Waste Management Market size is set to grow by USD 223.8 billion from 2024-2028, laws in Europe for recycling waste boost the market, Technavio

NEW YORK, June 19, 2024 /PRNewswire/ -- The global waste management market size is estimated to grow by USD 223.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  8.8%  during the forecast period. Laws in Europe for recycling waste is driving market growth, with a trend towards increasing demand for renewable cleaning. However, huge capital investment to discard biomedical waste  poses a challenge. Key market players include Bertin Technologies SAS, Biffa Plc, Clean Harbors Inc., Covanta Holding Corp., Daiseki Co. Ltd., FCC SA, GEPIL, Hasiru Dala Innovations Pvt. Ltd., HFCL Ltd., Hitachi Zosen Corp., Republic Services Inc., RETHMANN SE and Co. KG, SAAHAS WASTE MANAGEMENT Pvt. Ltd., Stericycle Inc., SUEZ SA, URBASER SA, Valicor Inc., Veolia Environnement SA, Waste Connections Inc., and Waste Management Inc..

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Market Driver

The waste management market is experiencing significant growth due to the increasing adoption of renewable or green cleaning processes in industries. These eco-friendly methods, such as activated water cleaning, high-flow fluid extraction, and steam vapor technology, offer numerous benefits. They enhance indoor health and safety, decrease storage, purchase, and disposal costs, and simplify cleaning operations. As industries prioritize cost reduction and worker health, the demand for green cleaning is anticipated to drive market expansion. 

The waste management market is experiencing significant growth due to increasing environmental concerns and regulations. The use of circular economy principles is trending, with companies focusing on reducing waste and promoting recycling. Composting and urban waste management are key areas of focus. The use of technology, such as smart bins and waste sorting systems, is also on the rise. The demand for sustainable and eco-friendly solutions is driving innovation in the industry. Additionally, the implementation of government policies and initiatives is creating opportunities for businesses in this sector. Overall, the waste management market is expected to continue growing as more organizations prioritize sustainability and compliance with regulations. 

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Market Challenges

• The biomedical waste market faces significant challenges due to the high cost of managing hazardous healthcare waste. This includes the need for specialized facilities, skilled workforce, and high capital investment for incineration. Despite the benefits of incineration, such as complete waste removal and microorganism destruction, its disadvantages, like high capital requirements and odor issues, hinder market growth. Approximately 16 billion injections administered globally result in a large volume of biomedical waste, requiring effective and cost-efficient management solutions.
• The waste management market faces several challenges in implementing effective solutions. One major challenge is the increasing volume of waste generation, particularly in urban areas. Another challenge is the proper segregation and disposal of different types of waste, such as organic, inert, and hazardous. The cost of waste management is also a significant challenge, with many organizations looking for cost-effective solutions. Additionally, the regulatory environment is constantly evolving, requiring businesses to stay updated with the latest regulations and compliance requirements. Lastly, the use of technology and automation in waste management is becoming increasingly important to improve efficiency and reduce labor costs.

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Segment Overview 

This waste management market report extensively covers market segmentation by  

1. End-user 
• 1.1 Residential
• 1.2 Commercial
• 1.3 Industrial
2. Service Type
• 2.1 Landfill
• 2.2 Open dumping
• 2.3 Incineration
• 2.4 Recycling
• 2.5 Composting and anaerobic digestion
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Residential-  The residential sector generates a substantial volume of waste, contributing significantly to the global waste management market. With increasing urban populations and consumerism, the production of municipal solid waste (MSW) is projected to rise from 2.01 billion metric tons to 3.4 billion metric tons by 2050. Effective waste management strategies are essential to handle this growing waste stream, involving household separation of recyclables, organics, and non-recyclables for efficient sorting and treatment. This trend drives the expansion of the global waste management market in the residential segment.

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Research Analysis

The Waste Management Market encompasses various sectors, including Environmental Sustainability and Public Health, focused on mitigating the impacts of Rapid Industrialization and Urban Population growth on the environment. Key areas of concern are Transportation, Processing, Recycling, and International Organizations' roles in implementing Extended Producer Responsibility and Circular Economy principles. Repurposing and Reusing materials from Municipal Solid Waste, Sewage, and Industrial Waste streams are essential. Recycled materials, such as Plastic and Rubber, are in high demand, reducing CO2 emissions and minimizing the need for new resource extraction. Compositing and the management of Hazardous Waste are also critical components of the market. Amidst the Coronavirus pandemic, waste production has increased, emphasizing the need for effective Waste Management strategies.

Market Research Overview

The Waste Management Market encompasses the collection, transportation, processing, and disposal of waste materials. This essential industry aims to reduce the negative impact of waste on the environment and public health. Various waste streams, including municipal solid waste, industrial waste, hazardous waste, and electronic waste, are managed through different methods such as landfills, recycling, and energy recovery. Technological advancements have led to innovations in waste management, including the use of automation, biodegradable plastics, and waste-to-energy technologies. Regulations and policies play a crucial role in shaping the waste management landscape, with a focus on sustainability, circular economy, and resource recovery. The market is expected to grow due to increasing waste generation, stringent regulations, and the shift towards more sustainable waste management practices.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Residential
• Commercial
• Industrial
• Service Type
• Landfill
• Open Dumping
• Incineration
• Recycling
• Composting And Anaerobic Digestion
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio