Global Biomass and Waste-to-Energy Market to Reach $38 Billion by 2026
SAN FRANCISCO, June 25, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Biomass and Waste-to-Energy – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 15; Released: January 2021
Executive Engagements: 2291
Companies: 58 – Players covered include Babcock & Wilcox Enterprises Inc; China Everbright International Limited; Covanta Holding Corporation; Hitachi Zosen Corporation; KEPPEL SEGHERS Pte., Ltd; Mitsubishi Heavy Industries, Ltd; Ramboll Group A/S; Suez; The Abu Dhabi National Energy Company, PJSC; Veolia Environnement S.A; Waste Management, Inc; Wheelabrator Technologies Inc; Xcel Energy Inc and Others.
Coverage: All major geographies and key segments
Segments: Technology (Thermal, Biological, Other Technologies)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global Biomass and Waste-to-Energy Market to Reach $38 Billion by 2026
Biomass is the leading renewable energy source, and the most important fuel in use apart from oil, coal and natural gas. Biomass can be used as feedstock for the production of electricity, either in dedicated or electricity only biomass plants, or in co-fired facilities using biomass in conjunction with coal. Combustion, gasification, pyrolysis, and anaerobic digestion are some of the technologies used to convert biomass into various energy forms such as fuel, gas or electricity. Growth in the market is being propelled by the increased uptake of waste-to-energy technologies along with policy changes and population growth. Rapid growth of Asian markets and maturation of waste management regulations and climate mitigation strategies in Europe are expected to boost the global market. The waste material discarded on a global scale possesses the potential to address about 10% of worldwide electricity demand each year. Additionally, waste-to-energy market, incorporating digestion and thermal methods of generating power, lessens the hazard associated with pollutants released from landfills such as parasites, volatile organic compound, carbon dioxide, and methane gas.
Amid the COVID-19 crisis, the global market for Biomass and Waste-to-Energy estimated at US$28 Billion in the year 2020, is projected to reach a revised size of US$38 Billion by 2026, growing at a CAGR of 5.2% over the analysis period. Thermal, one of the segments analyzed in the report, is projected to grow at a 5% CAGR to reach US$32 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Biological segment is readjusted to a revised 6.1% CAGR for the next 7-year period. This segment currently accounts for a 11.4% share of the global Biomass and Waste-to-Energy market. The densely populated metropolitan areas face enormous challenges in dealing with the waste being produced on a daily basis, which has in turn brought into focus the industrial waste incineration. With areas available for use as landfills for municipal waste becoming difficult to find, the focus is shifting towards thermal waste recovery. Several new plants are built in metropolitan areas across the world, owing to the growing shortage of land required for landfill sites.
The U.S. Market is Estimated at $5.2 Billion in 2021, While China is Forecast to Reach $6 Billion by 2026
The Biomass and Waste-to-Energy market in the U.S. is estimated at US$5.2 Billion in the year 2021. The country currently accounts for a 17.98% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$6 Billion in the year 2026 trailing a CAGR of 6.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR while Rest of European market (as defined in the study) will reach US$6.4 Billion by the end of the analysis period. The emerging economies are increasingly opting for waste-to-energy technology owing to its ability to offer a solution for the increasing volume of municipal solid waste and need for a constant supply of renewable energy. The waste gathered from cities includes huge amount of renewable as well as biological materials, and is an important renewable energy source. The energy derived from the waste not only helps in energy diversification as well as security, but also addresses the demand for renewable energy.
Biological Segment to Reach $4.7 Billion by 2026
Advanced biological techniques are being developed to break down waste into clean-burning bio-fuels and gases. In the global Biological segment, USA, Canada, Japan, China and Europe will drive the 5.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.6 Billion in the year 2020 will reach a projected size of US$3.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$415.5 Million by the year 2026. More
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