Increase in urban population and rise in demand for sustainable waste disposal methods are expected to boost the growth of the market.

PORTLAND, OR, UNITED STATES, July 18, 2023/EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, Global Underground Waste Containers Market by Product Type (Metal, Plastic, & Others), By Capacity (Below 1000 Lts, 1000-3000 Lts, and Above 3000 Lts), and By End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020-2027. The global underground waste containers market capacity is expected to reach $1.5 billion in 2027 from $0.79 billion in 2019, growing at a CAGR of 5.9% from 2020 to 2027.

Increasing population & urbanization, growing environment related concerns, and strict government regulations drive the growth of the global underground waste containers market. On the other hand, lack of awareness in developing economies impedes the growth to some extent. However, high-end technological advancements are expected to create lucrative opportunities for the key players in the industry.

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The global underground waste containers market is analyzed across product type, capacity, end-user, and region. Based on product type, the metal segment contributed to nearly half of the total market share in 2019 and is expected to rule the roost by 2027. The plastic segment, on the other hand, would register the fastest CAGR of 6.5% during the forecast period.

Based on application, the commercial segment accounted for nearly half of the total market revenue in 2019 and is anticipated to lead the trail by the end of 2027. Simultaneously, the residential segment would grow at the fastest CAGR of 6.6% from 2020 to 2027.

Based on geography, North America held the major share in 2019, generating nearly one-third of the global market. At the same time, the region across Asia-Pacific would exhibit the fastest CAGR of 7.3% by 2027. The other two regions covered in the report include Europe and LAMEA.

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An increase in environment-related concerns and stringent norms related to garbage disposal fuel the development of the global market. Underground waste containers possess features such as durability, aesthetic look, hygiene control, odor control, and are environment friendly. Currently, prominent vendors in the underground waste containers market lead the market with their wide distribution network and high-volume capacity, which is a major compelling factor for the global underground waste containers market progress. The market is manufactured by materials such as metal, plastic, and others. The plastic is widely used to manufacture underground waste containers, owing to low cost, aesthetic look, hygiene control, and odorless.
Increase in environment-related concerns and rise in demand for sustainable waste disposal is anticipated to boost the growth of the market of underground waste containers. Growing spending on commercial and residential buildings with construction development is projected to drive the growth of the market. In addition, stringent government regulations toward health safety specifically in Europe & North America are expected to positively contribute to the development of the market.

Top Players:
The leading market players analyzed in the global underground waste containers market report include Nord Engineering S.r.l., ESE World B.V., Zweva Environment bvba, Ecoloxia Environmental Group Inc, Meulenbroek Machinebouw B.V., Oktagon Engineering GmbH, OGE METAL YEARLTI YERUSTU COP KONTEYNER SISTEMLERI, Reflex Zlin spol. s.r.o., SOTKON GROUP, and Sutera USA. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.

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