Underground Waste Containers Market size is expected to reach $1.5 billion in 2027 from $0.79 billion in 2019, growing at a CAGR of 5.9% from 2020 to 2027

According to a new report published by Report Ocean, titled, “Underground Waste Containers Market by Product Type, Capacity, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global underground waste containers market capacity is expected to reach $1.5 billion in 2027 from $0.79 billion in 2019, growing at a CAGR of 5.9% from 2020 to 2027. The metal segment dominated the market in 2019 accounting for over 49% global market share.

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An underground waste container is used for collecting waste in the residential, commercial, and industrial areas. The underground waste containers can be made up of various materials such as metal, plastic, and among others. The global market is anticipated to grow, owing to the growth of residential and commercial sectors. In addition, an upsurge in population and industrialization is expected to boost the growth of the market. Moreover, the adoption of the Internet of Things (IoT) and smart sensors in underground waste containers is expected to offer lucrative opportunities for the market players. Nevertheless, a lack of awareness regarding the significance of underground waste containers among developing countries is expected to hamper the growth of the underground waste containers market. Besides, high installation and maintenance costs are expected to hamper the underground waste containers' market growth.

An increase in environment-related concerns and stringent norms related to garbage disposal fuel the development of the global market. Underground waste containers possess features such as durability, aesthetic look, hygiene control, odor control, and are environment friendly. Currently, prominent vendors in the underground waste containers market lead the market with their wide distribution network and high-volume capacity, which is a major compelling factor for the global underground waste containers market progress. The market is manufactured by materials such as metal, plastic, and others. The plastic is widely used to manufacture underground waste containers, owing to low cost, aesthetic look, hygiene control, and odorless.

Increase in environment-related concerns and rise in demand for sustainable waste disposal is anticipated to boost the growth of the market of underground waste containers. Growing spending on commercial and residential buildings with construction development is projected to drive the growth of the market. In addition, stringent government regulations toward health safety specifically in Europe & North America are expected to positively contribute to the development of the market.

The novel coronavirus is rapidly spreading across various countries and regions, causing an enormous impact on the lives of people and the overall community. Starting as an emergency to human health, it now poses noteworthy intimidations to the global economy. Besides, manufacturing, packaging, and raw material supply chains are struggling on a global scale to keep pace with rapid transmission of the virus.

Further, this pandemic has already negatively influenced the sales of underground waste containers in the first half of 2020 and is expected to create a negative impact on the growth of the underground waste containers market throughout the year. In addition, owing to lack of availability of raw materials, key players have halted the process of manufacturing underground waste containers for short term. To quicken the process, manufacturers would need to use their individual strengths to get back on track at the earliest.

The global underground waste containers market is segmented on the basis of product type, capacity, application, and region. Based on product type, the market is divided into metal type, plastic type, and others. On the basis of capacity, the market is divided into below 1000 lts, 1000-3000 lts, and above 3000 lts. Based on end user, it is divided into residential, commercial, and industrial.

The global underground waste containers market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Key Findings Of The Study

By product type, the metal segment dominated the global underground waste containers market share in 2019.
On the basis of capacity, the 1000-3000 lts segment generated highest revenue in 2019.
Depending on application, the commercial segment garnered major share of the underground waste containers market in 2019.
Region wise, North America dominated the market in 2019.
Asia-Pacific is expected to witness a high growth rate during the forecast period.
The key players profiled in the global underground waste containers market report include ESE World B.V., Ecoloxia Environmental Group Inc, Meulenbroek Machinebouw B.V., Nord Engineering S.r.l., Oktagon Engineering GmbH, OGE METAL YEARLTI YERUSTU COP KONTEYNER SISTEMLERI Reflex Zlin spol. s.r.o., SOTKON GROUP, Sutera USA, LLC, and Zweva Environment bvba.

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This release was published on openPR.