Policies boost demand for global waste-to-energy market
Government bodies across the globe are promoting favorable policies to encourage proper waste disposal and energy production. There has also been a rise in demand from end-user sectors, forcing government bodies to commercialize alternative energy sources such as waste-to-energy (WtE) technology. Government and regulatory bodies are also imposing strict environment policies for reducing carbon emissions released due to use of fossil fuel. A recent report by Fairfield Market Research indicates that the waste-to-energy market holds great growth potential in the coming years.
Waste-to-energy plants are expected to flourish during the forecast period as it aids in reducing significant amount of harmful emissions by offering alternative forms of heat or electricity. Overflowing landfill spaces with limited available space are expected to further augment the market demand.
The market is also expected to face certain restraints such as environmental hazards associated with the incineration process. However, this has resulted in increased investments in research and development activities to find safer and technologically advanced production processes.
The type segment is divided into thermal and biological. Among these, the biological segment is expected to attain highest growth rate owing to advancement of anaerobic decomposition technology. Government bodies in numerous countries are investing in research and development activities to improve the economic viability of anaerobic digestion facilities. The growth is further attributed to environmental concerns and rising demand for cleaner alternative vehicle fuels such as biogas in the transport industry.
Europe is expected to lead the global market as this region has the presence of key players such as Veolia, Suez, EQT AB and Ramboll Group A/S. The government bodies in this region promote favorable regulatory policies for carbon taxes, landfill taxes and direct subsidies for waste to energy plants.
North America is also expected to dominate the global market as this region is technologically ahead of others. Government bodies in this region are actively working towards environment protection and safety to keep up with the commitments of climate change. Regulatory and government bodies are also exercising integration and utilization of clean electricity generation, bolstering the demand for waste-to-energy market in this region.
The key players of the market are focusing on investing in research and development activities to stay ahead in the competition. They are also adopting various market strategies such as mergers and acquisitions to strengthen their foothold in the global market. Players are making a collaborative approach towards the waste-to-energy initiative by partnering with organizations to get assistance for improving results. For example, in the West Midlands of UK a waste to energy specialist is collaborating with Low Carbon and Verus Energy Limited, the two environment centric companies to provide electricity to around 70,000 houses diverting around 395,000 loads of garbage from export operations or landfills.