May 21, 2024
Waste Management Market

Waste Management Market Is Expected To Witness High Growth Owing To Rising Environmental Concerns

The waste management market comprises activities associated with collection, transporting, processing, disposal of solid, liquid, and gaseous wastes. Various waste management equipment such as compactors, compactors, shredders, etc. are used for waste management purposes. Stringent regulations regarding waste disposal along with initiatives promoting waste segregation and recycling are expected to drive the demand for waste management services.

The Global waste management market is estimated to be valued at US$ 2441.3 Billion in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the waste management market are Fujifilm Holdings Corporation, Olympus Corporation, Hitachi Medical Corporation, Pentax Medical (Hoya Corporation), Boston Scientific Corporation, Cook Medical, Carl Zeiss Meditec AG, Medtronic plc, BARD Diagnostic Systems, Inc., ACON Laboratories, Inc. These players are focusing on new product launches and mergers & acquisitions to gain competitive advantage in the market.

Some key opportunities in the Waste Management Market Trends include rising demand for renewable energy from waste, opportunities in public-private partnerships for better waste management infrastructure and services, and growing focus on waste-to-wealth projects. Moreover, growing environmental concerns and climate change awareness is prompting global expansion of organized waste management through international partnerships and contracts.

Market drivers

Growing population and rapid urbanization are majorly driving the waste generation worldwide. It is estimated that by 2050, global municipal solid waste generation will increase by 70% from the 2016 levels. This consistent rise in waste generation is prompting the need for better and advanced waste management solutions to ensure proper waste disposal. Stringent regulations regarding waste disposal and landfill management are further fuelling the market growth. Implementation of initiatives promoting circular economy practices and adoption of technologies like IoT and AI in waste management will provide opportunities for high market growth over the forecast period.

PEST Analysis

Political: Environmental regulations related to waste disposal are becoming increasingly strict around the globe. Governments are pushing for higher recycling and waste reduction targets to reduce pollution and promote sustainability.
Economic: Higher disposal and management costs are encouraging industries and businesses to optimize waste output and find cost-effective recycling solutions. Growth of the overall economy positively impacts the amount of waste generated.
Social: Rising environmental awareness among the public is driving demand for sustainable waste practices. People are more inclined towards reducing, reusing and recycling to help protect the environment for future generations.
Technological: Advancements in sorting and processing technologies allow for better separation of waste materials for recycling. Technologies like robotics, artificial intelligence and IoT are helping automate waste collection and improve recycling rates.

The regions generating the largest value in the waste management market are currently North America, Europe and Asia Pacific due to high waste volumes produced. Developed countries have well established recycling infrastructure and stricter regulatory framework. Asia Pacific is growing at the fastest rate driven by rapid industrialization and urbanization in major economies like China and India. Economic growth coupled with evolving environmental regulations in developing nations is expected to boost market growth.

The municipal solid waste sector accounts for the bualk of waste handled globally and key services include collection, transportation and disposal. Western Europe has one of the most efficient municipal waste recycling systems achieving recycling rates over 50% on average.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.