NEW YORK, Jan. 10, 2022 /PRNewswire/ -- The smart waste management market is expected to grow by USD 2.26 bn from 2020 to 2025. The growth momentum of the market is expected to accelerate at a CAGR of 9%.
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Drivers and Challenges
Growing industrial waste is one of the key drivers of the market. Industrial waste includes wastewater, solid waste, or air discharges. Some of the non-biodegradable wastes include plastics, synthetic fibers, silver foil, and radioactive wastes. They are generated by iron and steel plants, fertilizer industry, chemicals, drugs, and dyes. Non-biodegradable wastes can pollute the environment and harm living organisms. With the help of smart waste management solutions, wastes from one industry can be treated and utilized in another industry. The increase in industrial waste and the introduction of government regulations are compelling industrial end-users to implement smart waste management solutions.
Challenges related to the effective deployment of smart waste management solutions are expected to restrain the market's growth. Smart waste management solutions include waste collection, disposal, and recycling. Trucks of private companies or municipalities collect trash from trash bins and then send the trash to temporary collection centers. From these centers, the trash is then sent to a recycling plant. However, ineffective deployment of sensors can lead to incorrect information being sent to truck drivers. If the trash is deposited unevenly in one part of the bin, the sensors may read the bin as full. In case the trash bins are overfilled, the truck drivers will be updated about their locations to collect the trash. This leads to excessive consumption of fuel, thereby increasing the OPEX.
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Smart Waste Management Market: Segmentation Analysis
This market forecast report segments the smart waste management market by application (collection, landfill, recovery and recycling, and processing) and geography (Europe, APAC, North America, South America, and MEA).
Europe led the smart waste management market in 2021, followed by APAC, North America, South America, and MEA, respectively. 33% of the market's growth will originate from APAC during the forecast period. Market growth in this region will be faster than the growth of the market in other regions. During the forecast period, APAC is expected to register the highest incremental growth due to factors such as the growing industrial waste.
The smart waste management market share growth by the collection segment will be significant during the forecast period. The waste collection process is a traditional way of physically monitoring the waste in waste bins. Uneven management of waste, typically domestic, industrial, and environmental wastes, is the main cause of pollution and life-threatening diseases. Smart waste management systems assist in the auto-management of waste without human interaction to maintain a clean environment.
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
Related Reports:
Smart Waste Management Market Scope |
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Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9% |
Market growth 2021-2025 |
USD 2.26 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.41 |
Regional analysis |
Europe, APAC, North America, South America, and MEA |
Performing market contribution |
APAC at 33% |
Key consumer countries |
US, France, UK, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Bigbelly Inc., Compology, Contelligent, Ecube Labs Co. Ltd., Enevo Oy, Pepperl+Fuchs SE, SUEZ SA, URBIOTICA , VEOLIA ENVIRONNEMENT SA, and Waste Management Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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SOURCE Technavio
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