, it can be used for heating needs in houses or exported through a pipeline to a power plant, where it is utilized for water heating or steam generation. Overall, the electricity generation segment plays a crucial role in the waste-to-energy WTE market, providing a sustainable and valuable source of electricity while reducing the impact of waste on the environment.
Waste to Energy (WTE) Market Regional Outlook
The Middle East & Africa
Waste to Energy (WTE) Market Regional Analysis
The global waste-to-energy market is currently dominated by Europe, followed by Asia Pacific and North America. The growth in European demand for waste management processes, coupled with strict legislation and public efforts to reduce industrial waste, has been facilitated by technological advancements. In several countries like Germany, the Netherlands, Sweden, Luxembourg, and Austria, there are ongoing experiments with energy extraction from waste, such as combustion to convert chemical waste into electricity. For example, in 2018, approximately 50% of all toxic waste in Sweden was burned to produce electricity. The projected demand growth in the waste-to-energy market is expected to be significantly influenced by these factors.
In the forecast timeframe, Asia Pacific is expected to become the fastest-growing region in the waste-to-energy market. The rise in industrial waste and technological adoptions in countries like China and Japan contributes to their considerable dominance in the market.
However, certain factors may hinder global waste development in the energy market over the projected period. These factors include high operating costs and low energy waste acceptance in Middle East and African countries, as well as the demand for large land areas for waste-to-energy facilities, combined with a lack of public awareness. Overall, the waste-to-energy market shows promising growth prospects in different regions, but specific challenges need to be addressed to ensure sustainable and widespread adoption of this technology.
Waste to Energy (WTE) Market Players
Some of the top waste to energy (WTE) companies offered in our report includes Abu Dhabi National Energy Company PJSC, Babcock & Wilcox Enterprises, Inc., China Everbright International Limited, Covanta Holding Corporation, Hitachi Zosen Inova AG, Ramboll Group A/S, Suez, Veolia, Wheelabrator Technologies Inc, Xcel Energy Inc.
The market size of waste to energy (WTE) was USD 41.4 billion in 2022.
The CAGR of waste to energy (WTE) is 7.1% during the analysis period of 2023 to 2032.
The key players operating in the global market are including Abu Dhabi National Energy Company PJSC, Babcock & Wilcox Enterprises, Inc., China Everbright International Limited, Covanta Holding Corporation, Hitachi Zosen Inova AG, Ramboll Group A/S, Suez, Veolia, Wheelabrator Technologies Inc, and Xcel Energy Inc.
North America held the dominating position in Waste to Energy (WTE) Industry during the analysis period of 2023 to 2032.
Asia-Pacific region exhibited fastest growing CAGR for market of waste to energy (WTE) during the analysis period of 2023 to 2032.
The current trends and dynamics in the Waste to Energy (WTE) Industry include favorable government policies regarding clean energy generation, rising focus on non-fossil fuel sources of energy, and increasing in demand for electricity consumption
The thermal technology held the maximum share of the Waste to Energy (WTE) Industry.