Global Incinerator Market Estimated to Exceed a Value of US$ 16.5 Billion by 2024
The global incinerator market has witnessed moderate growth in recent years on account of the rising environmental concerns, the decreasing availability of landfills and the ability of these devices to deal with non-degradable waste.
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According to the latest report by IMARC Group, titled “Incinerator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global incinerator market size was estimated to be US$ 12.6 Billion in 2018. Incineration refers to a waste treatment process which includes the combustion of organic substances present in waste materials. The heat generated during the process is further employed for the production of electricity. Incineration equipment is widely used in the management of medical, chemical, sewage, building, agricultural and municipality wastes. As this process assists in reducing the volume of solid waste significantly, the demand for incinerators is increasing across the globe.
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Market Trends:
Incinerators are one of the most popular waste-to-energy technologies used around the world for processing non-renewable waste. They aid in reducing the cost of transportation of waste as well as lowering the emissions of harmful gases generated from landfills. They also help in curbing soil pollution by preventing the toxic elements of untreated waste from leaching into the soil. The growing environmental concerns in confluence with the increasing amounts of pollution, primarily in urban areas, is one of the primary factors impacting the demand for incinerators. Apart from this, the declining availability of landfills and the increased potential offered by these devices to deal with plastic and non-organic waste is also strengthening the growth of the market. On account of the factors mentioned above, the market is projected to reach a value of US$ 16.5 Billion by 2024, expanding at a CAGR of 4.6% during the forecast period of 2019-2024.
Key Insights from the Report:
Breakup by Product Type:
1. Moving Grate
2. Static Hearth, Furnace and Multiple Hearth
3. Rotary Kiln
4. Fluidized Bed
Based on product types, the market has been classified into moving grate; static hearth, furnace and multiple hearth; rotary kiln; and fluidized bed. At present, moving grate accounts for the majority of the total market share.
Breakup by End-User:
1. Municipal Sector
2. Industrial Sector
On the basis of end users, the municipal sector represents the largest segment, followed by the industrial sector.
Breakup by Region:
1. Asia Pacific
2. Europe
3. North America
4. Middle East and Africa
5. Latin America
Region-wise, the market has been segregated as Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest market, accounting for the majority of the global share.
Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being Babcock & Wilcox Co., Covanta Energy Corp., SUEZ Environnement SA, Constructions Industrielles de la Méditerranée S.A, Gershman, Brickner & Bratton, Inc., EEW Energy from Waste GmbH, Martin GmbH, Wheelabrator Technologies Holdings Inc., and Novo Energy, LLC.
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