Major players in the smart waste management industry have
focused on business expansion and product launch strategies to gain
the maximum share in the market. This further results in
consolidation of the smart waste management market.
WILMINGTON, Del., May 8, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Smart Waste Management
Market Size, Share, Competitive Landscape and Trend Analysis Report
by Waste Type (Solid, Special, and E-waste), Method (Smart
Collection, Smart Processing, and Smart Disposal), and Source
(Residential, Commercial, and Industrial): Global Opportunity
Analysis and Industry Forecast, 2024-2032". According to the
report, the global smart waste management market was valued at
$2.2 billion in 2023, and is
projected to reach $8.3 billion by
2032, growing at a CAGR of 15.6% from 2024 to 2032.
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Prime determinants of growth
The increasing adoption of smart waste management technologies
across various industries will propel the market growth. Smart
waste management technologies utilize sensors, data analytics, and
automation to optimize waste collection schedules and routes. This
reduces fuel consumption, minimizes emissions, and saves time and
resources.
Efficient waste management contributes to a cleaner environment
by reducing the amount of waste sent to landfills or incinerators.
Smart technologies can help divert more waste towards recycling and
composting, thus conserving natural resources and reducing
pollution. Such factor drives market growth.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base
Year
|
2023
|
Market Size in
2023
|
$2.2
billion
|
Market Size in
2032
|
$8.3
billion
|
CAGR
|
15.6 %
|
No. of Pages in
Report
|
188
|
Segments
covered
|
Waste Type, Method,
Source, and Regions.
|
Drivers
|
Rapid industrialization
and infrastructure development
Growth in waste
management industry
|
Opportunities
|
Technological
advancements
|
Restraints
|
Volatile prices of raw
materials
|
The solid waste segment was the highest contributor to the
market in 2023, and e-waste segment is expected to grow at a
significant CAGR during the forecast period.
By waste type, the smart waste management market is divided into
solid waste, special waste, and e-waste. The solid waste
segment accounted for a higher market share in 2023, accounting for
more than half of the market revenue. Rapid industrialization and
infrastructure development in emerging markets create new
opportunities for smart waste management manufacturers. Smart waste
management solutions offer significant cost savings and operational
efficiency improvements compared to traditional waste management
methods. By optimizing collection routes, reducing fuel
consumption, and minimizing labor costs, organizations can achieve
substantial savings over time.
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The smart collection segment dominated the market in 2023,
and smart disposal segment is expected to grow at a
significant CAGR during the forecast period.
Depending on method, the smart waste management market is
categorized into smart collection, smart processing, and smart
disposal. The smart collection segment is accounting for more than
half of the market revenue. Smart waste management is used in
residential, commercial, and other industries to collect and
transport waste effectively. Smart waste management is used to
track live status of unfilled and filled waste bins. Smart waste
management system is also used to keep track of waste trucks. It
tracks positions of waste trucks and sends the information to
smartphones of individuals with the use of mobile apps. Smart waste
management saves time and energy of waste management services by
municipal corporation and industries, which is expected to drive
growth of the global smart waste management market.
The residential segment dominated the market in 2023 and is
expected to grow at a significant CAGR during the forecast
period.
Based on source, the smart waste management market is divided
into residential, commercial, and industrial. The residential
segment accounted for around half market share in terms of revenue
in 2023. The residential segment has been witnessing an increase in
demand for smart waste managements from past few years, owing to
growth in urbanization and increase in smart city initiatives
around the globe. In addition, rise in adoption of smart waste
management in the residential sector is expected to increase in the
future, owing to rise in water pollution levels in urban areas of
countries such as India and
China.
The Asia-Pacific
region will grow at a significant CAGR during the forecast
period.
The smart waste management market is analyzed across
North America, Europe, Asia-Pacific, Latin
America, and MEA. Asia-Pacific is expected to grow at a
significant CAGR throughout the forecast period. China holds the maximum share in the smart
waste management industry in the Asia-Pacific region. Advances in sensor
technology, data analytics, cloud computing, and Internet of Things
(IoT) have made smart waste management solutions more affordable
and accessible. These technologies enable real-time monitoring,
optimization, and automation of waste collection and recycling
processes.
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Leading Market Players: -
- Covanta Holding Corporation
- SUEZ Environmental Services
- Republic Services Inc
- Waste Management Inc
- Sensoneo J.S.A.
- Bigbelly Inc
- Urbiotica
- Ecube Labs Co Ltd
- Enevo Oy
The report provides a detailed analysis of these key players in
the smart waste management market. These players have adopted
different strategies such as new product launches, expansion, and
acquisitions to increase their market share and maintain dominant
shares in different regions. The report is valuable in highlighting
business performance, operating segments, product portfolio, and
strategic moves of market players to showcase the competitive
scenario.
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by 2027
Waste Management Market is projected to reach $3498.2 billion by 2032
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