by Refuse-derived fuel refers to fuel produced from various types of waste such as municipal solid waste, industrial waste, and agricultural waste. Refuse-derived fuel provides an eco-friendly and affordable alternative to fossil fuels for generating heat in cement production and power plants. With growing environmental concerns pertaining to the disposal of waste and dependency on fossil fuels, the demand for refuse-derived fuel as a renewable energy source has increased.
The global Refuse-derived Fuel Market is estimated to be valued at US$ 4.91 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for eco-friendly alternative fuel sources is one of the major factors driving the growth of the refuse-derived fuel market. Refuse-derived fuel reduces the amount of waste sent to landfills and generates renewable energy from waste material. It provides an effective way to dispose of municipal solid waste in an environmentally responsible manner. Moreover, the use of refuse-derived fuel helps cut dependency on fossil fuels to some extent. Cement manufacturers and power plants are increasingly co-processing refuse-derived fuel owing to its cost-effectiveness as an alternative fuel. Additionally, strict regulations regarding waste management and landfill disposal norms in various countries are further promoting the adoption of refuse-derived fuel.
SWOT Analysis
Strength: Refuse-derived fuel can effectively replace fossil fuels in energy generation as it helps in proper waste disposal and waste management. This renewable source of fuel helps reduce dependency on non-renewable sources.
Weakness: The composition of refuse-derived fuel varies significantly from one batch to another depending on the type of waste collected. This inconsistent composition makes standardized processing difficult. There are also concerns regarding toxic emissions from the waste during combustion.
Opportunity: Many countries and regions lack proper waste management infrastructure. The rising global focus on sustainable waste practices opens up opportunities to develop refuse-derived fuel plants in such locations to tackle the waste problem.
Threats: Stricter emission norms pose achallenge to maximize energy generation from refuse-derived fuel combustion as the waste contains impurities. Competition from other renewable sources of energy such as solar and wind energy can impact the growth of this market.
Key Takeaways
The Global Refuse-derived Fuel Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Refuse-derived Fuel Market is estimated to be valued at US$ 4.91 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030.
Asia Pacific dominates the market currently due to high waste generation and growing focus on sustainable waste management practices in countries like China and India. Countries in this region are actively promoting the use of refuse-derived fuel for energy generation from municipal solid waste.
Key players operating in the refuse-derived fuel market are BD, Fresenius Kabi, ICU Medical, Smiths Medical, Medtronic, and B. Braun Melsungen, among others. These major players are focusing on capacity expansion and partnerships with waste management companies to secure regular supply of refuse-derived fuel. Partnerships will help develop sustainable business models and gain a competitive edge in the emerging market.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
