BANGALORE, India, Sept. 29, 2022 /PRNewswire/ -- The Reverse Vending Machine market is segmented by Type - Non-Refillable Type, Refillable Type, Multifunction Type, by Application - Supermarkets, Community, Utilities. Global Opportunity Analysis and Industry Forecast, 2021 - 2028. It is published in Valuates Reports under the Energy & Utilities Category.
The global Reverse Vending Machine market size is estimated to be worth USD 278.2 million in 2021 and is forecast to a readjusted size of USD 340.6 million by 2028 with a CAGR of 2.9% during the forecast period 2022-2028.
Major Factors Driving The Growth Of The Reverse Vending Machine Market are
The overflowing waste sites due to the rise in consumption and global population will drive the growth of the reverse vending machine market.
The Reverse Vending Machine Market is anticipated to increase due to rising government demand for recycling programs.
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TRENDS INFLUENCING THE GROWTH OF REVERSE VENDING MACHINE MARKET
Additionally, a rise in government investment in reducing and recycling plastic has significantly fueled the Reverse Vending Machine Market. Many folks have been drawn to utilize the reverse vending machines because of the money distributed capability.
A new law was established by the government to encourage trash reduction, reuse, and recycling. This is expected to fuel demand for the reverse vending machines market. An initiative by the government to introduce reverse vending machines at airports, metro stations, and train stations for efficient waste management techniques is what is driving the growth of the reverse vending machine market globally. Additionally, governments have been forced to enact strict laws against the illegal dumping of waste on land and in oceans due to the harm to human health and increase in pollution as a result. This has led to an increase in demand for reverse vending machines, which in turn has been driving the growth of the reverse vending machine market.
Furthermore, development in urbanization across several nations, including India, China, Africa, and others, has led to an enormous spike in the amount of waste produced. Reverse vending machines and other recycling options are in high demand as a result of the worrisome growth in unprocessed garbage. Reverse vending machines assist in promoting recycling, decreasing landfill waste, reducing greenhouse gas emissions, and avoiding the use of virgin materials in the manufacture of new goods. The vast amount of storage space, UPC scanner, and horizontal in-feed system are just a few of the sophisticated features found on these devices.
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REVERSE VENDING MACHINE MARKET SHARE ANALYSIS
Europe is the largest region, with a Reverse Vending Machine Market share of over 80%, followed by the United States and China, both having a share of over 8% percent. Reverse vending machine demand is rising as a result of resource recycling initiatives' innovation and development. The market for reverse vending machines is anticipated to grow rapidly over the next few years as environmental conservation becomes a greater priority.
Based on product, Non-Refillable Type is the largest segment, with a share of over 60%.
Based on the application, the largest application is Supermarkets followed by Communities.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Cognex
- Basler
- Omron
- National Instruments
- Keyence
- Sony
- Teledyne Technologies
- Texas Instruments
- Allied Vision Technologies
- Intel
- Baumer Optronic
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SIMILAR REPORTS
- In 2020, the global Vending Machine market size was USD 6556.9 million and it is expected to reach USD 8062.5 million by the end of 2027, with a CAGR of 2.9% during 2021-2027.
- The global Intelligent Vending Machines market size is projected to reach USD 1965.5 million by 2027, from USD 1011.2 million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.7% during 2021-2027.
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- The global E-waste Recycling market size is estimated to be worth USD 17260 million in 2022 and is projected to reach USD 27240 million by 2028 with a CAGR of 7.9% during the review period.
- The global AR in Retail market size is projected to reach USD 6736.2 million by 2028, from USD 1853.7 million in 2021, at a Compound Annual Growth Rate (CAGR) of 20.0% during 2022-2028.
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