"One of the primary growth drivers for this market is the increasing urbanization,” says a senior analyst for Industrials sector at Technavio. There is a rapid increase in urbanization due to the improvements in the standard of living, population growth, and the availability of improved facilities and infrastructure in urban areas. The need for basic facilities such as residential infrastructure results in an increase in the urban population. This will lead to an increase in MSW generation. The increase in urban waste generated will lead to a rise in environmental pollution, which will adversely affect the people in urban areas. As a result, various WtE technologies are being developed for efficient MSW management. The rise in urbanization will fuel the demand for efficient MSW management, which will subsequently augment the adoption of WtE technology during the forecast period. As the markets recover Technavio expects the waste to energy market size to grow by USD 12.26 billion during the period 2020-2024.
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Waste to Energy Segment Highlights for 2020
- The waste to energy market is expected to post a year-over-year growth rate of 5.08%.
- Thermal technology dominated the market in 2019.
- The demand for thermal technology is increasing due to the increase in developments and innovations in incineration and gasification technology.
- Moreover, WtE plants that use thermal power (heating and cooling) with electricity generation reach optimum efficiencies. Hence, there is a growing preference for thermal technology in the WtE generation process.
- Market growth in this segment will be slower than the growth of the market in the biological segment.
- 36% of the growth will originate from the Europe region.
- Europe had the largest waste to energy market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period.
- The increasing efforts to reduce the carbon footprint and minimize greenhouse emissions to control global warming will significantly influence waste to energy market growth in this region.
- Germany is the key market for waste to energy in Europe.
- Market growth in this region will be slower than the growth of the market in APAC and MEA.
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- The waste to energy market size is expected to decelerate at a CAGR of over 5% during the forecast period.
- The waste to energy market is segmented by technology (thermal and biological) and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Babcock & Wilcox Enterprises Inc., China Everbright International Ltd., Covanta Holding Corp., Electricité de France SA, Hitachi Zosen Corp., Keppel Corp. Ltd., SUEZ SA, Veolia Environment SA, Waste Management Inc., and Wheelabrator Technologies Inc.
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