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Smart Waste Management Market Projected to Hit USD 6.72 Billion at a 13.5% CAGR by 2032 - Report by Market Research Future (MRFR)
Smart Waste Management Market
According to the reports, the Global Smart Waste Management Market size is projected to grow at a compound annual growth rate (CAGR) of 13.5 %, reaching a market size of USD 6.72 billion by 2032.
One of the factors driving market growth during the forecast period is the increasing number of smart city initiatives. With increased awareness among the world's leading countries of the need for sustainable growth, smart cities have been conceptualised and built all over the world to serve as modern development models. Cities such as Tokyo, New York, and Paris have already made significant advances in this model by adopting zero-emission electric vehicles. In fact, cumulative electric vehicle sales in Shanghai have nearly reached 50% of total sales.
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Smart Waste Management Market Key Players
The prominent players operating in the smart waste management market are:
• Bigbelly, Inc.
• Waste Management, Inc.
• Ecube Labs Co., Ltd.
• Covanta
• Pepperl+Fuchs Group
• OnePlus Systems In
• Urbiotica
• IBM Corportaion
• SAP SE
• Enevo.
Along with these initiatives to reduce air pollution and fossil fuel consumption, there is an increasing need to reduce and better manage total waste production in a smart city. Until recently, the primary methods of waste disposal in cities were landfilling and waste incineration. Smart waste management products, such as IoT-based smart bins, aid in the enhanced sorting of waste into biodegradable and non-biodegradable waste via the smart waste segregation process. Sensors and high-speed data connectivity are expected to connect smart cities. Based on data insights, data analytics applied to sensor data will boost smart waste management initiatives such as efficient segregation and recycling.
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Radio frequency identification (RFID), the Internet of Things (IoT), and global positioning systems (GPS), among other advanced techniques, are extremely popular for cost-effective smart trash-collection techniques that are both efficient and environmentally friendly. Smart waste management technologies are being adopted at an increasing rate by urban societies as a result of this trend, which is particularly visible in urban areas to provide a better environment and public health.
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The global smart waste management market has been divided into components, waste types, methods, applications, and regions.
The smart waste management market has been divided into three components: hardware, software, and services. In 2018, the hardware segment had the largest market share, with a market value of USD 1,121.3 million.
The smart waste management market is divided into three categories: solid waste, special waste, and e-waste. In 2018, the solid segment held the largest market share.
The smart waste management market has been segmented based on method into smart collection, smart processing, smart disposal, and smart energy recovery. With a market value of USD 1,479.2 million, the smart collection segment held the largest market share.
The smart waste management market has been segmented based on application into healthcare, industrial & manufacturing, construction, food & retail, residential, and others. In 2018, the industrial and manufacturing segment held the largest market share (30.2%).
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The smart waste management market has been segmented by region into North America, Europe, Asia-Pacific (APAC), the Middle East and Africa, and South America.
In terms of market share, North America was the second-largest market in 2018; it is expected to grow at a CAGR of 17.8%. Growing investments and developments in waste management technology in the region by key market players are contributing to the growth of the smart waste management market.
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