09 Sep 2015 11:09:09
Waste to Energy Market in Asia Pacific Accounts for 40% of Global Market
Waste to energy is a process of converting waste matter into useable forms of energy. It is a process including incineration of waste to generate energy in the form of heat, electricity, and transport fuel such as diesel. The energy produced from waste is employed in a number of sectors such as commercial, residential, and industrial.
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The global waste to energy market for processes is experiencing a shift towards waste to energy procedures owing to a rise in the global demand for energy and increasing concerns over energy security. The rapid depletion of traditional sources of energy and increasing environmental pollution because of traditional energy sources, together with raised landfill taxes and emission of green house gases from landfills, have triggered the growth of this market.
Emerging Economies Shifting from Landfills to Eco-friendly Substitutes
Waste to energy techniques work in multiple ways to reduce the amount of waste to be deposited in landfills while extracting valuable byproducts from the waste matter. The Asia Pacific region, with emerging economies such as China, Japan, and India, is leading the global waste to energy industry. Japan, with the capacity to convert over 60% of waste to energy, has the maximum level of sustainable waste management, whereas, India and China, the two most populous nations in the world, produce huge amounts of waste that could form the backbone of a currently tragically lacking waste to energy industry.
These emerging nations are focused on their waste to energy practices to enhance the quality of life of their citizens. These nations are shifting from open or landfill discarding of solid waste to the more eco-friendly option of waste to energy deposition to reduce GHG emissions.
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Waste to energy processes are encouraged by several government policies as it is regarded as a renewable source of energy. Several grants and incentives offered by the government for waste to energy units are also helping the development of this industry.
Rise in Demand to Propel Thermal Technology Market Growth
Thermal technology and biological technology are the two main technology segments in the global waste to energy market. In 2012, thermal technology generated the biggest revenue and held over 80% of the overall waste to energy industry. It is experiencing an increase in demand due to the proliferation of municipal solid waste and increase in the taxes imposed on landfills.
Biological technology is utilized to process the farm waste and generate energy from it as it functions on biodegradable feedstock and other substances with a high moisture content. This market has a higher development rate compared to that of the thermal technology market.
Asia Pacific to Remain Global Market Leader
The global waste to energy industry is regionally distributed into North America, Europe, Asia Pacific, and Rest of the World. The market in Asia Pacific led the global waste to energy industry in 2012 and is still the leading shareholder with a share of more than 40% in the market in terms of revenue. The waste to energy market in Europe held around 34% of the total volume produced by the global market in 2012.
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Global Waste to Energy Industry to reach US$32 million by 2019
The annual revenue generated by the global waste to energy market was valued at US$18,472.3 million in 2012. It is expected that this market will grow at an 8.1% CAGR during the period of 2013 to 2019 and will reach a value of US$31,892.9 million.
Waste Management, Inc., KEPPEL SEGHERS, C&G Environmental Protection Holdings Ltd, Suez Environment S.A, Xcel Energy, Constructions industrielles de la Méditerranée, The Babcock & Wilcox Company, Covanta Energy Corporation, Foster Wheeler AG, China Everbright International Limited, and Veolia Environnement are some of the leading players in the waste to energy market across the globe.
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