Waste management refers to the collection, transportation, processing or disposal, managing and monitoring of waste materials. It includes solid waste as well as other waste such as hazardous waste, medical waste and sewage sludge. Various products and services in the waste management market include municipal collection & transport, containers & bins, treatment, and disposal technologies such as recycling, compositing and landfills. The global waste management market ensures proper collection and disposal of waste materials in a way that best conforms to acceptable aesthetic, biological, chemical, thermal, and ecological procedures.
The global waste management market is estimated to be valued at US$ 2119.18 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapid urbanization across the world is leading to accumulation of large amount of wastes in cities on a daily basis. Effective waste management becomes crucial to keep cities clean for people residing in them. At the same time, increasing industrial activities lead to extensive generation of industrial hazardous, chemical and electronic wastes which require safe disposal as per environmental regulations. This rising generation of municipal solid waste as well as industrial waste is expected to drive the demand for effective waste management services and solutions from various industries during the forecast period. However, high initial investment and maintenance cost associated with latest waste treatment facilities and technologies may hamper the market growth initially.
Segment Analysis
The waste management market can be segmented on the basis of type into industrial waste and municipal waste. Municipal waste generated from commercial and residential sector dominates the market and holds a share of over 60% as of 2022. The growing urban population, increasing consumption of disposable goods and changing lifestyles has led to huge amounts of municipal solid waste being generated globally each year.
PEST Analysis
Political: Growing environmental regulations around proper waste management practices and bans on landfilling are driving growth. Most countries have formulated policies promoting recycling, reuse and waste-to-energy projects.
Economic: As global GDP increases, more waste is generated requiring investment in advanced treatment facilities. Public-private partnerships are boosting investments in developing nations.
Social: Rising awareness about sustainable waste management and its impact on health and environment influences consumer behavior and waste segregation practices.
Technological: Development of advanced waste processing technologies like mechanical biological treatment, refuse-derived fuel and plasma gasification are improving treatment efficiencies. Growing digitization allows real-time waste monitoring.
Key Takeaways
The global waste management market is expected to witness high growth over the forecast period backed by rapid urbanization, stringent regulations and improving technologies. The global Waste Management Market is estimated to be valued at US$ 2119.18 Mn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030.
Regional analysis: North America holds the dominant share currently due to stringent regulations and high spending on waste management infrastructure. Asia Pacific is expected to grow the fastest till 2030 with China and India generating a massive waste stream that requires proper treatment facilities. Growing environmental awareness will drive separate waste collection in the region.
Key players operating in the waste management market are Fujifilm Holdings Corporation, Olympus Corporation, Hitachi Medical Corporation, Pentax Medical (Hoya Corporation), Boston Scientific Corporation, Cook Medical, Carl Zeiss Meditec AG, Medtronic plc, BARD Diagnostic Systems, Inc., ACON Laboratories, Inc. The rising investments from global as well as regional players operating in areas of collection, transportation, processing and disposal of waste will further boost market growth.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it