Waste management is becoming a necessity for better environmental and economic growth- Human beings produce more than 2.1 billion tons of municipal solid waste in a year, which is equivalent to 822,000 Olympic-size swimming pools.
Astute Analytica delivers key insights on the Global Waste Management Market. In terms of revenue, the global waste management market is growing at a positive growth rate with a CAGR of ~5.5% during the forecast period 2020 to 2027, regarding which Astute Analytica offers thorough insights and forecasts in its report on the global waste management market.
The global waste management market is affected by several factors that includes rapid industrialization, rising urbanization coupled with increasing population and increase in environmental awareness is collaboratively fostering the market growth over the forecast period. Moreover, stringent norms by government across the world related to treatment of waste generated by individual and organizations and increasing adoption of recycling techniques is further fuelling the market pace.
The report tracks the global waste management market and offer estimates in terms of revenue (US$ Mn) from 2020-2027.
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Waste generation is rising at rapid pace, as per the World Bank, in the year 2016, cities generated 2.01 billion tonnes of solid waste at global level which amounted to 0.74 kilograms footprint per person per day, growing at the same pace the waste generation is estimated to reach 3.40 billion tonnes by 2050 considering rapid population growth and urbanization as the key factors.
Waste management offers various environmental benefits, for instance, in 2018, in United States, the recycling, composting, combustion with energy recovery and landfilling of municipal solid waste saved over 193 million metric tons of carbon dioxide equivalent (MMTCO2E), which is equivalent to the emissions which can be reduced from taking almost 42 million cars from the road in a year. Moreover, recycling ~46MT of paper and paperboard resulted in total municipal solid waste reduction of over 155 MMTCO2E in the year 2018—equivalent to the emissions which can be reduced from taking over 33 million cars from the road in a year.
Owing to various benefits of waste management that impacts on both aspects environmentally and economically, the waste management industry is showing a promising growth with various opportunities to grab on. The market is influenced by various macro-economic factors which is supported by long-term impact of strategies adopted by governments across the world.
Waste Management Market-Segmentation Overview
The global waste management market, geographically, has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America held a prominent stake of the waste management industry in 2019 and is anticipated to dominate the market during the forecast period, due to the presence of prominent players in the region and active contribution of regional government to manage waste efficiently in the region. The US generate high amount of waste as compared to other countries considering the ratio of population and waste generation in the country. The country accounts ~12% of planet’s municipal solid waste in response to only 4% of world’s population. Hence, each American produces around 1,700 pounds of garbage in a year, adding up to 239 million tons annually.
For the same reason, Europe and Asia Pacific being the next closest regions. The waste management market in Europe is projected to witness favourable growth during the forecast period. The market in Asia Pacific is expected to experience substantial growth during the forecast period, due to increasing awareness to manage waste in the region.
The research study offers in-depth segment analysis of the waste management market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis.
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Waste Management Market- Competition to manage waste in best manner
Companies dealing in waste management market are Biffa Plc, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd., Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services, Inc., Suez, Veolia Environment and Waste Management Inc. among others. Companies are focusing on the development of cost-effective and easy to adopt waste management methods to attract more customers. Some key developments in the global waste management market are highlighted below:
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