The global waste to energy market size is expected to reach USD 48.13 billion by 2032, according to a new study by Polaris Market Research. The report “Waste to Energy Market Share, Size, Trends, Industry Analysis Report, By Waste Type (Municipal Solid Waste, Process Waste, Agriculture Waste, and Others); By Technology; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Waste-to-energy (WTE) is a process that turns waste into energy, reducing the dependence on fossil fuels like coal for energy production. To lessen their dependency on fossil fuels, nations all around the world are making investments in renewable energy sources. For instance, in January 2023, SAEL, an Indian solar and agricultural waste-to-energy startup, will get a USD 60.5 million investment from Norfund. By incorporating 100 MW of new biomass and 400 MW of additional solar power into its current 600 MW portfolio, the investment will assist SAEL in achieving its goal of increasing its renewable portfolio to 3 GW by 2028. The investment's main goal is to aid New Delhi and the surrounding states in reducing air pollution, which gets worse as particulate matter in the air gets higher.
Also, in October 2022, the energy giant BP said that it has reached an agreement to buy Archaea Energy, a US developer of renewable natural gas (RNG), for USD 4.1 billion to grow its bioenergy business and extend its decarbonization goals. In addition, Canada has set a goal of reaching 90% of its energy from zero-emitting sources, by 2030. The target is to encourage the use of clean, renewable energy and to significantly reduce greenhouse gas emissions.
Moreover, favorable incentives and programs have been implemented in every region to encourage efficient garbage collection and processing, which has significantly increased the potential for the waste-to-energy sector. Countries like China, India, the U.S., and countries in the EU have implemented policies including feed-in tariffs, tax credits, and capital subsidies for waste-to-energy. In October 2022, according to the Dubai Municipality, the largest waste-to-energy project in the world had 85% of its building work finished.
The world's most efficient energy project's first phase is expected to be completed by 2023, and construction of the waste management center is progressing according to plan. By 2024, the full project is expected to be completed. The Indian government is supporting waste-to-energy through a variety of subsidies and incentives since it sees it as a renewable technology. Therefore, government targets, programs, and investment in WTE are driving the growth of the market rapidly.
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Additionally, technology alternatives for energy recovery from municipal and industrial waste are aggressively promoted by the Ministry of New and Renewable Energy (MNRE). More community involvement in waste collecting is made possible by the digitization of waste collection and trading of these sorted products. Waste management facilities equipped with a Programmable Logic Controller (PLC) and Supervisory Control and Data Acquisition (SCADA) monitoring system could be automatically monitored and controlled from a centralized control station to assure effectiveness and less manual work. As a result, the use of digital technologies in garbage collection and disposal processes will not only supply information but also enhance data quality and give process operators better insights into a waste stream.
Waste to Energy Market Report Highlights
Polaris Market Research has segmented the waste to energy market report based on technology, waste type, application, and region:
Waste to Energy, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Waste to Energy, Waste Type Outlook (Revenue - USD Billion, 2019 - 2032)
Waste to Energy, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Waste to Energy, Regional Outlook (Revenue - USD Billion, 2019 - 2032)