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Smart Waste Management Market Worth $4.66 billion by 2026
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According to this latest publication from Meticulous Research®, the Global Smart Waste Management Market is expected to grow at a CAGR of 16.9% from 2019 to reach $4.66 billion by 2026. The growth in the Smart Waste Management market is mainly attributed to the technological advancements in the waste management techniques and growing concern over the environmental impacts of waste management strategies. Rising adoption of smart city initiatives across the globe, and increasing government environmental regulations has augmented the adoption of smart waste management technology, which in turn is supporting the overall growth of smart waste management market. However, the high cost of network infrastructure required for effective deployment of smart waste management is the biggest challenge for the growth of this market over the coming years.
Global Smart Waste Management market study presents historical market data (2017 & 2018), estimated current data (2019), and forecasts for 2026 - by type (smart collection, and smart disposal,), component (solution, and services), application (residential & municipality, industrial, commercial, construction & demolition, energy, and water supply & sewage treatment). The study also evaluates industry competitors and analyzes the market at country level.
On the basis of type, the smart disposal solutions segment accounted for the largest share of the global smart waste management market in 2018. The large share of this segment is attributed to the growing adoption of smart disposal methods for sanitary waste, bioreactor landfilling, and solar integration that allows efficient waste management and healthy environment. On the other hands, the smart energy recovery solutions segment is expected to grow at fastest CAGR over the coming years.
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On the basis of component, the smart waste management solution segment accounted for the largest share of the smart waste management technologies market in 2018. This large share is mainly attributed to the increasing usage of connected network devices and growing demand of low-cost monitoring and management devices in waste management practices in order to enhance performance and reduce overall operational cost. Increasing focus on developing smart waste management technology to enhance customer experience is expected to contribute to the growth of this market over the forecast period.
On the basis of application, residential and municipality sector is a registering a perpetual growth owing to exponentially increasing volume of waste from households, parks, hospitals, and government organizations, among others. Whereas, the industrial sector is anticipated to grow at a fastest CAGR during 2019 to 2025, owing to rising demand of low-cost, time-saving methods for the efficient and safe management of hazardous waste in the industrial sector.
On the basis of geography, the global smart waste management market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the global smart waste management market in 2018, and it is expected to continue to dominate the global market by 2025. The growth in this market is attributed to wide acceptance of advanced technologies and existence of key smart waste management players in the region. However, Asia Pacific region showcases strong growth opportunities for smart waste management technologies, registering fastest CAGR during the forecast period. Growing population with economic growth, increasing urbanization, and increasing government initiatives including smart city initiatives is expected to contribute to the growth of the smart waste management technologies market in the Asia-Pacific region during 2019 to 2025.
The key players operating in the global Smart Waste Management market are Suez Environmental Services (France), Veolia Environmental Services (France), Enevo (Finland), Smartbin (OnePlus Systems Inc.) (U.S.), IBM Corporation (U.S.), Waste Management, Inc. (U.S.), Bigbelly Inc. (U.S.), Covanta Holding Corporation (U.S.), Pepperl+Fuchs GmbH (Germany), BIN-e (Poland), Evoeco (U.S.), Ecube Labs Co Ltd. (South Korea), Republic Services (U.S.), Sensoneo (Slovakia), and Evreka (Turkey) among others.
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Key questions answered in the report-
1. Which are the high growth market segments in terms of type, component, application, and countries?
2. What was the historical market for Smart Waste Management solutions across the globe?
What are the market forecasts and estimates for the period 2019-2025?
3. What are the major drivers, restraints, opportunities, and trends in the global Smart Waste Management market?
4. Who are the major players in the global Smart Waste Management market?
5. How is the competitive landscape in the global Smart Waste Management market?
6. What are the different strategies adopted by the major players in the global Smart Waste Management market?
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