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Market Overview
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.
One key resort to these concerns is the use of waste disposed globally to generate electricity, heat, and transport fuels, among others. Treating waste to generate energy, which would have been otherwise sent to landfills, reduces the amount of greenhouse gases and carbon emissions released into the atmosphere. This also reduces the dependency on energy imports. The conversion of waste to energy has progressed from the basic collect and dispose of waste to the technology-driven treatment systems used to convert waste.
As per the data provided by the World Bank, with the total population reaching to 4.50 billion in 2017, Asia-Pacific is the largest waste-generating continent. Except Japan and South Korea, all the countries in the continent have foreseen an increase in the average per capita waste generation over last 20 years. It is further estimated by the World Bank that the countries in the region will generate 1.80 billion tons of waste by the year 2025, as compared to 0.28 billion tons in 2012. This waste can be utilized to create energy for generating electricity, heat, and transport fuels, among others.
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. Due to the depleting fossil fuels and the hazards of improper waste management, the waste to energy facilities have expanded substantially over the last ten years.
Figure 1
Asia-Pacific Waste to Energy Market Snapshot
Source: Secondary Research, Expert Views, and BIS Research Analysis,
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 trends of the waste to energy market in the Asia-Pacific region vary across different countries. The waste to energy market holds a prominent share in various countries such as Japan, China, India, South Korea, and Philippines, among others. Although Asian countries have limited land availability, they have huge growth potential to generate energy from the waste produced. The presence of several high landfill sites, supporting initiatives by the government, and increasing foreign investments are some of the factors supporting the growth of the market in the country.
The competitive landscape for the Asia-Pacific waste to energy market demonstrates an inclination toward companies adopting strategies such as business expansion, partnerships/joint ventures, and collaborations, among others. The result of the emerging strategies and developments is helping the market in the form of business expansion done by the key players in the waste to energy market. Moreover, the growing market of waste to energy is further expected to increase the involvement of companies across different segments of the value chain.
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, among others are some of the prominent players in the waste to energy market. The market has presence of a large number of small-sized to medium-sized companies that compete with each other and the large enterprises.
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.
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.
Asia-Pacific Waste to Energy Market - Analysis & Forecast, 2018-2023
Focus on Technology (Thermo Chemical and Bio-Chemical), Application (Heat, Electricity, Combined Heat, and Power),and Waste Type (Municipal Solid Waste and Agricultural Waste)
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