Waste Management Market Size to Grow at CAGR of 5.1%: The rise in the awareness programs of waste management and waste segregation to drive the industry growth

Waste management has arisen as a key global challenge, necessitating the development of novel solutions to address rising Waste volumes and environmental concerns. As governments, corporations, and communities prioritise sustainable waste management practises, resource recovery, and circular economy concepts, the waste management sector is rapidly expanding.

The global waste management market size is projected to reach USD 542.7 billion by 2026 from an estimated value of USD 423.4 billion in 2021, at a CAGR of 5.1%.

The waste management sector is no longer just about garbage disposal. It has evolved into a more comprehensive approach that includes waste reduction, recycling, energy recovery, and proper hazardous material disposal. This trend reflects a growing realisation that garbage is a valuable resource that can be used to help both the economy and the environment.

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The key drivers for the waste management market include stringent regulations of governments worldwide for better management of waste and initiate environmental protection; strong focus of several governments to conduct awareness programs showcasing importance of waste segregation and waste management; technological advances and shortened life cycle of electronic products help in increasing e-waste.

The key players in the waste management market include companies such as Waste Management (US), Veolia (France), Republic Services (US), SUEZ (France), and Waste Connections (US).

Adoption of improved waste-to-energy technologies, the expansion of decentralised waste management systems, and the advent of creative recycling processes are among the emerging waste management industry trends. Furthermore, growing public awareness of plastic waste pollution has increased demand for solutions such as plastic recycling and biodegradable alternatives, opening up new business prospects.

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Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.

Asia Pacific accounted for the largest share of the global waste management market in 2020. The region has been segmented, by country, into China, Japan, India, Australia, South Korea, and Rest of Asia Pacific. Rest of Asia Pacific mainly includes Singapore, Malaysia, Thailand, and Indonesia. The population growth in the region, the high disposable income of the people, and the increased demand for packaged food products are among a few major factors that drive the growth of waste management in the region. Asia Pacific is also a key contributor to marine plastic pollution. The materials involved include plastic bottles, plastic bags, single-use plastic items, and plastic packaging, among others. Key countries responsible for this kind of pollution include China, Indonesia, and Thailand.

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