May 29, 2024
Waste Management Market

Waste Management Market is expected to be Flourished by Rising Concerns Over Environmental Pollution

The waste management market includes services and facilities that process, dispose of or recycle solid, liquid or gaseous waste materials. Services range from collection and transportation to disposal and landfill management. Waste types include municipal waste, hazardous & medical waste, e-waste as well as construction & demolition waste. Waste management products include containers, compactors, collection trucks and landfill equipment used for securing, weighing and compacting waste materials.

The global waste management market is estimated to be valued at US$ 2441.3 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising environmental pollution due to improper waste disposal is a major driver boosting demand for effective waste management services globally. Poor management releases toxic elements and greenhouse gases into the air, water and soil damaging the environment. This has increased concerns about public health hazards and stringent regulations are being introduced to promote sustainable waste practices. Advanced technologies like smart compactors with embedded sensors for real-time monitoring are also being adopted to streamline collection routes and optimize fuel consumption. Another driver fueling market growth is increased waste generation due to rapid urbanization and changing consumption patterns leading to higher demand for recycling and recycling services worldwide.

While key environmental and economic advantages of waste-to-energy processes like generation of renewable energy from incineration is propelling their adoption, public opposition over emissions and proximity to residential areas remain challenges. High capital costs of modern waste treatment facilities also act as a barrier.

Segment Analysis

The waste management market is segmented into Municipal Waste, Industrial Waste, and Construction and Demolition Waste. The Municipal Waste segment currently dominates the market, accounting for over 60% share. This is because municipal waste consists of everyday items discarded by residential communities which contribute to a large volume of waste. The Industrial Waste segment is expected to witness fastest growth during the forecast period due to increasing industrial activities.

PEST Analysis

Political: stricter government regulations around waste management and recycling are driving market growth. Many countries have specific waste reduction targets and landfill bans.

Economic: the market is fueled by strong GDP growth in emerging economies leading to higher waste generation. Recovery of resources from waste also boosts profitability.

Social: rising environmental awareness and sustainability goals of organizations are increasing demand for scientific waste disposal and recycling services.

Technological: advanced solutions like smart bins, GPS-enabled vehicles, and digital waste tracking systems are gaining popularity for effective waste collection and monitoring. Robotics and AI are optimizing waste management operations.

Key Takeaways

The Global Waste Management Market Share is expected to witness high growth at a CAGR of 9.0% during the forecast period of 2024 to 2030. The market size is projected to reach US$ 2441.3 Billion by 2024.

Regional analysis: North America dominates the market currently due to stringent regulations and established waste management infrastructure. Asia Pacific is expected to witness fastest growth through 2030 with increasing urbanization, economic development and policy reforms promoting scientific disposal in countries like China and India.

Key players operating in the waste management market are Fujifilm Holdings Corporation, Olympus Corporation, Hitachi Medical Corporation, Pentax Medical (Hoya Corporation), Boston Scientific Corporation, Cook Medical, Carl Zeiss Meditec AG, Medtronic plc, BARD Diagnostic Systems, Inc., ACON Laboratories, Inc. Fujifilm Holdings Corporation leads the market with advanced waste collection fleet and largest fleet size globally.

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