The global smart waste management market is poised for significant growth, with projected sales exceeding US$ 2 billion in 2022 and a robust Compound Annual Growth Rate (CAGR) of 20% anticipated from 2022 to 2032. The rapid advancement of smart cities on a global scale is expected to fuel sales in this market segment, ultimately propelling the market size to approximately US$ 5 billion by 2032.
The mounting challenge of solid waste accumulation worldwide is a pressing concern for the global economy, and this volume is projected to witness a significant increase in the coming years. Consequently, governments and relevant authorities across the globe are making substantial investments in the smart waste management sector.
According to estimates from the World Bank, an astounding 2.01 billion tons of waste are generated daily worldwide, with over 33% of this waste lacking proper environmentally sustainable management. The increasing demand for efficient waste management solutions in residential complexes, hospitals, commercial establishments, public spaces, and other institutions is expected to serve as a driving force for the market’s growth.
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Key Takeaways
- Investing in the smart waste management market can potentially reduce the overall collection and transportation costs significantly by 50%. Moreover, they also reduce fuel and service costs. Attributed to these factors, the waste management market is expected to propel during the forecast period.
- The surging adoption of connective technology-based products under the smart waste management category is expected to bode well for the market.
- Technological advancements and innovations in the waste management market such as sensor-based containers, radio frequency identification (RFID), disposal tags and vacuum containers are expected to drive sales in the market during the forecast period.
- The emergence of IoT is aiding manufacturers in minimizing operational costs and streamlining waste collection logistics. Owing to these factors, the smart waste management market is anticipated to grow.
- Data visualization platforms and the deployment of cameras and sensors near trash collection bins let companies/ authorities take appropriate actions and make informed decisions.
- The U.S. is set to dominate the North American region with increased awareness about smart waste management solutions and rising initiatives by the government.
More Insights into the Smart Waste Management Market
North America is expected to be seen as an attractive market for smart waste management systems because of the increasing establishment of smart cities across the U.S.
A systematic solution to reduce waste collection and disposal problems in the U.S. is anticipated to drive market sales.
Implementation of strict regulations to reduce carbon emissions across North America is anticipated to push sales in the market in the forthcoming years.
Effective network connectivity in various smart cities in the U.S. along with the presence of technology-based services providers will fuel the growth in the market over the forecast period.
The European smart waste management market is projected to have a positive influence on market sales due to strict regulations regarding waste management and sustainability across the U.K., France, and Germany will augment the growth in the market.
According to European Union estimations, over 5.2 million tons of waste were generated in 2018 and this number is expected to increase in the forthcoming years, which is resulting in high demand for smart waste management solutions.
Competitive Landscape
Covanta Energy, Republic Services, Veolia North America, BRE SMART Waste, Harvest Power, and Recycle Smart Solutions are some of the key companies profiled in the full version of the report.
Key players operating in the market are integrating connective technologies such as RFID tags, sensors, and IoT-based equipment to improve their product portfolios. Players such as BRE SMART Waste and Covanta Energy are aiming to expand their operations in emerging economies to gain a competitive edge.
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Key Segments Profiled in the Smart Waste Management Industry Survey
Smart Collection:
- RFID Technology (Radio Frequency Identification)
- GPS Routing Systems
- Vacuum Systems
- Fuel Switching
Smart Processing:
- Advanced MRFs
- Mechanical Biological Treatment
- RDF Facilities
Smart Energy Recovery:
- Waste to Energy (WTE)
- Incineration
- Incineration Variants
- Advanced Thermal Recycling
- Biological Treatment
- Direct Use
- Electricity Generation
- Vehicular Use
- Advanced Thermal Treatment
- Gasification
- Pyrolysis
- Plasma Arc Gasification
- Waste to Fuel (W2F)
Smart Disposal:
- Sanitary Landfills
- Bioreactor landfills
- Landfill and Solar Integration
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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