Increasing utilization of renewable energy for power generation continues to have a positive impact on the Asia-Pacific waste to energy market. Waste to energy is the process of generating energy in the form of electricity/heat with the treatment of the waste generated with the use of several technologies such as thermo-chemical and bio-chemical. The waste to energy sector has evolved to generate electricity with the help of various technologies using different categories of waste such as municipal, agricultural, and medical waste, among others.
Read Report Overview: Asia-Pacific Waste to Energy Market
The energy generated from waste with the help of technologies is used in the form of electricity, fuel, and heat. The waste to energy management is an important part of the waste disposal infrastructure of the Asia-Pacific region, as waste to energy is considered an important source of renewable energy. The growth of the Asia-Pacific waste to energy market is attributed to the rapid industrialization, coupled with the growing demand for renewable energy generation over the forecast period.
Further, the report includes an exhaustive analysis of the country split into China, Japan, India, and South Korea, among others. Each country details the individual driving and restraining forces in addition to the key players from that region. Some of the prominent players in the Asia-Pacific waste to energy market are the Babcock & Wilcox Company, China Everbright International Limited, Xcel Energy, Suez Environment S.A, Waste Management Inc., C&G Environmental Protection Holdings Ltd., Veolia Environment, and Foster Wheeler AG.
Several industries across the globe such as oil and gas, chemical, and transportation, among others are dependent on fossil fuels for electricity/power generation. Although these fuels are very effective, they are subjected to depletion in the long run. Moreover, these fossil fuels are the origin of greenhouse gases which further lead to global warming. Thus, the shift from fossil fuels to the renewable sources of energy and the development of clean energy are of utmost importance for effectively dealing with climate change and its effects. This shift would also address the growing electricity demand across the globe. As per the data by International Energy Agency (IEA), the world electricity demand will increase by 70% by 2040 due to the emerging economies of India, China, Africa, the Middle East, and South-East Asia.
The Asia-Pacific waste to energy market is projected to grow from $XX billion in the year 2018 to $13.66 billion by 2023, at a CAGR of XX% from 2018 to 2023. This growth is attributed to the rising demand for renewable energy sources for power generation, increasing investments in the waste to energy sector by several companies and governments of different countries, and the government initiatives to reduce the carbon footprint. The increasing amount of residential and industrial wastes in China and India and the support of the governments for sustainable energy practices are also leading to the growth of the waste to energy market in the region.
Since, the energy generated from waste is an important renewable energy source, it is important to consider the composition of the different types of waste. Waste which is used to generate energy can be municipal waste, agricultural waste, construction waste, and medical waste, among others. This conversion process is carried out using various technologies, namely thermo chemical conversion, bio chemical conversion, and chemical conversion. Thermo chemical technology is the most widely used technology. With the ongoing advancement in these technologies, the energy generated from waste is utilized in a wide variety of applications, such as heat, electricity, and transport fuels, among others. Transport fuels are the fastest growing applications of the waste to energy technology.
The key players operating in this market have increased their business expansion from 2013-2018 to enhance their regional presence, enter into new ventures, and increase their customer base. Business expansion has been the most widely-adopted strategy by the players in this market. For instance, in March 2018, Keppel Seghers, a waste to energy and infrastructure firm, and its Chinese partner, Zhen Hu, received a contract of $4 billion for the development of Hong Kong’s first integrated waste management facility to be built in the coast of Shek Kwu.
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The need for more R&D and appropriate regulatory environment is a prerequisite for the sustained growth of this market. Various government and private research institutes and regulatory bodies and associations are putting in substantial efforts to identify how waste to energy can be useful for meeting the growing demand for power generation. The technological advancements for waste to energy can provide good growth opportunities to the players in the waste to energy market. Moreover, the emergence of wind/solar hybrids, more sophisticated grid management, and increasingly affordable storage systems are expected to define the future of this commercial fossil-free power sector.