Being the core necessity of various end-user industries such as residential, commercial, industrial, electric power, and transportation, energy has considerable environmental impacts. The global energy consumption is expected to grow by over 50% between the year 2010 and 2040, with the increasing use of fossil fuels. Around 29 countries globally source more than 90% of their energy requirement from fossil fuels. Their consumption rate has been rising over the last ten years from 2010-2018, especially in developing economies such as India and Singapore. As per the data by the Global Energy Statistical Yearbook 2018, Chinese energy consumption doubled in 2016 due to the rising demand from the industrial sector.
Since the fossil fuels were formed over millions of years by decomposing carbon-based life forms, these resources are completely non-renewable. 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 and clean sources of energy is of utmost importance for effectively dealing with climate.
According to a new market intelligence report by BIS Research, titled ‘APAC Waste to Energy Market - Analysis and Forecast (2018-2023)’, the Asia-Pacific waste to energy market is expected to reach $13.66 billion by 2023, rising at a CAGR of 15.5% from 2018 to 2023.
This growth is attributed to the increasing amount of residential and industrial wastes in China and India and the government support for sustainable energy practices in the region.
Waste to energy is the process of generating energy from the waste with the help of several technologies, namely thermo chemical conversion, bio-chemical conversion, and chemical conversion. The energy generated from the waste is used in different applications, such as heat, electricity, and transport fuels, among others. Increasing apprehensions related to the proper waste management and the increasing demand of renewable energy sources for power generation are driving forces for the growth of the technologies in the Asia-Pacific waste to energy industry.
However, the high cost of using these technologies in the waste to energy process, coupled with the complex integrated system, is limiting the growth. To overcome this concern, the governments of different countries are focusing on creating awareness regarding the adoption of these technologies for the conversion process at a larger scale.
Key questions answered in the report:
- What is the Asia-Pacific waste to energy market size in terms of revenue from 2017-2023, and what will be the growth rate during the forecast period 2018-2023?
- What are the major technologies used in the APAC waste to energy market to convert waste generated into energy in terms of revenue generation and future growth?
- What are the major types of applications in the APAC waste to energy market in terms of revenue generation and future growth?
- What are the major waste types in the APAC waste to energy market in terms of revenue generation and future growth?
- What was the waste volume generated by the key countries in APAC in the year 2017 and what volume is expected to be generated by the year 2023?
- What are the key trends and opportunities in the market pertaining to the countries in in the Asia-Pacific region?
- How attractive is the market for different stakeholder’s present in the industry based on the analysis of the futuristic scenario of Asia-Pacific waste to energy?
- What are the major driving forces that are expected to increase the demand for the Asia-Pacific waste to energy market during the forecast period?
- What are the major challenges inhibiting the growth of the Asia-Pacific waste to energy market?
- What kind of new strategies are adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the Asia-Pacific waste to energy market based on the analysis of their recent developments, product offerings, and regional presence?
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