February 29, 2024
Waste Management Market

Waste Management Market Expected to Witness High Growth Due to Rising Environmental Concerns and Stringent Government Regulations

The waste management market is estimated to be valued at US$2,008.7 Bn in 2022 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Waste management refers to the collection, transportation and disposal of garbage, sewage and other waste materials in a manner that minimizes environmental impacts and protects public health. It includes recycling, waste prevention, composting and disposal operations. Various services are offered such as collection and transport of residential and commercial solid waste and medical waste, operation of waste treatment and disposal facilities etc. Municipalities generally perform the waste management services at the local level, while private companies collect waste from commercial and industrial customers.

Market Dynamics:

Increasing environmental concerns around the world regarding improper waste disposal is a key factor driving the growth of the waste management market. Uncontrolled dumping of waste materials pollutes air, water and soil which poses serious health risks. Stringent government regulations regarding proper collection, treatment and disposal of waste is also fueling the market growth. For instance, in the U.S., the Resource Conservation and Recovery Act regulates waste from its generation to disposal. Additionally, rising adoption of waste-to-energy technologies that convert non-recyclable waste materials into usable forms of energy such as electricity is providing market opportunities. Growing urbanization particularly in developing countries has boosted waste generation which requires efficient waste management solutions. Initiatives towards zero waste objectives have increased recycling and reuse activities.

Segment Analysis

The waste management market is dominated by the municipal waste segment. Municipal waste is the largest and fastest growing segment as the volumes of municipal solid waste being generated are continuing to increase rapidly with growing urbanization and changing consumption patterns. According to United Nations estimates, annual municipal solid waste generation is projected to increase by about 70% by 2050.

PEST Analysis

Political: Strict government regulations regarding proper waste disposal and increasing focus on circular economy initiatives will promote market growth. Municipalities are investing more towards developing effective waste management systems.
Economic: Growing economies result in higher waste generation which drives the need for organized waste management services. However, high initial investments and constantly evolving regulations also increase operational costs for market players.
Social: Rising awareness about environmental protection and health hazards of improper waste disposal is making citizens and businesses more accountable towards sustainable waste handling. Social campaigns are encouraging segregation of waste at source.
Technological: Advanced waste sorting and recycling technologies allow for higher recovery rates. Digitization is helping optimize collection routes and improve efficiency. Investments in waste-to-energy plants and automation offer new revenue streams.

Key Takeaways

The Global Waste Management Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing urbanization and changing consumption patterns across the world. Rapid urbanization is generating a massive amount of waste, especially in emerging economies in Asia Pacific and Middle East & Africa.

Regional analysis – Asia Pacific is the fastest growing region in the waste management market due to rapid infrastructure development and rising affluence in countries like China, India and Indonesia which results in higher waste generation. China dominates the Asia Pacific market with sizeable investments to establish effective waste disposal systems.

Key players – Key players operating in the waste management market are Biffa Plc, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd, Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services, Inc., Suez, Veolia Environment, and Waste Management Inc. Major players are focusing on expanding into emerging markets through partnerships, mergers and acquisitions to gain more contracts from municipal bodies and leverage opportunities arising from rising waste volumes.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it