Global Refuse-derived Fuel Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Sustainable Waste Management Practices

 

The global refuse-derived fuel market is estimated to be valued at USD 3.9 billion in 2020 and is expected to exhibit a CAGR of 8% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

Refuse-derived fuel (RDF) is a type of fuel produced from various waste materials, such as municipal solid waste, commercial and industrial waste, and construction and demolition waste. It is primarily used as a renewable energy source in various applications, including power generation and cement kilns.

The advantages of using RDF include its ability to reduce landfill waste, lower greenhouse gas emissions, and decrease dependence on fossil fuels. The increasing need for sustainable waste management practices and the rising demand for renewable energy sources are driving the growth of the global refuse-derived fuel market.

B) Market Key Trends:

One key trend in the Refuse Derived Fuel Market is the increasing adoption of RDF as a substitute for fossil fuels. With growing environmental concerns, many industries and governments are shifting towards cleaner and more sustainable energy options. RDF provides a viable alternative by converting waste materials into energy, reducing the need for fossil fuels and mitigating the environmental impact associated with waste disposal.

For example, Aguas de Portugal, a water utility company in Portugal, has implemented RDF technology to convert wastewater sludge into energy. By using RDF, the company can reduce its dependence on traditional energy sources and decrease the carbon footprint of its operations.

C) PEST Analysis:

Political: Governments around the world are implementing strict regulations and policies to promote sustainable waste management and reduce landfill waste. This creates a favorable environment for the growth of the refuse-derived fuel market.

Economic: The economic advantages of RDF, such as reduced waste disposal costs and lower energy expenses, drive its adoption in various industries. Additionally, the increasing demand for renewable energy sources presents lucrative opportunities for market growth.

Social: The growing awareness about the environmental impact of waste disposal and the need for sustainable practices is driving the demand for refuse-derived fuel. Consumers are becoming more conscious of their waste generation and are actively seeking sustainable solutions.

Technological: Advancements in waste-to-energy technologies and RDF production techniques have made the process more efficient and cost-effective. These technological developments facilitate the widespread adoption of refuse-derived fuel as a renewable energy source.

D) Key Takeaways:

1. Market Size: The global refuse-derived fuel market is expected to witness high growth, exhibiting a CAGR of 8% over the forecast period. The increasing adoption of sustainable waste management practices and the demand for renewable energy sources are the key drivers for market growth.

2. Regional Analysis: Europe is expected to be the fastest-growing and dominating region in the refuse-derived fuel market. The region has a well-established waste management infrastructure and strict regulations promoting renewable energy sources.

3. Key Players: Key players operating in the global refuse-derived fuel market include Tana Oy, I.T.R., ANDRITZ MeWa - ANDRITZ Group, Istac Inc., Ecocycle (Group) Ltd., Aguas de Portugal, Camec, Organic Resource Agency Ltd., and R.C.P SA. These players are focusing on technological innovations and strategic partnerships to strengthen their market position.

In conclusion, the global refuse-derived fuel market is witnessing significant growth due to the increasing adoption of sustainable waste management practices and the demand for renewable energy sources. With advancements in technology and favorable government policies, the market is expected to expand further, providing numerous opportunities for key players in the industry.