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Beyond Recycling And Reusing: Current State And Future Of Waste Management

04-20-2021 05:06 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
Waste Management Market

Waste Management Market

According to Allied Market Research, the global waste management market is estimated to reach $2,339.8 billion by 2027, growing at a CAGR of 5.5% from 2020 to 2027. Increase in the amount of waste generated, the rise in urban population, and the rise in environmental awareness are the prime factors of the growth of the market.

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The current state of waste management

Over the last couple of years, a landslide of waste dumps has become a serious issue; it has buried people and homes under piles of waste. What’s even more horrible is the poor people have to live near waste dumps and work for living in the nearest city’s recycling systems. This has made them susceptible to critical health conditions.

On the other hand, if the waste management is not properly done, it contaminates the city’s water supply and ultimately the world’s oceans, increasing transmitting diseases, rising respiratory problems. On a larger scale, waste management has an instrumental effect on the world’s economy and country’s financial stability. Thus, the demand for proper waste management has increased drastically.

Future of waste management

While waste management is a concern for many, researchers have found an opportunity in it. The conversion of waste to energy is the most up-and-coming opportunity. Thermal technologies and biological technologies have offered a major breakthrough in this area. In the future, the waste to energy would be responsible for generating biodegradable feedstock.

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LanzaTech, a biotech firm has recently demonstrated that microbes can be used to convert carbon-rich waste into biofuel using gas fermentation technology. Another firm, Novozymes has launched an enzyme-based solution that converts cooking oil into biodiesel.

Although scientists have developed ways to convert waste into energy, it demands a sustainable business model and high initial investment that most firms lack. Moreover, the recyclability of the material matters the most, which requires appropriate segregation of the waste since its initial stage. Thus, governments must be solid efforts and strict regulations to address waste management for their people and the planet.

The consumption of electronics and rise in e-waste is another concerning issue. However, there are ways to deal with electronics if only the electronics reach the recycling factories. What’s more, companies such as Apple are more focused on waste management and have been incorporating e-waste into the company’s latest products.

There are several solutions when it comes to waste management including biodegradable plastic to recycling and reuse of electronics. However, people still lack discipline and governments fail to impose strict regulations. This is the era of urbanizations and population boom, which is bound to increase the amount of solid waste. If no action is taken, more and more cities would be converted into dumpsites and the environment will pay a greater price that we cannot fathom.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

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