WASTE MANAGEMENT MARKET ANALYSIS

The global waste management market size was valued at US$ 2,008.70 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.50% from 2023 to 2030. The waste management market is expected to register substantial growth over the forecast period. The market is mainly driven by proactive government measures to reduce illegal dumping and increasing adoption of WTE incineration and recycling techniques. This market also has an extensive potential for growth in the near future owing to rise in population and industrialization. Moreover, growing awareness about environment protection among people and the increase in the number of smart cities are other key factors propelling market growth.

Global Waste Management Market: Regional Insights

Based on geography, the global waste management market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The North America market has witnessed a steady growth rate as the market is in its maturity phase. However, it is anticipated to continue to lead the global market with major revenue generation coming from the U.S. throughout the forecast period. Moreover, growing focus of key market players on the development and commercialization of new waste management techniques in the region is further projected to augment regional market growth.

Asia Pacific is expected to witness fastest growth in the global waste management market over the forecast period. It has been witnessing a rapid rise in urbanization and industrialization. In addition to this, government initiatives and cleanliness campaigns for waste management are also anticipated to drive growth of the Asia Pacific region. Increasing industrialization and growing disposable income have increased the production of various types of wastes in Asia Pacific region.

Global Waste Management Market Drivers:

Rapid urbanization is a prime factor augmenting market growth

According to the World Health Organization, the global urban population is expected to grow by around 1.84% every year until 2020, which is at the rate of about 1.63% per annum from 2020 to 2025, and around 1.44% per annum from 2025 to 2030. As per data released by the World Bank, the amount of municipal solid waste (MSW), a crucial by-product of urban lifestyle, is growing even faster than the rate of urbanization.

Figure 1.Global Waste Management Market, by Region, 2022

To learn more about this report, request sample copy

Government regulations for illegal dumping is fostering market growth

Government measures to curb illegal dumping of waste are expected to promote the market growth. This will provide substantial opportunities for the development of WTE incineration and recycling techniques that are capable of converting waste into electricity or other resources. The Environmental Protection Agency (EPA) introduced the Resource Conservation and Recovery Act (RCRA) with an aim to reduce open dumping and manage hazardous and nonhazardous waste.

Global Waste Management Market Opportunities:

Growing environmental awareness regarding waste management is expected to provide significant growth opportunities. Residential waste is a growing component of the global market owing to rising consumer disposable income and increasing environmental awareness. This growth is driven by the rise in urbanization and influx of people into cities worldwide. The government’s initiatives to minimize pollution and its adverse effects on health are also expected to fuel the growth of the waste management market.

The rise in sales of electronic devices is expected to boost the demand for e-waste recycling and reuse services and facilities. The residential sector is expected to generate a large share of household hazardous wastes, e-waste, and packaging materials. Hence, increasing usage of electronic products is expected to hold potential market opportunities for waste management industry.

Figure 2.Global Waste Management Market, BY Type, 2022

To learn more about this report, request sample copy

Global Waste Management Market Trends:

Growth of food and beverage sector

Food & beverage industry is projected to grow significantly over the forecast period, owing to the increase in consumption of fast-moving consumer goods (FMCG). The industry is expected to register a significant demand for waste collection and management services, as it generates huge amount of organic matter. Rise in food industry is acting as a trend for waste management market.

Smart waste management is a recent trend

Smart waste management solutions are emerging as a new trend in the market. These technologies can identify waste filling patterns, optimize driver schedules and reduce operational costs. These systems can also be used to monitor and track the progress of waste collection trucks. The introduction of these technologies is expected to offer lucrative opportunities for waste management companies in the future.

Global Waste Management Market Restraints:

Lack of framework required for collection and segregation of waste to hamper market growth

There is a lack proper framework or collection and segregation of waste. This factor is expected to hamper the market growth. However, growing government initiatives and rising awareness regarding importance of waste management will favor the market growth. Effective waste management can improve the quality of life and increase social equity in communities. These benefits can be felt most by the poorest and most vulnerable communities.

Labor intensive and high costs of transportation to restrict market growth

Managing a waste is a complex challenge and is labor intensive. This can consume a lot of amount as their wages. Also, cost of transportation is high as it include collection cost and further transportation to recycling facilities or landfills.                     

Global Waste Management Market Segmentation:

The global waste management market report is segmented into Type, Service, and Region

Based on Type, the market is segmented into Municipal Waste, Industrial Waste, and Hazardous Waste. Out of which, Municipal Waste is expected to dominate the global market over the forecast period and this is attributed to the growing prevalence of infectious and non-infectious disease. Municipal waste management is gaining demand as untreated waste can act as a major threat to human health.

Industrial Waste segment is also expected to witness significant growth in the near future and this is owing to the rise in the number of various manufacturing sector which is increasing waste generation during industrial processes.

Based on Service, the market is segmented into Collection Service and Disposable Service. Out of which, Collection Service is expected to dominate the global market over the forecast period. This collective service includes building-to-building, door-to- door, bell collection, kerbside collection, waste pooling sites, handcart collection, public bin collection, dumpster collection, stationary trailer collection, and public litter bins.

Disposable Service segment is also expected to witness significant growth in the near future. In this service, solid waste is treated and rest of the waste is recycled.

Global Waste Management Market: Key Developments

In February 2018, RLG’s India entity, officially launched its Producer’s Responsibility Organization (PRO) and its flagship campaign ‘Clean to Green’ in New Delhi. The PRO has been designed in compliance with the stringent E-waste management rules which are set to come into effect in India and will seek to minimize the impact of substandard ways of e-waste disposal on the environment.

Global Waste Management Market: Key Companies Insights

The global waste management market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global 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.

*Definition: The waste management offers a wide range of services related to the disposal of waste and recycling of materials