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Smart Waste Management Market Key Trends And Forecast Report 2024-2033
Smart Waste Management Market Key Trends
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According to The Business Research Company's, The smart waste management market size has grown rapidly in recent years. It will grow from $2.26 billion in 2023 to $2.58 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to growth in population, increased awareness of environmental impact, increased investment in waste management, increased recycling initiatives, and increased public health concerns.
The smart waste management market size is expected to see rapid growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to increasing urbanization, growing focus on the circular economy, rise in smart city initiatives, rise in strict environmental regulations by countries, and rapid industrialization. Major trends in the forecast period include smart waste management using IoT, increasing acceptance of the Internet of Things (IoT), adoption of AI and machine learning, integration of robots equipped with AI, and smart compactors.
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Market Drivers and Trends:
The increasing incidence of target diseases is expected to drive the platelet aggregation devices market going forward. Target diseases are specific medical conditions that are the focus of prevention, diagnosis, and treatment efforts due to their significant impact on public health, such as cancer, cardiovascular diseases, and diabetes. Platelet aggregation devices help in decreasing the incidence of target diseases by enabling early detection and effective management of thrombotic risks, thereby preventing complications like heart attacks and strokes in vulnerable populations. For instance, in February 2024, according to statistics published by the International Agency for Research on Cancer (IARC), a France-based specialized cancer agency of the World Health Organization (WHO), the world saw approximately 20 million new cancer cases and 9.7 million deaths in 2022, with projections indicating a 77% increase to over 35 million new cases by 2050; lung cancer was the most prevalent globally with 2.5 million new cases (12.4%), followed by female breast cancer (2.3 million cases, 11.6%), colorectal cancer (1.9 million cases, 9.6%), prostate cancer (1.5 million, 7.3%), and stomach cancer (970,000, 4.9%). Therefore, the increasing incidence of target diseases is driving the growth of the platelet aggregation devices market.
Major companies operating in the smart waste management market are focusing on innovative technologies, such as artificial intelligence technology, to automate tasks that traditionally require human intelligence and gain a competitive edge in the market. Artificial intelligence in smart waste management optimizes garbage collection and recycling operations by analyzing data and increasing efficiency and sustainability. For instance, in February 2024, ZenRobotics Ltd., a Finland-based robotics company, unveiled ZenRobotics 4.0, the company's latest generation of robots for sorting waste. The fourth-generation robots are designed for seamless integration into existing waste management infrastructure, offering scalability and flexibility for diverse applications. With their ability to improve recycling rates, reduce contamination, and increase operational efficiency, these next-generation waste sorting robots mark a significant advancement in sustainable waste management practices.
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Major Key Players of the Market:
International Business Machines Corporation, Veolia Environnement SA, Republic Services Inc., Waste Management Holdings Inc., TOMRA Sorting Solutions, Pepperl+Fuchs SE, Averda International LLC, AMCS Group Limited, Pellenc Selective Technologies, Harvest Power LLC, Faststream Technologies, Recycle Smart Solutions LLC, Compology Inc., Geminor AS, FleetMind Solutions Inc., Big Belly Solar LLC, Ecube Labs Co. Ltd., Otto Waste Systems Pvt. Ltd., WAVIoT LLC, SUEZ Smart Solutions, Allvy Software Solutions Private Limited, CleanRobotics Inc., Enevo Inc., Evreka Yazılım ve Tasarım A.Ş.
Smart Waste Management Market 2024 Key Insights:
• The smart waste management market size is expected to see rapid growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%.
• Role Of Rapid Industrialization In Driving Growth Of Smart Waste Management Market
• Advancements In Smart Waste Management Through Artificial Intelligence Technology
• North America was the largest region in the smart waste management market in 2023
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