Waste-To-Energy Technologies Market : Granular View Of The Market From Various End-Use Segments 2023
Posted: Feb 11, 2019
Waste-to-energy Market - Snapshot
Waste-to-energy is one of the most effective alternative energy options to reduce CO2 emissions and replace fossil fuels. It is not just a trash disposal method, but a way to recover valuable resources. Waste-to-energy is a vital part of a sustainable waste management chain and it is completely complementary to recycling.
Favorable Government Initiatives and Policies
Over the last few years, renewable investments are focused on reducing worldwide dependence on coal and other fossil fuels. Several new waste-to-energy projects are being established across the world and they would start contributing to the global energy mix on a consistent basis in the next few years. Favorable government initiatives and policies are driving the waste-to-energy market. Policies such as feed-in-tariffs, tax credits, and capital subsidies have been offered for waste-to-energy in China, India, the U.S., and countries in the EU. The Government of India has recognized waste-to-energy as a renewable technology and it supports the technology through subsidies and incentives.
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The Ministry of New & Renewable Energy (MNRE) is actively promoting technology options available for recovery of energy from urban and industrial wastes. MNRE is also promoting research on waste-to-energy by offering financial support for R&D projects on a cost-sharing basis in accordance with its R&D policy. The aim of the landfill directive is to minimize landfilling within the EU so as to prevent and reduce negative effects of waste landfills on the environment and human health. These supportive regulations and policies of governments are propelling the market for waste-to-energy.
High Initial Investment
The initial capital required to build a waste-to-energy plant is high. This is likely to restrict the market during the forecast period. According to the Waste-to-Energy Research and Technology Council (WTERT), a plant with the capacity to process one thousand tons of waste every day can cost between US$ 110 Mn and US$ 140 Mn to build. High initial cost is incurred due to several necessary equipment such as feedstock preprocessing equipment, storage equipment, digester, and energy generator. Municipal solid waste (MSW) plants can take several years to become financially beneficial. The initial cost of a digester is approximately US$ 600 per ton of annual waste throughput capacity. Average payback time for an anaerobic digestion project is more than five years. Thus, high initial cost of waste-to-energy plants restrains the market.
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Growing Population and Increasing Disposable Income Raise Waste Generation
The current population of China is approximately 1.38 billion. The country is followed by India and the U.S. Increase in population leads to the rise in solid waste generation. This, in turn, is projected to increase the supply of feedstock for waste-to-energy plants in the near future. Moreover, rise in the disposable income in countries such as China and India is directly proportional to increase in the per capita waste generation. This creates lucrative opportunities for the waste-to-energy market. These countries are expected to improve their waste disposal practices by reducing landfills and promoting waste-to-energy. This is likely to drive the waste-to-energy market in these countries in the next few years.
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