As per Precedence Research, the global waste management market size is projected to worth around USD 1782.5 billion by 2030 and it is growing at a CAGR of 6.71% from 2022 to 2030.
/EIN News/ — Tokyo, Aug. 03, 2022 (GLOBE NEWSWIRE) — The global waste management market size was valued at USD 993.4 billion in 2022. The method an organization employs to dispose, reduce, reuse, and prevent trash is known as a waste management system. Recycling, composting, incineration, landfills, bioremediation, waste to energy, and waste minimization are a few potential waste disposal techniques. There are numerous approaches and techniques for managing garbage. A waste management strategy that works for an organization can be created by combining or rearranging these tactics.
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Sustainable practices are a focus of contemporary waste management techniques. Municipal, industrial, and hazardous garbage are all dealt with via waste management. Residential waste and non-hazardous waste produced in towns and cities are collectively referred to as municipal waste.
- In 2021, the municipal waste type segment has garnered 31.8% revenue share in 2021.
- In 2021, the collection service segment has reached highest revenue share 61%.
- Asia Pacific region has contributed market share of 58% 2021.
- The Middle East and Africa regions are poised to reach at a CAGR of 6.4% between 2022 to 2030.
- India is expected to reach at a CAGR of 7.3% between 2022 to 2030.
- On the basis of waste type, the e-waste segment is the leading segment and is expected to make the largest contribution to the waste management market. The environment and even human health are seriously endangered by the rising levels of e-waste, low collection crates, improper disposal, and treatment of this garbage. Global warming is also brought on by improper treatment of e-waste. E-waste is a growing problem since it is produced in such large quantities and contains both valuable and harmful components. The global market for personal computers (PCs) is still far from saturation, and the average life expectancy of a PC is falling quickly, both of which contribute to the fast growth of this waste stream.
- On the basis of service type, the landfill segment is expected to be the largest segment during forecast period. The global increase in landfills can be mostly attributed to rising urbanization and population growth rates. The demand for manufactured goods and materials rises along with population expansion and urbanization. The waste also rises in proportion to rising demand.
- On the basis of end user, the residential segment is expected to be the largest segment. The amount of household waste produced these days has greatly increased. Due to their highly busy schedules, people are consuming more packaged food products, which increase waste generation. People today rely on convenience and packaged food items because they are more immersed in other obligations and activities, such as jobs, the internet, and social networking sites. Instead of cooking at home, they favor consuming prepared or packaged food. Domestic garbage, which primarily consists of packages, plastic bags, and food packaging boxes, is growing continuously as a result of this. People are using packaged and processed goods to make their meals at home, which is another cause of rise in waste.
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Scope of the Report
|Market Size in 2021||USD 1060.07 Billion|
|Revenue Forecast by 2030||USD 1782.5 Billion|
|CAGR||6.71% from 2022 to 2030|
|Largest Market||Asia Pacific|
|Forecast Year||2022 to 2030|
|Key Players||Waste Management, Veolia, Republic Services, SUEZ, Biffa Waste Connections, Clean Harbors, Covanta Holding, Daiseki, Hitachi Zosen|
Asia-Pacific held dominant position and has largest share of waste management market. The households in the Asia Pacific region are seeing an ongoing increase in their disposable income as a result of the region’s consistent economic expansion, which subsequently increased the need for waste management services. The waste management industry in this region has been significantly impacted by the growing awareness of the negative environmental effects of non-eco-friendly packaging, such as plastic packaging and other plastic product components. However, the generation of waste from household products in this region is increasing as people prefer ready to eat products due to lack of time and growing living standards.
What are the drivers of waste management market?
- Development, introduction, growth, maturation, and disposal or recycling are all parts of the normal life cycle of an electronic product. E-waste is on the rise as a result of technology advancements and decreased product lifespans. Electronic products reach the recycling stage for one of three reasons: they have reached the end of their useful lives, technology has advanced, or consumer demands have changed. New electronic devices and improved versions of the current products, including laptops, mobile phones, and televisions, are produced as a result of rapid technological breakthroughs. Similar to this, as people’s purchasing power increases, electronic devices’ shelf lives shorten.
- Every year, new iterations of mobile phones and other electronic items are released; the older iterations are either discarded or sold online for recycling. Therefore, as the lifespan of electronic products gets shorter, more and more e-waste is produced. The necessity for recycling electronic products is prompted by the buildup of electronic trash, which in turn fuels the demand for electronic waste management.
- Since the invention of PCs and mobile phones, the average lifespan of consumer goods and the components that make them has been gradually reducing.
What are the restraints of waste management market?
- There is absence of essential infrastructure for garbage collection and separation. Waste segregation is the process of separating dry and wet waste, which makes other waste management procedures like composting, recycling, and incineration possible. Reducing landfill waste and finally stopping air, water, and land contamination are the objectives. For recycling garbage and plastic products or any other items like paper, metals, and wood products, it is essential to collect and separate waste properly.
- Municipalities and other organizations involved in waste management face a serious danger from improper waste disposal. The population living close to a polluted environment, or a landfill can be negatively impacted by improper waste disposal. Skin rashes, blood infections, respiratory disorders, development issues, and even reproductive problems can all result from exposure to badly managed wastes. Developed nations have effectively created systems for waste management, enabling efficient treatment of garbage and ensuring that it produces useful outcomes through recycling.
What are the opportunities of waste management market?
- During the projection period, market participants can anticipate benefitting from increased public and governmental awareness of the solutions and the growing demand to develop waste-to-energy solutions. Non-recyclable garbage is transformed into useable types of energy using waste-to-energy technology.
- Waste is heated during combustion, creating superheated steam that powers turbogenerators to create energy. The waste to energy systems offer a highly valued source of renewable energy, their capacity to turn waste into ash may be their greatest advantage today, cutting the amount of waste that ends up in landfills by up to 90%.
What are the challenges of waste management market?
- The cost of plastic recycling is more expensive than making new plastic. Petrochemicals like oil and natural gas are the primary raw ingredients needed to make virgin plastics. Polyethylene terephthalate is the recycled plastic kind (PET). The creation of a pure stream of recovered material is the issue with plastic recycling.
- PET plastics don’t have a lasting value, but they can be recycled to make other things like new containers and fleece apparel. While making plastic products, a number of additives, including fillers and colorants, are added. When something is added to plastic, the recycling firms are frequently unaware of it, which has an impact on the recycling of plastic products. In energy recovery through various thermochemical processes, separating plastic from diverse waste streams is a challenging procedure.
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- Vertex Energy, Inc. (“Vertex”) and Clean Harbors, Inc. (“Clean Harbors”) have signed an agreement; this agreement will provide a way for the company to purchase a few assets pertaining to the collection of used motor oil of Vertex Energy and the re-refinery wing for $140 million in an all-cash transaction, subject to working capital and other adjustments. Subject to clearance by American regulators, Vertex shareholders, and other standard closing conditions, the purchase is anticipated to take place towards the end of 2021.
By Waste Type
- Hazardous Waste
- Municipal Waste
- Plastic Waste
- Industrial Waste
By Service Type
- Open Dumping
By End User
- North America
- Latin America
- Middle East & Africa (MEA)
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