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Waste Management & Remediation Services Market 2024-2033 - Size, Growth & Key Trends
Waste Management & Remediation Services Market
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According to The Business Research Company's, The waste management and remediation services market size has grown strongly in recent years. It will grow from $720.03 billion in 2023 to $775.91 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to environmental regulations, waste generation, urbanization, industrial activities, public health concerns.
The waste management and remediation services market size is expected to see strong growth in the next few years. It will grow to $1028.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to circular economy initiatives, sustainability and green practices, technological advancements, e-waste management. Major trends in the forecast period include circular economy adoption, sustainability and environmental awareness, green infrastructure development, sustainable construction and demolition waste.
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Market Drivers and Trends:
An increase in waste generation across the globe is expected to propel the growth of the waste management and remediation services market. Waste generation encompasses the production of any items that are thrown away, regardless of whether they are recycled or dumped in a landfill. In order to lessen the negative consequences of waste on human health, the environment, and aesthetics, waste management is required, generating demand for waste management and remediation services. For instance, according to 2022 estimates by The World Bank, a US-based international financial institution, the world produced 2.24 billion tons of solid garbage in 2020, or 0.79 kg of rubbish per person every day. The annual waste generation is anticipated to rise by 73% from 2020 levels to 3.88 billion tons in 2050 due to increasing population expansion and urbanization. Therefore, an increase in waste generation is expected to drive the waste management and remediation services market going forward.
Waste management and remediation services are increasingly using sensors for managing waste collected. A sensor is a device that detects and responds to some type of input from the physical environment. The specific input could be light, heat, motion, moisture, pressure, or any other environmental phenomena. Sensors let waste management companies know that bins are full and need to be serviced. Sensor technology can also be used to sort recyclables quickly and efficiently, thereby reducing manual work and encouraging higher recycling rates. This enables companies to have complete visibility of containers which helps them to reduce costs. For instance, the OnePlus Metro from OnePlus Systems is an ultrasonic trash can sensor that lets waste management companies determine if waste containers are full.
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Major Key Players of the Market:
Waste Management Inc., Suez Environnement SA, Republic Services Inc., Waste Connections Inc., Clean Harbors, Stericycle Inc., Astellas Pharma Inc., Covanta Holding Corporation, Advanced Disposal Services Inc., Sacyr SA, Veolia Environnement SA, Waste Connections Inc., Casella Waste Systems Inc., US Ecology Inc., Heritage-Crystal Clean Inc., Progressive Waste Solutions Ltd., GFL Environmental Inc., Waste Industries USA Inc., FCC Environment Ltd., Biffa plc, Renewi plc, Remondis SE & Co KG, Wheelabrator Technologies Inc., Ecolab Inc., Cleanaway Waste Management Limited, Transpacific Industries Group Ltd., Recology Inc., Newalta Corporation, Ecoserv LLC, Terracycle US Inc., Waste Pro USA Inc., Meridian Waste Solutions Inc., Wastequip LLC.
Waste Management And Remediation Services Market 2024 Key Insights:
• The waste management and remediation services market size is expected to see strong growth in the next few years. It will grow to $1028.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Rising Waste Generation Spurs Growth In The Waste Management And Remediation Services Market
• Growing Role Of Sensor Technology In Waste Management And Remediation Services
• Western Europe was the largest region in the waste management and remediation services market in 2023
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