According to a new report published by Allied Market Research, titled, “Waste Management Equipment Market by Product Type, Waste Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global waste management equipment market size was $45,756.9 million in 2019, and is projected to reach $55,637.9 million by 2027, registering a CAGR of 4.1% from 2020 to 2027. In 2019, industrial segment dominated the global market, accounting for approximately half of the global waste management equipment market share.
The global waste management equipment market is expected to grow, owing to increase in the urban population globally and stringent government regulations toward environmental safety. In addition, increase in the amount of waste generated in municipal and industrial sectors is projected to garner to the growth of the market. Moreover, government initiatives such as, in India, Swachh Bharat Abhiyan, support the e-waste management program. Moreover, high growth potential in emerging regions such as Asia-Pacific and LAMEA, is projected to provide lucrative opportunities for the growth of the waste management equipment market. Further, rise in the amount of waste such as papers, masks, sanitizer, cardboard, and others generated from medical and pharmaceutical sectors is expected to fuel the growth of the market.
Waste disposal equipment includes dumpers, compactors, trucks, and others. This equipment is used to collect garbage and transport it to the landfill stations. The waste disposal equipment segment is further divided into dumpers, compactors, trucks, and others. The waste recycling & sorting equipment segment is sub-classified into conveyor systems, screeners, shredders, and others. In addition, increase in industries and commercial sector has also led to a rise in the amount of waste.
During the lockdown, owing to coronavirus, the waste mainly increased from medical and residential areas compared to commercial and industrial centers, as offices and industries were partially or completely shut down. Furthermore, supply chain of the waste management equipment stopped, owing to shortage of raw materials. However, the reopening of manufacturing activities and launch of medical vaccines for coronavirus disease are projected to steer the re-opening of waste management equipment companies at their full-scale capacities.
The global waste management equipment market is segmented on the basis of product type, waste type, application, and region. On the basis of product type, the market is divided into waste disposal equipment, and waste recycling & sorting equipment. The waste disposal equipment segment is sub-segmented into dumpers, compactors, trucks, and others. The waste recycling & sorting equipment segment is further segregated into conveyor systems, screeners, shredders, and others. Waste sorting & recycling equipment segment dominated the market in 2019. On the basis of waste type, it is classified into hazardous waste and non-hazardous waste. Hazardous waste segment is expected to be the dominant segment during the forecast period. On the basis of application, the market is divided into industrial waste, municipal waste, and others. In 2019, the industrial segment held the majority of the market share.
Region wise, the waste management equipment market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is fastest growing segment throughout the study period.
The key players profiled in the waste management equipment market report include Recycling Equipment Manufacturing, Inc, CP Manufacturing, Inc, Dover Corporation, Morita Holding Corporation, Tomra Systems ASA, Wastequip, LLC, Blue Group, KK Balers Ltd, Shred-Tech Corporation, and McNeilus Trucks & Manufacturing, Inc.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging waste management equipment market trends and dynamics.
- Depending on product type, the waste recycling & sorting segment dominated the waste management equipment market, in terms of revenue in 2019 and others is projected to grow at a CAGR 4.1% during the forecast period.
- By waste type, the hazardous waste-segment registered highest revenue in the market in 2019.
- Depending on application, the industrial segment dominated the market, in terms of revenue in 2019 and is projected to grow at a CAGR 4.1% during the forecast period
- Asia-Pacific is projected to register the highest growth rate in the coming years.
- The key players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the waste management equipment industry.
- The report provides an extensive analysis of the market trends and emerging opportunities of the market.
- In-depth analysis is conducted by constructing estimations for the key segments between 2020 and 2027.
- The global waste management equipment market forecast analysis from 2020 to 2027 is included in the report.