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Smart waste management Market at a CAGR of 15.1% from 2021 to 2027
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Moreover, several countries are focusing on the implementation of zero waste initiatives. In addition, the introduction of country-level government norms and regulations to curb greenhouse gas emissions is expected to augment market growth. All these factors are expected to increase the demand for smart waste management services.
Global Smart waste management Market Segmentation
The smart waste management market has been segmented into the waste type, method, source, and region.
By Waste Type (Solid Waste, Special Waste, and E-Waste)
By Method (Smart Collection, Smart Processing, and Smart Disposal)
By Source (Residential, Commercial and Industrial)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Smart collection, by method, is estimated to hold the largest market share during the forecast period
By the method, the global smart waste management market is segmented into the smart collection, smart processing, and smart disposal. In 2020, Smart collection was accounted for the largest market revenue share of 61.5% in the global market of smart waste management and had a CAGR of 13.7% during the forecast period 2021-2027.
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Smart waste collection is a part of waste management. It uses sensors and IoT (internet of things) for collecting waste from landfills or recyclable materials. Smart waste management is used in residential, commercial, and other industries to collect and transport waste effectively. Smart waste management is used to track the live status of unfilled and filled waste bins. The smart waste management system is also used to keep track of waste trucks. It tracks the positions of waste trucks and sends the information to individuals' smartphones using mobile apps. Smart waste management saves time and energy for waste management services by municipal corporations and industries, which is expected to drive the growth of the global smart waste management market. Enevo Inc, Bigbelly Inc, and other companies provide sensors and analytics software for efficient waste collection. It implements dynamic collection routes, virtually eliminates dumpsters and reduces waste collection costs. In addition, trends show growth in awareness among developed countries for the deployment of smart city infrastructure. An increase in IoT and smart city initiatives is also anticipated to boost the growth of the market.
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North America accounts for the largest market share during the forecast period in the smart waste management market
By region, The global smart waste management market has been segmented into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America was accounted for the highest market share of 37.2% in the global smart waste management market. It was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific. The North American smart waste management market is analyzed across the U.S., Canada, and Mexico. The smart waste management market in North America is anticipated to grow at a CAGR of 12.7% from 2020 to 2027.
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An increase in smart city initiatives in the U.S. and Canada is anticipated to drive the growth of the smart waste management market. The utilization of smart bins for managing waste material effectively, with the use of IoT and cloud-based systems, is anticipated to cater to the growth of the smart waste management market. In addition, an increase in environmental awareness on the need for disposing of waste and the safety of the environment is projected to supplement the market's growth. However, the presence of major manufacturers of smart waste management equipment in North America is expected to drive the growth of the smart waste management market. Major players such as Covanta Holding Corporation and Republic Services Inc. are constructing new energy from waste for sustainable waste management solutions. For instance, in February 2020, Covanta Holding Corporation, Macquarie Green Investment Group, and Biffa plc. They opened new energy from waste (EFW) facility, which can treat 350,000 tons of non-recyclable waste per year and generates up to 42 megawatts of carbon electricity. All such factors are anticipated to garner the growth of the smart waste management market in North America.
Major companies operating in the global smart waste management market are Covanta Holding Corporation, SUEZ Environmental Services, Republic Services Inc, Waste Management Inc, Sensoneo J.s.a., Bigbelly Inc Urbiotica, Ecube Labs Co Ltd, and Enevo Oy.
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