The market for the ecologically-friendly fuel produced from waste could reach $50.92 billion in 2023, with a compound annual growth rate or CAGR of 4.5 per cent, according to a report by Fortune Business Insights. The report highlights the role of key players such as Veolia, China Everbright, Covanta and EDF in driving industry growth supported by advancements in waste management technologies.
Asia Pacific held a dominant 47.24 per cent share of the market in 2023, positioning itself as the leading region in waste-to-energy initiatives. The market’s expansion is attributed to the growing use of thermo-chemical and biochemical technologoies to convert various waste types such as municipal solid waste, agriculture waste, and process waste, into energy. Electricity and heat generation are the main applications boosting demand across North America Europe and other regions.
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The comprehensive report provides insights into market trends, competitive dynamics, and the impact of Covid 19. It details development policies, manufacturing processes, and cost structures, giving businesses a clearer understanding of growth drivers and industry obstacles.
The growth of this sector is further boosted by cost-effective innovations from manufacturers, as well as mergers, acquisitions, and collaborations, aimed at achieving optimum efficiency. Analysts forecast continued growth as key regions work to meet increasing energy demands while addressing waste management challenges.
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