Report Ocean has launched new research study “Global Waste Management Market – Industry Dynamics, Market Size, and Opportunity Forecast to 2027”. The global waste management market was valued at $2.1 trillion in 2019, and is expected to reach $2.4 billion by 2027, registering a CAGR of 5.5% from 2020 to 2027. The increasing population across the world is the major cause of the waste generated. Moreover, increasing awareness of waste management due to accumulation of waste in oceans and degradation of air quality caused due to burning of waste is projected to drive the waste management market. The antagonistic effect of COVID-19 has created an emergence of lockdown due to which the generation of waste in the residential sector.
Global Waste Management Market: Overview
Waste management is the collection, transportation & disposable of garbage, sewage, and other waste products. The waste management systems not only manage the biological waste, but it also manages hazardous waste such as, E-waste, nuclear waste to reduce its fatal impact on environment. It involves treating solid waste and disposing unwanted products and substances in a safe and efficient manner. As per the World Bank Group, 2.01 billion tonnes of waste was generated by the cities of the world, which is close to 0.74 kg per person per day. It is estimated that there will be 70% rise in the waste generated across the world by the end of 2050. Thus, to protect the planet proper management of waste is very crucial considering the current situation. Moreover, waste management has become more adaptable due to implementation of various E-waste management techniques that makes use of robotics, internet of things (IoT), artificial intelligence, machine learning, among others. For instance, robots are used by several countries to work in the manholes.
Further, decline in production of new goods due to COVID-19 led to fall in demand for recyclable material such as rubber and plastic. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-initiation of waste management companies and waste recycle industry at their full-scale capacities.
Europe and North America are estimated to contribute for a considerably high share as compared to other regions owing to developed infrastructure in the country. Major countries in these regions are developed and have higher affordability due to strong economic background. Generation of industrial & hazardous waste is high in the region, hence, need of better waste management is required, thus owing to higher adoption of waste management.
Although, Asia Pacific region is projected to grow with the highest CAGR of more than 5% due to rapidly developing industrial infrastructure and significant rise in the population. Additionally, several regulations have been imposed by the government of the Asian countries to increase awareness of waste management. For instance, the Chinese government launched a new municipal solid waste (MSW) classification strategy in 2017. This regulation restricts the segregation of waste and for industries, treating the hazardous wastes before dumping. Additionally, on July 14, 2010 Japan’s legislature, the Diet, passed an amendment of the Waste Disposal and Cleaning Law (Law No. 137 of 1970) in May 2010 (Law No. 34 of 2010), under which the commercial and industrial sectors are restricted to make proper disposal of the waste. The amendment also encourages waste recycling. However, lack of awareness is a major restraint for the waste management market along with its labor intensive and high cost of processing. On the contrary, owing to several opportunities in developing countries, the waste management market is expected to grow during the forecast period.
Waste Management Market Taxonomy
The Global Waste Management Market is segmented into following types as per the sales are revenue channel opted by the various distribution channels.
- Municipal Waste
- Industrial Waste
- Hazardous Waste
- Collection & Transportation
- Storage & Handling
- Composting & anaerobic digestion
- The U.S.
- Western Europe
- The U.K.
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- Rest of South America
***Customization is available in the above-mentioned segments & Region
As per Report Ocean analysis, the revenue generated from the disposal service is high as compared the other counterpart. The disposal service is the basic service offered in all the applications residential, industrial, and commercial. Whereas, the disposal service in most of the countries is offered by the government to prevent dumping of waste generated in the public spaces. Recycle sub-segment of disposal segment is estimated to contribute least due to lesser awareness and expensive measure required for the recycling techniques to manage waste. Moreover, the industrial segment is the major share holder of the type segment followed by hazard due to various regulations imposed by the government to treat the waste before disposal.
Global Waste Management Market: Competition Panorama
The global waste management market is observed to have an oligopoly nature. The market appears to be fragmented due presence of several local players in the country. Several companies are strategizing for business expansion and surviving in the competitive environment by mergers, acquisitions, and partnerships. For instance, in March 2019, Nestle and Veolia entered into partnership to initiate recycling programs to recycle plastic waste.
The major players profiled in the waste management market include;
- Biffa Plc
- Clean Harbors, Inc.
- Covanta Holding Corporation
- Daiseki Co., Ltd.
- Hitachi Zosen Corporation
- Remondis Se & Co. Kg
- Republic Services, Inc.
- Suez, Veolia Environment
- Waste Management Inc.
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