Underground Waste Containers Market is Expected to Reach $1.5 Billion by 2027

An underground waste container is used for collecting waste in the residential, commercial, and industrial areas. The underground waste containers can be made up of various materials such as metal, plastic, and among others. The global market is anticipated to grow, owing to the growth of residential and commercial sectors. In addition, an upsurge in population and industrialization is expected to boost the growth of the market.

Moreover, the adoption of the Internet of Things (IoT) and smart sensors in underground waste containers is expected to offer lucrative opportunities for the market players. Nevertheless, a lack of awareness regarding the significance of underground waste containers among developing countries is expected to hamper the growth of the underground waste containers market. Besides, high installation and maintenance costs are expected to hamper the underground waste containers' market growth.

The global underground waste containers market capacity is expected to reach $1.5 billion in 2027 from $0.79 billion in 2019, growing at a CAGR of 5.9% from 2020 to 2027.

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The global underground waste containers market is analyzed across product type, capacity, end-user, and region. Based on product type, the metal segment contributed to nearly half of the total market share in 2019 and is expected to rule the roost by 2027. The plastic segment, on the other hand, would register the fastest CAGR of 6.5% during the forecast period.

Based on application, the commercial segment accounted for nearly half of the total market revenue in 2019 and is anticipated to lead the trail by the end of 2027. Simultaneously, the residential segment would grow at the fastest CAGR of 6.6% from 2020 to 2027.

Based on geography, North America held the major share in 2019, generating nearly one-third of the global market. At the same time, the region across Asia-Pacific would exhibit the fastest CAGR of 7.3% by 2027. The other two regions covered in the report include Europe and LAMEA.

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Increase in environment-related concerns and rise in demand for sustainable waste disposal is anticipated to boost the growth of the market of underground waste containers. Growing spending on commercial and residential buildings with construction development is projected to drive the growth of the market. In addition, stringent government regulations toward health safety specifically in Europe & North America are expected to positively contribute to the development of the market.

The novel coronavirus is rapidly spreading across various countries and regions, causing an enormous impact on the lives of people and the overall community. Starting as an emergency to human health, it now poses noteworthy intimidations to the global economy. Besides, manufacturing, packaging, and raw material supply chains are struggling on a global scale to keep pace with rapid transmission of the virus.

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Top Players:
The leading market players analyzed in the global underground waste containers market report include Nord Engineering S.r.l., ESE World B.V., Zweva Environment bvba, Ecoloxia Environmental Group Inc, Meulenbroek Machinebouw B.V., Oktagon Engineering GmbH, OGE METAL YEARLTI YERUSTU COP KONTEYNER SISTEMLERI, Reflex Zlin spol. s.r.o., SOTKON GROUP, and Sutera USA. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.

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