Waste and biomass valorization involves reusing waste materials and biomass resources to generate value-added products like biofuels, power, and chemicals. It helps in effective waste management along with powering communities through renewable energy sources. The processes treat waste to produce biogas that can be used to generate electricity or upgrade it to renewable natural gas. Valorizing waste also helps divert organic materials from landfills to reduce greenhouse gas emissions.
The global Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization Market is estimated to be valued at US$ 25 Billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Power generation from waste is a major opportunity in the Asia waste and biomass valorization market. With rising energy demands and focus on renewable sources, waste-to-energy can play a key role in the region's power mix. Countries like China, India and ASEAN member states generate substantial urban waste daily that can be used to produce electricity through combustion. Valorizing the organic fraction of municipal solid waste and agricultural residues into renewable energy will help address the twin challenges of waste management and clean power generation. It presents an accessible solution to fulfill baseload power needs while reducing dependency on fossil fuels.
Porter's Analysis
Threat of new entrants: The Asia Waste and Biomass Valorization Market faces moderate threat of new entrants due to the large capital requirement for setting up new facilities and the presence of major established brands.
Bargaining power of buyers: The bargaining power of buyers is high in this market as there are multiple options available for buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as major players have their own suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as no major substitute for waste and biomass valorization currently exists.
Competitive rivalry: The competitive rivalry is high due to presence of many large domestic and international players.
SWOT Analysis
Strength: The Asia Waste and Biomass Valorization Market has strong growth opportunities due to growing environmental awareness and need for sustainable energy options. The availability of significant biomass waste resources is also a key strength.
Weakness: High capital investment requirements and lack of unified regulations across nations pose challenges. Collection and transportation of waste also require significant infrastructure and resources.
Opportunity: Growing emphasis on renewable energy and carbon reduction targets provide major opportunities. Development of technologies for waste-to-energy conversion also opens new avenues.
Threats: Unfavorable government policies and dependency on waste availability are threats. Environmental issues related to waste processing can impact market growth negatively.
Key Takeaways
The Asia Waste and Biomass Valorization Market is expected to witness high growth due to rapid industrialization and urbanization in the region. China dominates the Asia market currently due to its large waste generation and policy push for renewables. India and Southeast Asian markets also provide high growth potential.
Key players in the market include Hitachi Zosen Corporation, Suez, Keppel Seghers, Babcock & Wilcox Enterprises, Amec Foster Wheeler, China Everbright International Limited. These major players focus on developing advanced conversion technologies and expanding into growing Asian markets through partnerships and acquisitions.
Regional analysis shows China has emerged as the global leader in terms of installed waste-to-energy capacity. It invested heavily to shift from landfilling and burning of waste toward scientific disposal systems. South Korea and Japan also have significant waste-to-energy capacities due to land scarcity issues. Fast growing Southeast Asian markets like Thailand, Vietnam and Indonesia provide new opportunities due to their growing urban waste streams.
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