LONDON--(BUSINESS WIRE)--The incineration plants market is expected to grow by USD 35.85 billion during 2020-2024, expanding at a CAGR of about 10%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Incineration Plants Market: Decrease in use of landfill due to limited availability to drive growth
Solid wastes resulting from industries, residential areas, commercial complexes, construction sites, agriculture, and medical practices are usually toxic in nature. When disposed in landfills, such waste might harm the surrounding environment and emit harmful gases that can cause cancer. Besides, every passing year the increasing production of waste has resulted in the reduction of available landfill sites for waste management. This has increased the demand for effective waste management solutions such as incineration plants, which is driving the growth of the market.
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As per Technavio, the need for appropriate waste management will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Incineration Plants Market: Need for Appropriate Waste Management
Many toxic materials in landfill sites can reach into soil and pollute the groundwater. This consequently affects plants, animals, and humans surrounding the area. Also, landfill sites produce significant amounts of GHGs that are more potent than carbon dioxide, which further adds to global warming. Furthermore, certain industrial wastes in landfill sites end up in the food chain of marine birds and animals which leads to premature growth and increase the risk of extinction of species. Many such factors have created a dire need for proper waste management solutions across the world. This is increasing the popularity of waste management techniques such as incineration, thereby driving the growth of the global incineration plants market.
“Increase in global urbanization and waste management regulations and innovations in the existing incineration processes will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Incineration Plants Market: Segmentation Analysis
This market research report segments the incineration plants market by Application (Municipal and Non-municipal) and Geography (Europe, APAC, MEA, North America, and South America).
The municipal segment led the global incineration plants market in 2019. The segment is driven by economic development and increasing income levels across the world. In addition, the adoption of new waste treatment plants in developing countries is fueling the growth of the segment.
The European region led the incineration plants market in 2019, followed by APAC, MEA, North America, and South America respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the increasing adoption of incineration plants in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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