Solid Waste Management Market and its Types and Application
The global solid waste management market size is projected to gain traction on account of the increasing amount of waste generation, further attributed to the contributions of the residential, commercial, and industrial sectors. Solid waste majorly includes waste plastic products, organic matter, and metal and glass products. As per a recent report by Fortune Business Insights, the market is anticipated to reach USD 366.52 billion by the end of 2027 from USD 285.16 billion earned in 2019. The forecast period is set between 2020 to 2027, and the market is likely to exhibit a CAGR of 3.3%.
Drivers & Restraints-
Advent of Smart Waste Management to Aid in Expansion of Market
Rapid industrialization and urbanization are the key factors propelling the solid waste management market growth. In addition to this, the advent of the new technological trends, such as smart waste management, is expected to boost the market. This, coupled with the advent of Internet of Things technologies with the potential of better waste collection process via optimization that also reduces the overall operational expenditure, will aid in the expansion of the market in the coming years.
On the contrary, managing solid waste is a long and tedious task and requires high capital and operational cost in terms of waste collection bins, vehicles, and processing equipment. Additionally, solid waste causes land and water pollution that requires a large number of trained workers for carrying out smooth operations to processes the waste. Therefore, the high requirement of manual labor is also set to hamper the market growth.
Segment-
Collection Segment to Cover Major Share Owing to its Labor Intensive Activity
The collection segment earned 56.6% share in 2019 and emerged dominant based on treatment method. This is because the collection of solid waste is completely labor-intensive and is the most crucial part of the process.
Competitive Landscape-
Companies Focusing on Installation of New Energy-from-Waste Facilities to Gain Impetus
Major companies operating in this market are engaging in adopting smart waste management services to make their mark in the competition. Besides this, they are also engaging in the construction of new energy-from-waste facilities for sustainable waste management solutions, thereby gaining a significant position in the market and gather more revenue in the coming years.
Key Industry Developments of the Market include:
May 2020 – Biffa PLC launched a mobile application for tackling the increasing problem of fly-tipping, especially during the COVID-19 outbreak. This application allows various organizations to record and report fly-tipping incidence.
Fortune Business Insights™ lists out the names of all the solid waste management solution providers operating in the market. They are as follows:
TANA Oy (Finland)
ALBA Group (Germany)
Stericycle Inc. (USA)
Remondis AG & Co. Kg (Germany)
Covanta Holdings Corporation (USA)
Biffa PLC (U.K.)
SUEZ Group (France)
Envac Group (Sweden)
Recology (USA)
Advanced Disposal Services, Inc. (USA)
Republic Services Inc. (USA)
Hitachi Zosen Corporation (Japan)
Clean Harbors Inc. (USA)
Veolia Environment S.A. (France)
Waste Management Inc. (USA)
Other vendors
please visit-https://www.fortunebusinessinsights.com/solid-waste-management-market-103045
Leave a Comment:
To notify a previous commenter, mention their user name: @peter or @peter-smith if there are spaces.
