Report Overview

Singapore Waste to Energy (WtE) Market – Industry Trends & Forecast Report, 2030

Singapore Waste to Energy (WtE) Market size was estimated at USD 61.26 million in 2023. During the forecast period between 2024 and 2030, the Singapore Waste to Energy (WtE) Market size is projected to grow at a CAGR of 5.21% reaching a value of USD 93.11 million by 2030. A prominent driver of the market is the growing necessity to manage the increasing solid waste generated by Singapore's booming economy and expanding population. This surge in waste production underscores the critical role of Waste-to-Energy (WtE) technologies in the nation's waste management strategy. Currently, Singapore processes waste through four WtE plants, reducing waste volume by 90% while generating electricity. Ash and non-incinerable waste are transported to Semakau Landfill via the Tuas Marine Transfer Station (TMTS). Semakau, operational since 1999, efficiently handles waste while protecting local ecosystems. Looking forward, the development of the Integrated Waste Management Facility (IWMF) will enhance energy and resource recovery, supporting long-term sustainability. Together, these efforts underscore Singapore’s commitment to innovative and sustainable waste management solutions, positioning it as a leader in the Waste to Energy (WtE) Market.

Waste to Energy (WtE) – Overview

The waste to energy (WtE) technology transforms industrial and domestic waste into usable energy, such as electricity, steam, and fuel cells. Various WtE technologies, each with distinct processes, are employed to convert waste into energy efficiently. The resulting energy is utilized across multiple industries for diverse applications. Governments worldwide are increasingly supporting WtE initiatives through policies that encourage the development of these technologies. As energy demand rises, leading to higher oil and gas prices, WtE offers a viable solution for meeting energy needs while addressing waste management challenges. Innovative WtE plants not only generate energy but also help reduce greenhouse gas emissions and manage solid waste, contributing significantly to environmental sustainability.

Singapore Waste to Energy (WtE) Market

Growth Drivers

Increasing Waste Generation

In 2022, Singapore's solid waste generation surged to 7.39 million tons, marking a 6.4% increase from 2021. This rise is largely driven by the resurgence of economic activities, particularly in construction and demolition sectors. Non-domestic waste climbed from 5.12 million tons in 2021 to 5.53 million tons in 2022, while domestic waste rose from 1.82 million tons to 1.86 million tons. Despite recycling 4.19 million tons of waste and a slight improvement in the overall recycling rate to 57%, the growing volume of waste highlights the urgent need for robust waste management strategies. The increase in specific waste streams and the entry of new recycling firms underscore the importance of shifting towards a circular economy. By focusing on reducing waste at the source, promoting reuse, and enhancing recycling efforts, Singapore can better manage its rising waste levels and sustain its clean, green, and livable environment.

Growing Support from the Government

Governments across Southeast Asia, including Singapore, are actively promoting waste to energy (WtE) technologies as a crucial component of sustainable waste management and energy diversification strategies. These initiatives are driven by the need to manage increasing waste volumes efficiently while reducing environmental impact. Singapore, for instance, has integrated WtE facilities like Tuas and Senoko plants into its waste management infrastructure, emphasizing their role in generating renewable energy and minimizing landfill dependency. Government policies support these developments through incentives and partnerships, fostering innovation and investment in WtE technologies. Such initiatives align with broader goals of achieving energy security and sustainability, reflecting a proactive approach towards reducing carbon footprints and promoting renewable energy sources in the region.

Increasing Contributions from WtE Plants

Waste to energy (WtE) plants in Singapore play a critical role in enhancing energy security by converting waste into electricity, thereby reducing dependence on imported energy sources. With limited landfill space and a growing population, Singapore has strategically integrated WtE facilities like Tuas and Senoko plants to manage waste effectively while generating sustainable energy locally. This approach not only mitigates environmental impacts but also strengthens Singapore's energy resilience against global supply fluctuations. By harnessing WtE technologies, Singapore achieves dual benefits of waste management and energy independence, aligning with its sustainable development goals and reinforcing its position as a leader in innovative environmental solutions in the region.

Challenges

Environmental and Health Concerns

Public concerns about emissions and potential health risks pose significant challenges to the growth of the Singapore Waste to Energy (WtE) Market. Despite the benefits of reducing landfill use and generating renewable energy, issues surrounding air quality and health impacts from incineration emissions have led to public skepticism and opposition. Addressing these concerns requires stringent regulatory measures, advanced emission control technologies, and transparent communication to build trust and acceptance among stakeholders. Balancing environmental benefits with public health considerations is crucial for sustaining growth in the WtE sector and ensuring its long-term viability in Singapore.

Impact of Escalating Geopolitical Tensions on Singapore Waste to Energy (WtE) Market

Geopolitical tensions can have a multifaceted impact on the Singapore Waste to Energy (WtE) Market. These tensions can disrupt energy supply chains, affecting the importation of critical resources necessary for WtE operations. Additionally, heightened geopolitical instability may lead to economic uncertainties, influencing investment decisions and project financing within the WtE sector. Moreover, geopolitical conflicts can increase operational risks and regulatory complexities, impacting the overall growth and stability of the WtE market in Singapore. Navigating these challenges requires strategic planning, diversified sourcing strategies, and resilient infrastructure to mitigate potential disruptions and ensure sustainable development in the WtE sector amid geopolitical uncertainties.

Singapore Waste to Energy (WtE) Market

Segmental Coverage

Singapore Waste to Energy (WtE) Market – By Technology

By technology, the Singapore Waste to Energy (WtE) Market is bifurcated into Thermochemical and Biochemical segments. The thermochemical segment holds a higher share in the Singapore Waste to Energy (WtE) Market by technology. The growth is largely attributed to the widespread adoption of incineration technology, which has significantly boosted overall revenue. Thermal conversion methods are favored for waste-to-energy initiatives due to their straightforward operational processes. Thermal treatment effectively addresses urban waste challenges by ensuring complete combustion of waste gases, thereby offering environmentally sustainable solutions. Incineration technology not only helps limit greenhouse gas emissions but also conserves energy and reduces waste volume, making it a preferred choice in modern waste management strategies. Also, the thermochemical segment includes incineration, pyrolysis, and gasification.

Singapore Waste to Energy (WtE) Market – By Waste Type

Based on waste type, the Singapore Waste to Energy (WtE) Market is divided into Municipal Solid Waste, Process Waste, and Agriculture Waste segments. The municipal solid waste segment holds the highest share in the Singapore Waste to Energy (WtE) Market by waste type. It is primarily due to due to its critical role in managing the city-state's dense population and tropical climate conditions. With approximately 7,126 people per square kilometer, efficient collection and disposal of MSW are vital to prevent odor issues and disease spread. Singapore has developed a highly effective and affordable MSW management system to handle these challenges, ensuring sustainability amidst rapid economic growth and a projected population of 6.9 million by 2030. Learning from successful models in cities like Berlin, Tokyo, and Taipei is essential for further enhancing Singapore's waste management practices.

Singapore Waste to Energy (WtE) Market – By Application

Based on application, the Singapore Waste to Energy (WtE) Market is bifurcated into Electricity and Heat segments. The electricity segment holds a higher share in the Singapore Waste to Energy (WtE) Market by application. It is primarily due to its crucial role in addressing sustainable energy needs. WtE processes involve converting waste materials into electricity through methods like incineration or gasification, which not only aids in waste management by reducing landfill dependence but also significantly contributes to the national energy grid. Singapore's emphasis on clean energy solutions and efficient resource management further bolsters the electricity segment, making it pivotal in the country's drive towards environmental sustainability and energy security. For instance, the Singapore New Integrated Waste Management Facility is a notable 270MW biopower project currently under construction in South West Singapore. Scheduled for completion in phases starting from 2020 and expected to achieve commercial operation by 2025, the facility, owned by the National Environment Agency, aims to use municipal solid waste as feedstock to generate electricity. It is set to offset approximately 200,000 tons of carbon dioxide emissions annually and involves multiple contractors, such as China Harbor (Singapore) Engineering, Keppel Seghers, Singapore Technologies Engineering, and UES Holdings, for its engineering, procurement, and construction phases. This facility underscores Singapore's commitment to sustainable waste management and energy security initiatives.

Competitive Landscape

Major players operating in Singapore Waste to Energy (WtE) Market include Keppel Seghers, Hyflux Ltd, Sembcorp Industries, Veolia Singapore, National Environment Agency (NEA), Mitsubishi Heavy Industries (MHI), and Hitachi Zosen Inova. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In August 2023 - Mount Row Partners, a Singapore-based clean energy firm, announced its plans for a USD 2 billion investment in India, focusing on "biodigestion" technology for waste to energy conversion. Initially targeting Maharashtra, the company aims to set up 5–10 MW capacity projects to generate a total of 1,000 MW across India. These efforts are bolstered by partnerships with state governments and strategic investors from Southeast Asia and the Middle East.

• In May 2023 - KKR & Co Inc and Macquarie Asset Management were targeting Sembcorp's waste management unit, SembWaste, valued at approximately USD 500 million. Sembcorp, majority-owned by Temasek Holdings, has engaged HSBC to oversee the sale process. SembWaste, a key player in Singapore's waste management sector, handles waste and recyclables collection under the National Environment Agency's mandate.

Scope of the Report

By Technology

• Thermochemical

• Biochemical

By Waste Type

• Municipal Solid Waste

• Process Waste

• Agriculture Waste

By Application

• Electricity

• Heat

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Singapore Waste to Energy (WtE) Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Limited landfill space
         2. Increasing waste generation
         3. The government promoting WtE technologies and renewable energy sources
         4. WtE plants contribute to energy security and reduce dependence on imports in Singapore.
      2. Restraints
         1. Building and operating WtE plants require significant upfront investment
         2. Public concerns about emissions and potential health risks
         3. Availability of alternative technologies
      3. Opportunities
         1. WtE technologies with higher efficiency and lower emissions can enhance market attractiveness
         2. Integration with district heating
         3. Regional cooperation
      4. Challenges
         1. Feedstock quality for efficiency and emissions of WtE plants
         2. Fluctuations in energy prices
         3. Increasing environmental regulations regarding emissions and ash disposal
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Singapore Waste to Energy (WtE) Market: Marketing Strategies
5. Singapore Waste to Energy (WtE) Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Technology
         1. Thermochemical
            1. Incineration
            2. Pyrolysis
            3. Gasification
         2. Biochemical
         3. Others
      2. By Waste Type
         1. Municipal Solid Waste
         2. Process Waste
         3. Agriculture Waste
         4. Others
      3. By Application
         1. Electricity
         2. Heat
6.  Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Singapore Waste to Energy (WtE) Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
7. Impact of Escalating Geopolitical Tensions on Singapore Waste to Energy (WtE) Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Keppel Seghers
   2. Hyflux Ltd
   3. Sembcorp Industries
   4. Veolia Singapore
   5. National Environment Agency (NEA)
   6. Mitsubishi Heavy Industries (MHI)
   7. Hitachi Zosen Inova
   8. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       Singapore Waste to Energy (WtE) Segmentation    

Figure 2       Singapore Waste to Energy (WtE) Market Value Chain Analysis  

Figure 3       Company Market Share Analysis, 2023

Figure 4       Singapore Waste to Energy (WtE) Market Share, By Technology, By Value (USD Million), 2019–2030       

Figure 5       Singapore Waste to Energy (WtE) Market Share, By Waste Type, By Value, 2019–2030 

Figure 6       Singapore Waste to Energy (WtE) Market Share, By Application, By Value, 2019–2030          

List of Tables

Table 1        Singapore Waste to Energy (WtE) Market Share, By Technology, By Value (USD Million), 2019–2030       

Table 2        Singapore Waste to Energy (WtE) Market Share, By Waste Type, By Value, 2019–2030 

Table 3        Singapore Waste to Energy (WtE) Market Share, By Application, By Value, 2019–2030          

Table 4        Keppel Seghers Company Overview

Table 5        Keppel Seghers Financial Overview

Table 6        Hyflux Ltd Company Overview

Table 7        Hyflux Ltd Financial Overview

Table 8        Sembcorp Industries Company Overview

Table 9        Sembcorp Industries Financial Overview

Table 10      Veolia Singapore Company Overview

Table 11      Veolia Singapore Financial Overview

Table 12      National Environment Agency (NEA) Company Overview

Table 13      National Environment Agency (NEA) Financial Overview

Table 14      Mitsubishi Heavy Industries (MHI) Company Overview

Table 15      Mitsubishi Heavy Industries (MHI) Financial Overview

Table 16      Hitachi Zosen Inova Company Overview

Table 17      Hitachi Zosen Inova Financial Overview

Table 18      Other Prominent Players Company Overview

Table 19      Other Prominent Players Financial Overview