Albany, New York, June 27, 2017: The World Bank estimates that the amount of waste generated worldwide will rise to 11 million tons per day by 2100. The mounting piles of waste have led to an increased pressure on industries to either cut down the amount of waste generated or to reuse waste. The spiraling need for energy is prompting researchers, scientists, and energy suppliers to discover and develop new avenues for energy synthesis.
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With continual research on waste, the results indicate that it can be used to generate energy. It is known to have higher capacity factor and calorific value. Moreover, the cost of producing energy from waste is also relatively lower. However, the concept remains largely untapped and therefore, industrial experts believe that the global waste-to-energy technologies market holds immense growth potential.
More such trends have been covered in detail in a report by Transparency Market Research (TMR), titled “Waste-to-energy Technologies Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2023”. The report sheds light on other critical aspects of the market as well, such as regional segmentation and vendor landscape.
The dramatic increase in the population worldwide and rapid urbanization over the past few decades has resulted in a surge in the amount of waste generated. This has, thereby, played a vital role in the development of the global waste-to-energy technologies market. The rising disposable income of people around the world is also positively impacting the growth of the market.
In the coming years, key policymakers will either have to boost landfill capacity or consider pouring funds into waste-to-energy plants. In light of reducing carbon footprints and promoting environment conservation, waste-to-energy technologies are likely to emerge as a more viable option. Rapid advancements in these technologies are, therefore, expected to brighten the future of the market.
From the geographical standpoint, the report classifies the market into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. Asia Pacific is anticipated to account for a substantial share in the market, with China at the forefront of growth. The presence of a large number of waste-to-energy plants and the early acceptance of these technologies in China are providing a competitive edge to the region. APAC will be closely trailed by Europe.
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Players in the global waste-to-energy technologies market are paying high attention to research and development and technological advancements to ensure sustainable growth. Key companies are making large capital investments to expand their capacities. Some of the prominent market participants are ABB, Foster Wheeler, and China Everbright.