Waste to Energy Market size is anticipated to grow at a CAGR of over 7% by 2024.
Waste to energy concept has gained a remarkable momentum over the years on account of the rapid migration towards cities. The surging urban population and industrialization has resulted in a massive increase of waste generation every year. This trend is particularly growing across emerging economies.
In India, the national capital Delhi is one of the most urbanized states with 97.5%, followed by the Union Territory of Chandigarh with urbanization of 97.25%, Daman and Diu with 75.2% and Puducherry with 68.3%. Rise in the level of urbanization has led to a significant amount of wastes products that could be used to convert into energy.
Solid waste, gaseous waste and wet waste streams have a high potential to influence resource gathering for the domestic production of bioproduct precursors, electricity, heat and biofuels. Wastes essentially represent a major and underutilized set of feedstocks for both product generation and renewable fuel. Global waste to energy industry size is estimated to reach a value of more than US$35 billion by 2024.
There has been a rise in the expansion of industries across the world, a segment accounting for millions of tons of waste each year. Such massive waste production can prove to be extremely harmful to the environment and require quick conversion to energy. American industrial facilities both generate and dispose 7.6 billion tons of industrial solid waste every year.
According to a report published by BETO in January 2017, the United States has the potential to utilize 77 million tons of wet wastepaper every year, that could generate nearly 1.079 quadrillion Btu (British Thermal Unit) of energy.
Favorable Initiatives and schemes laid down by governments
There has been a major focus from governments towards the promotion and development of energy from both industrial and urban wastes. Several schemes brought out by the government also provide a number of financial incentives and few other eligibility criteria that encourage participation in projects that will influence waste to energy market trends.
As per the Indian Ministry of New and Renewable Energy (MNRE)estimates, the solid waste that is generated from India’s towns and cities has the potential to generate approximately 500 MW of power. There is a possibility of the number being increased to 1,075 MW by 2031, extending up to 2,780 MW by 2050.
The MNRE has been planning to initiate a new program that could overcome cow dung issues and generate bio-CNG (compressed natural gas) as well as biogas.
Advancing technologies to fuel waste to energy market
The public sector has supported and encouraged several technologies that help set up waste to energy projects to procure energy from urban areas. Environmental concerns across developed countries have been the prime factor pushing the establishment of waste-to-energy facilities. Critical and hazardous effects of wastes have prompted communities to install effective technologies for an efficient and accelerated conversion process.
Biomethanation and incineration are among the most commonly used technologies in the waste-to-energy facilities while gasification and pyrolysis have slowly been emerging as key options, being preferred increasingly.
Adopting waste to energy technology has some significant advantages attached to the recovery of energy from urban wastes. Besides generating a good quantity of energy, these technologies help recycle waste and contribute to the net reduction of environmental pollution.
Major steps taken to tackle waste generation in the U.K.
Massive generation of waste from different sources in the U.K. shall impact waste to energy industry outlook in the forthcoming years. The waste from households in the U.K amounted up to 45.7% of the total waste generated in 2017. The EU has laid down the target of recycling a minimum of 50% of waste from households by 2020.
About 70.2% of packaging waste of the U.K. had either been recycled or recovered in 2017, which had exceeded the target set by EU, which was set at 60% of those packaging waste. Massive waste production and increasing population will lead communities to work towards the conversion of that waste to energy, which will have a greater impact on the world’s carbon footprint and local economies.
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