Report Ocean has recently published a new research study on the global underground water containers market. According to the study, the market is expected to exhibit strong growth potential over the period from 2020 to 2027. The report is titled “Global Underground Waste Containers Market by Product Type (Metal, Plastic, & Others), By Capacity (Below 1000 Ltrs, 1000-3000 Ltrs, and Above 3000 Ltrs), and By End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2027” and it has been prepared by carrying out an in-depth assessment of this market based on its past and current performance and future prospects.
According to the research study, the continuous rise in industrialization and urbanization, coupled with technological innovations, has been driving the growth of the global underground waste containers market. In 2019, the overall valuation of this market was US$1,050.1 mn. Researchers expect this market to rise at a CAGR of 5.90% between 2020 and 2027 and reach US$796.7 mn by the end of the forecast period.
Going forward, the increasing population and the significant rise in environment related concerns among people are projected to boost the growth of this market in the near future. The market is also projected to be boosted by the unique features of these containers, such as no odor, hygiene control, eco-friendliness, flexibility, and huge storage capacity, substantially. However, the dearth of awareness among consumers in developing economies may limit the growth of this market in the near future. Nonetheless, technological advancements, such as the usage of Internet of Things (IoT) in the waste containers, is likely to support this market in the long run.
Impact of Covid 19 on Global Underground Waste Containers Market
Due to the Covid 19 pandemic, the focus has shifted to the medical and healthcare and the pharmaceutical sectors and related markets, while impacting many others, including the global market for underground waste containers. Various governments imposed strict lockdown in their respective economies, leading to the stoppage of manufacturing processes and disruption of supply chain systems. This affected the production of these containers and, consequently, the overall market. However, with situation getting under control, the market is likely to return to its normal self soon.
Metal Segment to Continue to Dominate Global Market
The report analyzes the global underground waste containers market on four fronts: The product type, capacity, application, and the region. Based on the product type, the market is classified into metal, plastic, and others. The metal segment accounted for the majority share of the market in 2019. Researchers expect this scenario to remain same over the next few years. In terms of the capacity, the market is categorized into below 1000 ltrs, 1000-3000 ltrs, and above 3000 ltrs. Among these, the 1000-3000 ltrs segment is anticipated to register the highest growth over the forecast period.
On the basis of the application, the market is segmented into the residential, commercial, and the industrial sector. Hitherto, the commercial segment has been dominating the global underground waste containers market and is expected to continue doing so in the near future. North America, Europe, Asia Pacific, and LAMEA have been considered as the prominent regional markets for underground waste containers in this research study.
- The metal segment accounted for the majority share of the market in 2019.
- The 1000-3000 ltrs segment is anticipated to register the highest growth over the forecast period.
The global underground waste containers market is segmented into:
By Product Type
- Below 1000 Lts.
- 1000-3000 Lts.
- Above 3000 Lts.
By End User
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Companies Mentioned in the Report
- ESE World B.V.
- Ecoloxia Environmental Group Inc.
- Meulenbroek Machinebouw B.V.
- Nord Engineering S.r.l.
- Oktagon Engineering GmbH
- OGE METAL YEARLTI YERUSTU COP KONTEYNER SISTEMLERI Reflex Zlin spol. s.r.o.
- SOTKON GROUP
- Sutera USA, LLC
- Zweva Environment bvba.
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