Waste is an emerging environmental concern, which can be tackled with the help of advanced technology by converting it into energy. Municipal solid waste, agricultural waste, medical waste, and process waste are various types of waste, among others. However, organic waste is dominating the global market followed by paper & plastic. Different methods are used to produce energy from waste such as thermal and biological methods. The thermal method holds a major share of the market. Moreover, many factors are influencing the choice of technology to be used for processing energy and it varies depending on the type of waste need to be treated.
The global waste to energy market is segmented by technology and geography.
Based on technology, the market is segmented into thermal technology and biological technology. Thermal technology is expected to hold a major share of the global waste to energy market owing easy operation and simple method to complete the overall process. In thermal technology, incineration contributes a major part to convert waste into energy. Incineration is a popular technology due to higher efficiency, ability to reduce the volume of waste by approximate 90%, low hazardousness of waste, and cost-effectiveness to build the plant as it can be set up near the place where waste is generated.
The biological technology is projected to grow at faster CAGR on account of anaerobic digestion– new technology—has become commercially available.
Geographically, the global market is segmented into North America, Europe, Asia Pacific (APAC), and Latin America and the Middle East & Africa (LAMEA).
Europe is likely to hold a major share of the total waste to energy market due to the increased volume of waste and growing investment into R&D to develop an efficient method in converting energy from waste. The Asia Pacific is projected to grow at a higher rate owing to the presence of developing economies and growing waste volume in the region.
Waste to Energy Market Segmentation:
Some of the prominent players in waste to energy market: Babcock & Wilcox Enterprises, Inc., Covanta Energy Corp., Xcel Energy Inc., Suez Environment S.A., Abu Dhabi National Energy Company PJSC, Foster Wheeler A.G., Hitachi Zosen Inova AG, and China Everbright International Limited.
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