Waste Management Market to grow by USD 167.1 billion, laws in Europe for recycling waste to boost market growth, Technavio

NEW YORK, March 22, 2024 /PRNewswire/ -- The Waste Management market size is forecasted to increase by USD 167.1 billion and the market is estimated to grow at a CAGR of 7.25% between 2022 and 2027. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by Laws in Europe for recycling waste. The European market leads in composite recycling due to stringent environmental regulations and initiatives like Horizon 2020. EU's ecological standards ensure high environmental protection. The trend is further driven by decommissioning of composite wind turbines and increasing adoption of composites in automotive industry, emphasizing the importance of sustainable recycling solutions.

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The report on the waste management market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis. 

Market Dynamics

The increasing demand for renewable cleaning solutions contrasts sharply with the challenges posed by the substantial capital investment required for biomedical waste disposal. In the cleaning sector, the emphasis on renewable or green cleaning methods reflects growing concerns over the environmental and health impacts of traditional chemical-based approaches. Technologies like activated water cleaning and steam vapor offer eco-friendly alternatives without compromising performance, enhancing safety, reducing costs, and promoting convenience. Conversely, managing biomedical waste demands significant investment in specialized treatment units, facilities, and skilled personnel. Despite advancements like microwave irradiation, which efficiently disinfects waste, challenges persist due to high initial costs, potential odor issues, and safety concerns. Thus, while renewable cleaning trends propel market growth, the capital-intensive nature of biomedical waste management poses a barrier to market expansion.

Market Segmentation

The waste management market analysis includes End-user, Service Type and geography landscape. This study identifies the Increasing demand for renewable cleaning, Growing number of strategic partnerships and acquisitions among vendors, Increasing use of data analytics in waste management operations as one of the prime reasons driving the waste management market growth during the next few years.

• The residential waste segment drives substantial market growth due to escalating household waste volumes globally. With an annual increase projected from 2.01 to 4.3 billion metric tons by 2050, effective waste management strategies are crucial. Valued at USD 122.41 billion in 2017, the segment underscores the importance of efficient collection, transportation, and recycling initiatives to address burgeoning waste streams amid population growth.
• APAC is expected to contribute 33% to market growth by 2027. China and India drive this growth with massive investments in industrial projects, attracting companies from automotive, healthcare, chemical, and electronic sectors due to cost-effective and efficient services. Additionally, India and China's roles as global manufacturing hubs and the adoption of robotics and augmented reality devices will further boost market growth in the region.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters

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Companies Mentioned

• Bertin Technologies SAS
• Biffa Plc
• Clean Harbors Inc.
• Covanta Holding Corp.
• Daiseki Co. Ltd.
• FCC SA
• Republic Services Inc.
• RETHMANN SE and Co. KG
• SAAHAS WASTE MANAGEMENT Pvt. Ltd.
• Stericycle Inc.
• SUEZ SA
• Veolia Environnement SA
• Waste Connections Inc.
• Waste Management Inc.
• GEPIL
• Hasiru Dala Innovations Pvt. Ltd.
• HFCL Ltd.
• Hitachi Zosen Corp.
• URBASER SA
• Valicor Inc.

Bertin Technologies SAS - The company offers medical waste management processing systems such as Sterilwave 250, Sterilwave 440, and Sterilwave 100.

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Analyst Review:

The Waste Management Market is witnessing significant growth as global concerns over waste disposal and environmental sustainability continue to rise. Waste management encompasses various activities, including waste collection, recycling, treatment, and disposal, aimed at reducing the environmental impact of solid, hazardous, and organic waste.

Efficient waste management practices, such as waste segregation, sorting, and processing, play a crucial role in promoting resource recovery and waste valorization. Waste-to-energy technologies and circular economy initiatives further contribute to minimizing waste and maximizing its potential reuse and recycling.

Key players in the waste management industry offer a range of services, including waste transportation, treatment facilities, and recycling solutions. These companies leverage advanced waste management technologies, software, and equipment to optimize waste processing and recovery operations.

Environmental regulations and waste disposal standards drive the adoption of sustainable waste management practices and encourage the development of innovative solutions. Waste management consulting services and certifications help organizations navigate regulatory requirements and implement best practices in waste management.

Despite challenges such as waste pollution and limited resources, the waste management market presents significant opportunities for growth and innovation. Market analysis indicates increasing demand for waste management services, influenced by economic, environmental, social, and technological factors. As the industry evolves, waste management companies continue to explore new opportunities and address emerging trends to shape the future of waste management towards a more sustainable and circular economy.

Market Overview:

The Waste Management Market addresses the growing need for efficient waste handling and environmental sustainability. Waste disposal, recycling, and waste collection are pivotal in managing various waste streams, including hazardous and industrial waste. Landfills and waste treatment facilities play key roles in waste segregation and processing. Emphasis on environmental sustainability drives the adoption of recycling and waste-to-energy technologies. Waste management services provided by companies ensure compliance with regulations and promote resource recovery. The transition towards a circular economy aims at minimizing waste and maximizing resource utilization. Challenges such as waste reduction and proper waste disposal regulations are countered with innovative waste management solutions, marking a promising future for the waste management industry.

Related Reports:

• Wet Waste Management Market - Forecast and Analysis 2023 - 2027
• Smart Waste Management Market - Forecast and Analysis 2023-2027

Key Topics Covered:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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