According to a recent study conducted by Research Nester, the market for global waste to energy is expected to grow at CAGR of 8.7% during the forecast period 2018-2027. Worldwide awareness regarding depleting natural resources is major reason behind the fueling of global waste to energy market and is anticipated to generate USD 45 billion in revenue by the end of 2027. Based on technology type, the global waste to energy market is segmented into biological technology and thermal technology where thermal technology is estimated to dominate global waste to energy market in forecast period.
Waste to energy finds it usage in producing heat or electricity directly by combustion. It is a process of generating energy with help of bacterial fermentation from major treatment of waste. Waste to energy also produces combustible fuel properties such as synthetic fuels, ethanol, methane and methanol. It uses method of biochemical expertise and modern day combustion techniques to recover energy in form of electricity, steam or heat from urban wastes. Depending on use of outputs and composition, volume of original waste is reduced up to 85% by these new technologies.
Energy at waste-to-energy plants and in some cases landfills is produced by garbage, also known as MSW (Municipal Solid Waste) which comprises of biomass from plant or animal waste such as wastes by grass, wood, paper, leaves, leather products among others. Burning of wastes have a big hand in reducing soil pollution as it reduces the capacity of waste that would possibly be submerged in landfills. Biological machineries are anticipated to gain noteworthy market share over the forecast period.
With increasing awareness towards environmental pollution and rising demand of energy worldwide due to speedy depletion of conservative energy sources, the global waste to energy market is witnessing a boom in global energy advancements for waste management. Financial schemes and proposals to preserve agricultural wastes for energy production are devised by the governments across the globe to support the cause of garbage management to produce and provide clean energy alongside generating income from usage of waste.