Global Waste to Energy Market: Overview
Waste to energy processes refer to a technique used for converting municipal solid waste, which is generated from the industrial, commercial, and domestic sectors, into energy. Various technologies are deployed to process the waste generated from the various sectors to produce fuel cell, steam, and electricity. The course of action in every technology is comparatively different and the end product is used in industries, commercial units, and domestic dwellings. Waste to energy technology helps in regaining monetary value from different kinds of wastes such as plastic and tin cans, among others.
The global waste to energy market is expected to be driven by the growing demand for renewable resources worldwide and the shift towards alternative renewable sources of energy such as coal to decrease carbon emissions. Governments across the world have been impelled to impose stringent regulations regarding waste control due to the rising volume of industrial and domestic waste. The market is further expected to benefit from the incentives provided by governments in the form of tax benefits and subsidies. The deployment of waste to energy techniques is anticipated to rise over the forthcoming years owing to the burgeoning environmental concerns across the globe.
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Biological Technology to Gain Preference among Consumers despite Dominance of Thermal Systems
In terms of technology, the global waste to energy market has been classified into biological and thermal technologies. Thermal technology has gained importance over biological technology in recent years, as it is flexible in terms of the feed used in the plant and helps reduce the weight and volume of the ash generated from the waste. The thermal technology segment accounted for a share of 80% in 2012 in the global waste to energy market.
However, the market for thermal technology might face challenges as the different varieties of feed being processed in the incineration plants affect the effectiveness of the plants. The growth of the biological technology segment is also expected to gain momentum over the coming years as it converts waste into energy through anaerobic digestion. This technology is highly preferred by farmers as it is a biodegradable process and the moisture content is comparatively high.
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Asia Pacific to Retain Firm Grip on Global Market
At present, Asia Pacific leads the global waste to energy market with a share of over 40%. The market is anticipated to witness robust growth in the coming years owing to the growing disposable income of consumers in the region and economic development of the countries. The waste to energy market in Asia Pacific is expected to be propelled by Japan, China, and India. Japan is one of the countries exhibiting widespread adoption of the latest waste management solutions. The increasing amount of industrial and domestic waste in India and China is expected to further fuel the growth of the market.