Waste Management Market Size, Share, Revenue. Trends & Industry CAGR of 3.4% by 2031
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The need for waste management services is rising along with the difficulties in effectively managing trash disposal, which will fuel market expansion over the forecast period. According to our research, the global waste management market is expected to witness growth at a CAGR of 5.5% from 2022 to 2027.
Waste management involves gathering, transporting, and disposing of garbage, sewage, and other waste products. It entails handling solid garbage and safely and effectively getting rid of undesired goods and chemicals. Industrial, hazardous, and municipal waste are all dealt with via waste management. Municipal waste is a combination of residential waste and nonhazardous waste produced in towns and cities. Waste produced during production and manufacturing operations in industries is referred to as industrial waste.
Factors Pushing the Growth of the Global Waste Management Market
Consumers' growing purchasing power and urbanization's acceleration both raise the frequency with which useful goods are discarded, which, in turn, raises individual waste levels. Growing garbage creation is a major contributor to pollution, and rising environmental consciousness at the local and national levels is a driving force behind the expansion of the worldwide waste management industry. The entire ecology is negatively impacted by poor waste management. As a result, the World Bank is funding waste management initiatives by tackling problems with the collection, transportation, treatment, and disposal of trash generated in businesses and homes.
On a macro level, it is likely that the volume of hazardous waste from several industries, including healthcare, pharmaceuticals, and manufacturing—will increase. The recent rise in soil, water, and air pollution are mostly attributable to unplanned waste dumping. The need for waste management has been considerably fueled by environmental awareness in wealthy nations, and it is being adopted quickly in emerging nations.
Systems for managing trash provide diverse treatment options for various organic and non-organic waste categories. Liquid and plastic metal wastes, nuclear wastes, disposal of solids, e-waste, and other hazardous wastes are particularly treated to disintegrate using various safety measures under efficient waste management. For instance, electronic products are separated for reuse and contain materials like mercury, cobalt, chromium, cadmium, selenium, and lead. Medical waste is also subjected to thermal processes in order to eradicate microorganisms by employing high temperatures.
Governments worldwide are proactively taking action to lessen illicit dumping. Additionally, the global rubbish volume has expanded owing to the population boom and growing globalization. For instance, the urban population produced almost 1.3 billion tonnes of rubbish in 2012, according to data on municipal solid waste (MSW), and this number will rise to 2.2 billion tonnes by 2025.
Analysis of COVID-19
Due to the segment shift brought about by COVID-19, the waste management industry was damaged. During the lockdown, residential areas produced more garbage than industrial or commercial areas because businesses were either closed entirely or in part. However, as economies pick up and manufacturing activities go back up, along with the beginning of immunization campaigns in many countries, more waste will be produced, which will cause the waste recycling sector and waste management companies to restart at full capacity.
Segmentation Summary
By Waste Type
In 2019, the industrial segment accounted for the maximum revenue share of the global waste management industry. Rapid urbanization and industrialization are the main contributors to the increased industrial waste production. Since poor processing of this debris can harm wildlife and plants, as well as pollute groundwater and lakes, industrial waste management is essential. Extensive research shows that by 2050, 7 billion people will be residing in metropolitan areas, increasing the amount of urban trash generated.
By Waste Handling Methods
In 2019, the collection service segment dominated the global waste management industry. Sorting the waste, deciding on a suitable place, loading and unloading the waste, preparing that spot for waste storage at close proximity to the waste generation site, and maintaining the waste are all parts of waste collection. The garbage collection companies must consider routine maintenance and cleaning of these storage areas.
Regional Analysis
In terms of revenue in 2019, Asia-Pacific held the majority of the worldwide market share, accounting for 55%, followed by South America and Europe. Government programs like the Swacch Bharat Abhiyan and the zero waste plans adopted by a number of Asia Pacific nations are anticipated to increase public awareness of trash management.
The development of the construction industry contributes to the expansion of the area, the escalating environmental issues brought on by increased drilling activity and rapid urbanization, and the increased focus of significant stakeholders on the creation of innovative, cost-effective, and sustainable management solutions. For instance, in Dec 2017, Keppel Corporation won a contract to build and manage Hong Kong's first integrated trash management facility.
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Prominent Competitors
The notable companies in the global waste management market are:
Biffa Plc.
Waste Management Inc
Clean Harbors, Inc.
Remondis Se & Co. Kg
Veolia Environnement
Covanta Holding Corporation
Suez
Daiseki Co., Ltd.
Republic Services, Inc
Hitachi Zosen Corporation
Other Prominent Players
Segmentation Outline
The global waste management market segmentation focuses on Waste type, Waste Handling Method, Material, and Region.
By Waste Type
Municipal Waste
Industrial Waste
Hazardous Waste
Others
By Waste Handling Method
Collection Services
o Storage & Handling
o Sorting
o Collection & Transportation
Disposal Services
o Recycling
o Incineration
o Landfill
o Compositing & anaerobic digestion
o Others
By Material
Paper & Paperboard
Plastics
Metals
Glass
Food
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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Astute Analytica
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