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Hazardous Waste Handling Automation Market Share, Growth Analysis And Revenue Forecast 2024 To 2033
Hazardous Waste Handling Automation Market
According to The Business Research Company's, The hazardous waste handling automation market size has grown rapidly in recent years. It will grow from $29.98 billion in 2023 to $33 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to stringent environmental regulations, occupational safety and health compliance, increased volume of hazardous waste, cost-efficiency and resource optimization, risk reduction and minimization..
The hazardous waste handling automation market size is expected to see strong growth in the next few years. It will grow to $46.61 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to technological integration in waste management, circular economy and sustainable practices, global industry trends in waste reduction, cross-sector collaborations, public awareness and environmental concerns.. Major trends in the forecast period include blockchain for compliance tracking, enhanced emergency response, data analytics for decision-making, collaboration with technology providers, focus on worker safety..
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Market Drivers and Trends:
The increasing amount of waste is expected to boost the growth of the hazardous waste handling automation market going forward. The rapid rise in population and urbanization has led to an increase in the amount of waste which includes both hazardous and non-hazardous waste. While non-hazardous waste is comparatively easier to dispose of, hazardous waste disposal requires immediate attention. Hazardous waste handling automation ensures safe disposal of this waste, which otherwise could pose a risk to the manual handlers and the environment. For instance, in February 2022, according to an article published by the World Bank, a US-based international organization that provides financing, advice, and research to developing nations, the waste generated in 2020 was estimated to be 2.24 billion tons of solid waste, which amounted to a footprint of 0.97 kilograms of waste per person per day. Furthermore, with the rapid growth of population and urbanization, annual waste generation is set to see an increase of 73%, amounting to 3.88 billion tons by 2050. Therefore, the increasing amount of waste is driving the growth of the hazardous waste handling automation market.
The advancement of new hazardous waste handling automation products is a key trend gaining popularity in the hazardous waste handling automation market. Companies operating in the hazardous waste handling automation market are adopting new technologies for better handling of hazardous waste management to sustain their position in the market. For instance, in January 2022, Forth Engineering (Cumbria) Limited, a UK-based company that specializes in the design, manufacture, and installation of hazardous waste handling equipment, announced the launch of a robotic arm that imitates the mechanics of a human arm and can be used to remove waste safely and remotely from flammable liquids. The arm enables companies to target specific materials in the hazardous waste and shift them to a designated waste area safely thereby removing the time-consuming process of sifting that was carried out in the end.
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Major Key Players of the Market:
Hydrauliska Industri AB, Clean Harbors Inc., Konecranes Oyj, Penz Crane GmbH, PaR Systems Inc, Autosales Incorporated., Floatograph Technologies, Pallmann, Hosokawa Micron Powder Systems, Cargotec Corp., Covanta Holding Corp., Orange Business Services, Fritz Schäfer GmbH, Vecoplan AG, BHS-Sonthofen GmbH, Bühler Group, ANDRITZ AG, Komptech Group, Ecolab Inc., Veolia Environnement S.A., SUEZ India Private Limited, Stericycle Inc., Cleanaway Waste Management Limited, Remondis SE & Co. KG, Republic Services Inc., Advanced Disposal Services Inc., Casella Waste Systems Inc., Bigbelly Inc., Fomento de Construcciones y Contratas Environment Limited, Green For Life Environmental Inc., Meridian Waste, Progressive Waste Solutions Ltd., Recology, Rumpke Consolidated Companies Inc.
Hazardous Waste Handling Automation Market 2024 Key Insights:
• The hazardous waste handling automation market will grow to $46.61 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Rising Waste Levels Propel Growth In Hazardous Waste Handling Automation Market
• Product Innovations In Hazardous Waste Handling Automation Market
• North America was the largest region in the global hazardous waste handling automation market in 2023
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