Demand for Refuse Derived Fuel Market is Expected to Grow 1.4X in Value by the End of 2031
Demand for refuse-derived fuel is observed in a wide spectrum of peculiar WtE facilities (waste to energy), where production of electricity and heat energy for commercial purposes is done using low-calorific value refuse-derived fuel. Refuse-derived fuel demand is mostly observed in European countries, making the region account for nearly 60% of the global market share. Key actors present in this region involve themselves in developing effective production methods and processes to meet the rising demand from various end-use industries.
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In 2020, the market for refuse-derived fuel observed a contraction of 1.5%. However, the industry is set to get back on track by Q2 of 2021, and things looks brighter for the years ahead.
As per Fact.MR’s report, the refuse-derived fuel market is estimated to be valued at US$ 2.2 Bn in 2021, and is anticipated to expand at a CAGR of around 3.5% over the forecast period of 2021-2031.
Key Takeaways from Market Study
- The global market is expected to grow 1.4X in value by the end of 2031
- Europe is anticipated to be a presiding region and this regional market is expected to progress at a CAGR of over 3% through 2031.
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- Considering the types of fuel, low grade (<10 Mj/kg) is anticipated to gain 319 BPS through the forecast period.
- Cement kiln, under refuse-derived fuel application, captures a larger chunk of the market share and is expected to progress at a CAGR of close to 4% over the next ten years.
- The market in the United Kingdom is anticipated to gain 217 BPS and expand at a CAGR of close to 4% through 2031.
Key actors in the market are using the organic approach to take advantage of the opportunities on offer by investing in research & development of new technologies. The future objectives of economies across the world are to develop alternatives for non-renewable sources and make use of waste to produce chemicals.
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Market players in the European region are focusing on strengthening their position owing to the legislations being in favor and availability of technological vigor. Some players are inclining their interests to adopt strategies such as forming joint ventures and collaboration to increase their revenue generation capacity and involvement in the global value chain.
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