WASTE MANAGEMENT MARKET ANALYSIS

Market Challenges And Opportunities

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.

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.

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.