Smart Waste Management Market Expected to Reach $4.1 Billion by 2027

According to a new report published by Allied Market Research, titled, “ smart waste management market by method, waste type, and source:  opportunity analysis and industry forecast, 2020–2027,” the global smart waste management market size is expected to reach $4.1 million in 2027 from $1.6 million in 2019, growing at a CAGR of 15.1% from 2020 to 2027. In 2019, North America region dominated the global waste management market, in terms of revenue, accounting for about largest share of the global smart waste management industry, followed by Europe and Asia-Pacific.

The report analyzes the global smart waste management market on the basis of method, waste type, source, and region. The types of waste covered in this report are solid waste, special waste, and e-waste. The methods taken into consideration in the report are smart collection, smart processing, smart energy recovery & smart disposal. The smart waste management market is segmented on basis of source into residential, commercial, and industrial.  Increase in urbanization & industrialization is expected to result in growth in waste generation. In addition, rise in residential and commercial sectors has also led to rise in the amount of waste. Moreover, environmental problems such as soil, water, and air pollution have increased, owing to unplanned waste dumping over last few years. In addition, increase in environmental awareness has significantly fueled demand for waste management in developed countries and is incorporating rapidly in developing countries. Moreover, increase in smart city initiatives, specifically in North America and Europe, are expected to propel growth of the smart waste management market. On contrary, huge capital investments required and lack of efficient connectivity are anticipated to hamper growth of the global smart waste management market. 

Factors such as strict government regulations for waste management are anticipated to boost growth of the smart waste management market. Growth in technological innovations such as IoT, and cloud-based smart waste bins and growth in adoption of smart waste bins are anticipated to provides lucrative opportunities for smart waste management companies.  

During the lockdown, owing to coronavirus situation, various manufacturers in the global smart waste management market had to stop their business production in countries such as China, the U.S., and India. This break directly impacted sales of smart waste management companies. In addition, lack of manpower and raw materials led to halt in supply of smart waste management system. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of smart waste management companies and the waste recycling industry at their full-scale capacities.

The global smart waste management market is segmented on the basis of method, waste type, source, and region. On the basis of method, the market is divided into smart collection, smart processing, and smart energy recovery & smart disposal. By waste type, it is divided into solid waste, special waste, and e-waste. On the basis of source, it is segmented into residential, commercial, and industrial. Region wise, the smart waste management market is divided into North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). 

Key Findings Of The Study

• By method, the smart colletion segment dominated the global smart waste management market in 2019.
• Based on waste type, solid waste segment is projected to generate high revenue, globally.
• Depending on the source, the residential segment garnered major share of the smart waste management market in 2019.
• Region wise, North America region dominated the smart waste management market in 2019.
• Asia-Pacific region is expected to witness a high growth rate during the forecast period. 

The key players profiled in the global smart waste management market report include Covanta Holding Corporation, SUEZ Environmental Services, Veolia Environnement S.A., Republic Services, Inc, Waste Management Inc, Sensoneo j.S.a., Bigbelly Inc, Urbiotica, Ecube Labs Co Ltd, and Enevo Oy.