Shift in trend toward use of renewable energy resources is expected to be the major factor driving the global waste to energy (WTE) market over the forecast period. Waste generated from residential and commercial uses are consumed to produce electricity. Increasing industrial and domestic waste has encouraged government to promote energy generated from waste. This trend is expected to drive the global WTE market over the next six years.
Favorable government regulation coupled with subsidies and tax benefits are expected to be the major factor driving the market over the next six years. Increasing environmental apprehension over non-renewable energy usage is anticipated to have positive impact on global WTE market over the foreseeable period. Decreasing landfills area is likely to create an opportunity for the market players in the future. Growing recycling industry in developed nations including Germany, U.S., Japan, and Netherland is expected to complement the market growth over the foreseeable period.
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Waste putrefaction during landfilling produces methane gas. This factor is likely to propel the global WTE market over the next six years. Shift in focus toward reducing carbon footprints is further expected to enhance market growth over the next six years. Already established renewable energy sources such as wind, solar, and hydro is likely to remain the key challenge for the new entrants as well as existing market participants. In addition, high set-up cost compared to landfilling technique is expected to hinder the market growth in near future. However, increasing research & development to reduce the installation cost of WTE plant is expected to be major factor driving the market over the foreseeable period.
Technological advancement to improve energy efficiency is further likely to compel the market growth. Thermal and biological techniques are used to generate electricity from waste. Ease of operation coupled with simple process to operate thermal WTE plant is a major factor expected to drive the WTE market. Flue gases emitted from WTE thermal plant has been the major factor hampering the market growth over the past few years. However, flue gas desulfurization technique is expected to offset this problem. Biological technique is expected to experience a considerable growth over the foreseeable period on account of potential market in developing nations.
Europe is the leading regional WTE market in 2013, and is expected to grow over the forecast period. Increasing commercial and domestic waste coupled with waste legislation is expected to be the major factor driving the WTE market in this region. Increasing waste to energy technique adoption by nations including Austria, Germany, and Netherland is expected to create an ample opportunity for the market participants in this region.
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Asia Pacific WTE market is expected to witness rapid growth over the forecast period on account of increasing waste to energy technique in Japan. Increasing commercial and domestic waste in China and India owing to growing population is likely to compel the WTE market in this region. High industrialization growth in developing nations such as India, china, Brazil and Thailand is expected to drive the market in this region. Lack of awareness among consumers regarding WTE in developing economies of North & central Africa is expected to hinder the market growth in this region.
Global WTE market is competitive in nature due to presence of major player in the market. Increasing awareness among consumers regarding WTE coupled with government support is likely to create an opportunity for the new entrants as well as existing player in the market. Some key players have their dominance in the market include Veolia Environment, Suez Environment S.A., The Babcock and Wilcox Co., Foster Wheeler, Waste Management Inc., and KEPPEL SEGHERS.
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