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Smart Trash Bin Market Is set to garner staggering revenues By 2020 - 2030
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Major players across the globe are introducing smart trash bins with unique materials and advanced technology that help users in easing logistics, reducing costs, and improving the environment. This is likely to drive the demand for smart trash bins in the coming years.
Rising Usage of Smart Trash Bins
Increasing awareness about the usage of technologically advanced trash bins among users is influencing them to opt for smart trash bins. Emerging countries across the globe are promoting their major cities with smart technology in order to meet smart city project initiatives, which is likely to gain demand for smart trash bins. End-users consider these systems effective as they offer multiple benefits in terms of time saving, minimizes infrastructure, and operating costs by up to 30%. In addition, rising dependency of users on smart systems that have the ability of reducing manpower requirements to handle the garbage collection process, is found to be an additional benefit in different geographies. This is promoting the growth of the global smart trash bin market.
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Presence of Alternate Solutions: A Key Restraint
Easy availability of several alternative solutions to trash bins across the globe is likely be a major barrier to the growth of the smart trash bin market. Users still find a traditional bin to be more convenient, as it is cost effective and easy to use. Wireless technologies used in the smart trash bin has a shorter range and lower data speed. It also needs sensor nodes for its operation which has limited memory size. In addition, cost required for training the employees to operate smart trash bins along with its overall maintenance cost may impact the growth of the smart trash bin market.
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Asia Pacific a Potential Market for Smart Trash Bins
The global smart trash bin market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the smart trash bin market in Europe includes the U.K., Germany, France, and Rest of Europe. Similarly, the market in Asia Pacific comprises India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes GCC, South Africa, and Rest of Middle East & Africa. The smart trash bin market in South America has been segmented into Brazil and Rest of South America.
Asia Pacific is expected to remain a potential market for smart trash bins during the forecast period, owing to demand for trash bins and increasing preference for smart products in the past few years in the region.
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Key Players Operating in the Global Smart Trash Bin Market
The global smart trash bin market is fragmented in nature, due to presence of a large number of global and regional players. A few of the key players operating in the global smart trash bin market are:
EKO USA
Enevo Oy
Home Depot, Inc.
Honey-Can-Do International
iTouchless Housewares &
Products, Inc.
Nine Stars Group USA, Inc.
Simplehuman
Skyline International (Modernhome)
Spectrum Brands Holdings, Inc.
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