The world produces a large amount of waste each day and a majority of it goes into large designated areas known as landfills. The industries where the process of using the waste to produce energy in the form of electricity which can power large areas, is known as waste to energy industry.
Covid-19 Impact on the Global Waste to Energy Market
The coronavirus pandemic led to a consequential effect on several industries all over the world. The spread of the virus led to guidelines that stated the need for people to use safety gear to bring down the rate of transmission. These included PPE kits which are predominantly used among healthcare professionals to avoid any contact with other infected patients, gloves, empty syringes, sanitizer bottles, and face masks. But the ones used are then disposed off which has led to medical waste being collected all over the world. With industries shut and transport banned as a result of the lockdown, the waste wasn’t transferred to the waste management units. To add further, sanitization workers have since been hesitant to pick any of the litter as they fear the risk of contracting the deadly COVID-19 virus. These factors were primarily responsible for the drop in the growth rate of the global waste energy market during the analysis period. But, there have been continuous efforts to ensure the growth of the market. For example, the government of India contributed over 468 crore rupees for development of new waste to energy projects that is expected to help the market experience rapid recovery.
Key Developments in the Industry
Several industries are working on building up their presence in the market while also involving in research which is a part of the efforts. The innovative methodologies by organizations of creating better products are also used, keeping in mind satisfaction of customers or companies in terms of quality.
For instance, in December 2020, Hitachi Zosan, a pioneer in the production of waste treatment plants, gained a contract from the state government of Karnataka, India to initiate a new waste to energy project. The treatment plant, which is valued at 260 crores, is expected to process over 600 tonnes of waste which has the capacity to produce over 11.5 megawatt of power to the state. The project which is set to come up in the Bidadi area is also in collaboration with the KPCL and Bruhat Bangalore Mahanagar Palike (BBMP).
Also, in June 2021, EnMass, an expert in energy supply service, announced their plan to launch online marketplace for sale of waste materials. This medium provides several features to clients to gain control over the supply of materials such as food waste and poultry waste. The company also provides the facility to form connections between different organizations to procure different services such as warehousing, energy suppliers, processors, and more. The entire process is managed via a cloud platform which provides a secure platform for exchange of information.
Forecast Analysis of the Global Waste to Energy Market
A recently published report by Research Dive stated that the global waste to energy market is expected to gain momentum with revenue of $70,700.0 million by 2028, rising from $49,300.0 million in 2020 at a stead CAGR of 4.7% from 2021-2028.
The world has been requiring a way of making production of energy sustainable. The waste energy plants hold the capacity to cut down the level of disposed-off waste by up to 95%-96% and stops the dumping of waste into landfills as well. To add further, the plants also have a safer way of disposing all the medical waste produced without contaminating the area. These factors have been ensuring the rapid growth of the global waste to energy market.
On the contrary, the process and cost of setting up these waste to energy plants has been one of the primary cause of hindrances to the market. To add further, these industries require the presence of highly trained personnel to handle the complex processes especially with the incinerator plant. These factors are predicted to limit the growth of the market.
But, with the rising awareness among people, there has been a drastic drop in the amount of waste going into landfills. The waste is gradually being introduced into energy, where the combustion of the waste produces a large amount of energy in the form of electricity. This has also been one of the primary causes for a drop in the release of harmful gases into the atmosphere such as sulphur dioxide, hydrogen chloride and more. By using waste, the non-renewable sources of energy can also be saved for future generations. These factors are responsible for providing growth opportunities for the global waste to energy market in the analysis period.
Additionally, several key players such as Abu Dhabi National Energy Company (Pjsc), China Everbright International Limited, C&G Ltd, Veolia, CNIM, Babcock & Wilcox Enterprises, Inc, John Wood Group Plc, Suez Waste Mangement Inc, and Covanta Holding Corporation have been working on building up on various techniques and methods to work on new products, mergers, and other initiatives to help in the growth of the market.