NEW YORK, Nov. 12, 2015 /PRNewswire/ -- The wet waste management market includes waste management services such as collection & transportation, storage, sorting, processing, and disposal. The wet waste management market has sources such as industrial, municipal, commercial, healthcare & medical, and others.
The market for wet waste management is observed to have reached a stage of maturity in the developing economies, such as Europe and North America. The reason behind this is the mature industrial sector in these regions. The Asia-Pacific region formed the largest market for wet waste management, in terms of volume, after having accounted for 210.60 MT in 2014. Europe formed the second-largest market, with a market share of ~24%, in the same year. The Asia-Pacific region is projected to be the fastest-growing market for wet waste management during the forecast period from 2015 to 2020. The global wet waste management market is projected to grow at a CAGR of 5.09% from 2015, to reach USD 128.40 billion by 2020.
This market is driven by the growth in the parent waste management industry, along with rising awareness for wet waste management and upcoming new technologies such as waste-to-energy solutions. The rising population generates rapid waste, and consequently increases the need of waste management services, along with growing environmental concerns for landfills and waste disposal. Stringent government regulations for waste management and disposal also facilitate the implementation of wet waste management services.
The global wet waste management market is marked with intense competition due to the presence of a large number of large- and small-scale firms. Mergers & acquisitions and partnerships & expansions are the key strategies adopted by market players to ensure their growth in this market. Companies such as Waste Management Inc. (U.S.), Republic Services Inc. (U.S.), Veolia Environment S.A. (France), SUEZ Environment Co. SA (France), and Clean Harbors Inc. (U.S.) are some of the prominent companies in the wet waste management market that account for major market shares.
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