Rise in environmental awareness and strict regulations by countries from Europe and North America for sustainable waste management drive the growth of the global smart waste management market
PORTLAND, Ore., March 17, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Waste Management Market by Waste Type (Solid, Special, and E-waste), Method (Smart Collection, Smart Processing, and Smart Disposal), and Source (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global smart waste management industry generated $1.68 billion in 2019, and is projected to generate $4.10 billion by 2027, witnessing a CAGR of 15.1% from 2020 to 2027.
Prime determinants of growth
Rise in environmental awareness, strict environmental regulations by countries from Europe and North America for sustainable waste management, and rapid urbanization & industrialization drive the growth of the global smart waste management market. However, high capital investments and lack of efficient connectivity hinder the market growth. On the other hand, rise in smart city initiatives and technological advancements such as the internet of things (IoT) for waste collection present new opportunities in the coming years.
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Covid-19 Scenario
- Lockdown measures implemented in various countries postponed manufacturing activities of equipment and sensors needed for smart waste management for commercial, residential, and industrial waste collection and disposal.
- Governments of various countries and health governing authorities such as WHO and NHA released guidance and regulations regarding various aspects of smart waste management processes to lower down the spread of coronavirus through waste.
- However, the production, distribution, and procurement activities of equipment, devices, and tools for smart waste management began getting back on track during the post-lockdown period, which facilitates the collection and disposal processes.
The solid waste segment to maintain its lead position during the forecast period
Based on waste type, the solid waste segment held the highest market share, contributing to nearly three-fifths of the global solid waste management market in 2019, and will maintain its lead position during the forecast period. This is due to focus on development of fleet management services along with development of fill level sensors and near the trash bins to reduce the fuel cost. However, the e-waste segment is expected to witness the highest CAGR of 18.8% from 2020 to 2027, owing to implementation of advanced systems to manage huge amount of e-waste generated and changes in the government rules.
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The residential segment to offer lucrative opportunities
Based on source, the residential segment contributed to the highest share in 2019, accounting for nearly half of the global smart waste management market, and is expected to maintain its leadership status during the forecast period. In addition, this segment is projected to witness the largest CAGR of 16.6% from 2020 to 2027. This is attributed to rapid industrialization and urbanization along with investments of governing bodies for handling and processing waste in the residential sector. The research also analyzes segments such as commercial and industrial.
North America to maintain its dominant share by 2027
Based on region, North America accounted for the highest share in terms of revenue in 2019, contributing to nearly two-fifths of the global smart waste management market, and will maintain its dominant share by 2027. This is attributed to rise in smart city initiatives along with utilization of smart bins to manage waste materials effectively with the usage of IoT and cloud-based systems. However, Asia-Pacific is expected to manifest the highest CAGR of 18.5% during the forecast period, owing to rise in infrastructure, increase in urban population, and surge in waste management reforms in emerging countries.
Leading market players
- Covanta Holding Corporation
- SUEZ Environmental Services
- Republic Services Inc.
- Waste Management Inc.
- Sensoneo J.s.a.
- Bigbelly Inc.
- Urbiotica
- Ecube Labs Co. Ltd.
- Enevo Oy
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