Growing power consumption owing to rapid industrialisation along with increasing focus to derive energy from renewable resources is driving the growth of waste to energy market globally, according to a recent report by Zion Market Research. Factors such as the establishment of public-private partnerships (PPP) to fund the projects and following of strict timelines may improve waste management systems by making them adopt alternative renewable source to generate energy from waste. This, in turn, increases the demand for waste-to-energy market globally.
Regulatory compliance on waste deposable and treatment techniques in order to reduce GHG emissions are key factors driving the growth of the waste-to-energy market in a positive way, says the report. In addition, the shift in trend towards replacing conventional energy generated from fossil fuels with renewable energy to ensure energy security and reduction in carbon emissions are other factors positively impacting the global waste-to-energy market growth. On the other hand, as per the report, high cost associated with plant infrastructure and installation of expensive components may hinder the global market growth.
On the basis of technology used, the global waste-to-energy market is segmented as thermal and biological. Thermal-based incineration process was the dominant technology implemented for waste to the recovery system. Anaerobic digestion is the commonly used biological technology based process. Its prospects are consistently improving and a continuous capacity expansion is anticipated. Anaerobic digestion is expected to replace composting step for the biodegradable waste treatment.
Europe is anticipated to witness the highest growth owing to factors such as increased waste production along with regulatory compliance to minimize the overall environmental impact, the report indicates. Further, Asia-Pacific is expected to experience the fastest growth due to factors such as improving economic development and rising disposable incomes. The Asia Pacific waste-to-energy market is being driven by India, China, and Japan.