Government Funding and Anti-dumping Regulations to Boost Land Incineration Plants Market
Land Incineration Plants Market
Global Land Incineration Plants Market was valued at US$43.93 billion in 2014 will reach US$68.71 billion by 2023 at a CAGR of 5.5% from 2015 to 2023
PR-Inside.com: 2016-10-24 14:12:41
Incineration of waste has become one of the fastest methods of eliminating waste while still generating benefits from it. This is because the resulting heat from burning the waste is fed directly into a unit, which converts it into electricity. Moreover, the ash produced in a land incineration plant can be used as an additive for the production of cement. According to a report published by Transparency Market Research, the global land incineration plants market is expected to rise from US$43.93 bn in 2014 to US$68.71 bn by 2023 expanding at a CAGR of 5.5% from 2015 to 2023.
TMR analysts shed light on three important questions that companies operating in the land incineration plants market have:
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Q. What are factors driving the global land incineration plants market?
Owing to the large quantities of waste generated on a daily basis, conventional methods of waste management such as landfills are becoming inconvenient. Therefore, incineration is emerging as a key mode for waste management in various countries, driving the market. As compared to other methods such as recycling and gasification, land incineration plants are increasingly being adopted owing to the rate at which it can eliminate waste.
The global land incineration plants market is further bolstered by the amount of attention it is receiving from government as well as other organizations. These organizations and government bodies are regularly funding and promoting the use of land incinerator plants for the elimination of waste. At the same time, the global land incineration plants market is also bolstered by the increase in landfill tax levied by countries such as New Zealand and the U.K.
Q. Which geographical area is expected to lead in the coming years?
In 2014, Europe led in the global land incineration plants market. Europe was followed by Asia Pacific and North America. Technological advancements and an in Europe and North America are fueling the adoption of land incineration plants. However, it is estimated that the Rest of the World will witness significant growth in the coming years owing to evolving anti-landfill and anti-dumping regulations. Growing demand for energy is another factor boosting the adoption of these plants.
Q. What are some of the recent developments reported by players in the market?
Keppel Seghers, a company based in Singapore, has signed a US$26.7 mn contract to provide technology and services to the Baoan waste-to-energy plant in Shenzhen, Guangdong Province, China. Once the project is completed by 2018, and Keppel Seghers’ proprietary technology is employed across China, over 10 mn tons of municipal waste per year will be processed, generated by over 20 mn citizens. This waste will be converted into 12,000 MWh of renewable energy per day and this will help reduce CO2 emissions by six million tons per year.
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Hitachi Zosen Inova AG, the Swiss clean-tech company, has signed a contract with SSE Plc on June 2016 to construct the Ferrybridge Multifuel 2 (FM2), which uses a thermal EfW process and is expected to annually handle 570,000 tons of waste derived from commercial, industrial, and municipal sectors. The plant will produce energy that can reportedly power 170,000 homes.
The success of such projects is expected to increase the popularity of land incineration plants and ensure significant growth of the market in the future.
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