The global waste-to-energy market is projected to register a CAGR of 6.29% during the forecast period, 2019-2028. The deciding factors fueling the growth of the market are the depleting conventional energy resources, the decline in the number of landfill sites, the growing number of waste to energy projects across the globe, and the rising number of municipal solid waste generation.
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MARKET INSIGHTS
Waste-to-energy (WtE) is gaining traction as a significant component of integrated waste management strategies.It is considered to be an alternative strategy for relieving pressure on landfills.
The potential of WtE gives it an edge over other strategies.When it comes to waste as an energy resource, it is imperative to take into consideration the composition of several types of available waste.
Over the years, urbanization and industrialization have culminated in a vast amount of municipal waste generation, which is estimated to increase threefold in the coming years.Economically prominent countries are inclined to generate more MSW than other countries.
The growing demand for sustainable energy has resulted in the development of WtE technologies. Thus, the rising amount of feed available for WtE is set to fuel market growth. The initial investment, with regard to construction and implementation of WtE technologies, along with operational costs, are the factors assessed to hamper the market growth.
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REGIONAL INSIGHTS
The geographical segmentation of the global waste-to-energy market includes the market assessment of Europe, Asia Pacific, North America, and the rest of the world.The North America market is slated to record the highest growth rate by 2028.
The factors responsible for the aforementioned market prospects are deemed to be an increasing amount of waste generated in the United States, along with the increasing number of waste-to-energy facilities. The US is also projected to be the fastest-growing region in North America.
COMPETITIVE INSIGHTS
With regard to industry rivalry scenario, there is a lack of diversity in terms of products, and the exit barriers are high. Some of the eminent companies in the market include, China Everbright International Ltd, Covanta Holding Corporation, Waste Management Inc, Babcock & Wilcox Enterprises Inc, etc.
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