As per the report published by Kings Research, the global Waste to Energy Market was valued at USD 37.94 billion in 2023. The market is projected to reach USD 54.36 billion by 2031, growing at a CAGR of 4.61% from 2024 to 2031.
The waste-to-energy market is experiencing significant growth, mainly driven by increasing demand for energy due to rapid urbanization and industrialization globally. The rising concern over environmental sustainability, which prompts governments and industries to adopt cleaner energy solutions, is further supporting market growth.
For instance, stringent regulations on waste disposal and emissions reduction are driving the adoption of waste-to-energy technologies. Additionally, the growing demand for renewable energy sources is creating opportunities for market expansion. Countries including China, India, and Brazil are witnessing rapid growth in waste-to-energy installations due to their large populations and increasing waste generation rates.
Moreover, technological advancements are enhancing the efficiency and viability of waste-to-energy processes, making them more economically feasible. Innovations such as advanced incineration techniques and improved waste segregation methods are further fueling market growth. Furthermore, the integration of waste-to-energy with other renewable energy systems, such as solar and wind, presents potential opportunities for sustainable energy production.
The waste-to-energy market is poised to witness substantial growth, mainly attributed to regulatory support, technological innovations, and increasing demand for clean energy solutions.
Key Insights
- Based on waste type, the municipal waste segment held the largest market share of 67.93% in 2023
- Based on technology, the thermal segment generated the highest revenue of USD 27.21 billion in 2023
- On the basis of region, North America is projected to garner revenue of USD 16.27 billion by 2031
Viridi Energy Partners with Casella Waste Systems Inc. for Logistics of Biosolids
March 2024: Viridi, a prominent renewable natural gas (RNG) platform, disclosed its acquisition of a longstanding biosolids digester plant located in Brunswick, Maine. The company intends to convert the facility into a cutting-edge waste-to-RNG plant. The corporation has entered a collaboration with Casella Waste Systems Inc., headquartered in Rutland, Vermont. Casella will oversee the collection and transportation logistics for approximately 85,000 tons of biosolids annually sourced from various wastewater treatment facilities.
Rising Adoption of Decentralized Waste to Energy Solutions to Aid Market Growth
Growing adoption of decentralized waste-to-energy solutions presents a promising opportunity for market growth, particularly in addressing waste management challenges in remote areas or communities with limited waste generation infrastructure. The development of smaller, modular waste to energy plants tailored to meet local needs enables efficient waste management and energy production on a smaller scale. These decentralized solutions offer reduced transportation costs associated with waste disposal and minimized environmental impact from long-distance waste transportation.
Moreover, decentralized waste to energy plants are capable of generating distributed power, providing a reliable energy source for off-grid communities, or supplementing existing energy infrastructure in remote areas. By decentralizing waste management and energy production, these solutions are projected to contribute to enhancing local resilience, reducing dependence on centralized facilities, and fostering sustainable development in underserved regions.
Waste-to-Hydrogen Potential to Offer Lurcative Market Growth Opportunities
Developments in the exploration of waste to energy processes for hydrogen gas generation are facilitating the transition toward a cleaner and more versatile energy carrier. Exploring the utilization of waste-to-energy technologies for the production of hydrogen from waste streams holds the potential for addressing both waste management and energy challenges. Hydrogen, being a clean fuel, offers various applications across industries, transportation, and power generation, making it a valuable asset in the future hydrogen economy.
By leveraging waste to hydrogen processes, companies are contributing to the decarbonization of energy systems and the reduction of greenhouse gas emissions. Furthermore, integrating waste-to-hydrogen technologies with existing waste to energy infrastructure enhances the value proposition of waste management solutions, creating new revenue streams and promoting sustainable energy practices. As governments and industries prioritize the transition to low-carbon energy sources, the waste-to-hydrogen potential presents an exciting avenue for innovation and investment in the waste to energy market.
North America to Witness Significant Growth at a CAGR of 4.79% Between 2024 and 2031
Based on region, the global waste to energy market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. North America is projected to experience notable growth over the forecast period. Increasing emphasis on sustainable waste management practices, driven by stringent environmental regulations, is supporting regional market growth. The region boasts evolving regulations on waste disposal and emissions, encouraging the adoption of waste to energy technologies as a sustainable alternative to traditional waste management methods.
Additionally, the region's focus on energy security and renewable energy sources is fueling the demand for waste to energy solutions, as they provide a reliable source of baseload power while diverting waste from landfills. Furthermore, the growing trend of public-private partnerships (PPPs) in waste to energy projects facilitates efficient project financing and risk-sharing, thereby fostering a conducive environment for investment and innovation in the sector.
Companies Launch Cutting Edge Products to Expand Their Market Reach
The global waste to energy market is fragmented with key players such as Veolia, SUEZ Group, Covanta Holding Corporation, Babcock & Wilcox Enterprises, Inc., Hitachi Zosen Inova AG, Fortum, MVV Energie AG, Attero, ACCIONA, Viridor, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.