According to a new report published by Allied Market Research, titled,"Waste Management Market by Waste Type and Service: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global waste management market accounted for $303.6 billion in 2017, and is expected to reach $484.9 billion by 2025, growing at a CAGR of 6.0% from 2018 to 2025. In 2018, Europe dominated the global market, in terms of revenue, accounting for about 36.0% share of the global market, followed by North America.
Rise in environmental concerns along with inevitable increase in nonhazardous waste, owing to rapid economic growth across developing nations drive the demand for waste management services. The other key factors that boost the growth of the waste management market include growth in adoption of recycling techniques and development of innovative technologies and advanced waste collection solutions to enhance collection processes.
Clean Harbors, Inc., Waste Management Inc., Suez Environment S.A., and Advanced Disposal Services are the major product & service providers to various end-user industries across the globe. The global waste management market is projected to exhibit a notable growth by 2025. In addition, increase in government initiative to maintain secure & safe environment and to reduce greenhouse gas emissions is expected to boost the growth of the waste management market.
Based on waste type, the waste management market is bifurcated into municipal waste and industrial waste. Municipal solid waste is expected to reach $261.0 billion by 2025, growing at a CAGR of 5.8% during the forecast period.
The emerging regions of Asia-Pacific, such as India and South Korea, are expected to witness maximum growth in the waste management market. This is attributed to factors such as rapid industrial development and emergence of new recycling techniques.
Europe accounted for the highest share in the waste management industry in 2017, accounting for more than 30% share, and is expected to maintain its dominance throughout the forecast period, owing to existence of well-developed infrastructure and various end-user industries in the region.
Key Findings of the Waste Management Market:
- The municipal waste segment generated the highest revenue in 2017, and is projected to grow at a CAGR of 5.8% during the forecast period.
- The disposal services sector is expected to grow at a significant CAGR of 6.9% during the forecast period.
The major players profiled in the report include Advanced Disposal Services, Biffa Group, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co. Ltd., Hitachi Zosen Corporation, Remondis AG & Co. Kg, Suez Environment S.A., Veolia Environment S.A., Waste Management Inc. These players focus on expanding their business operations in emerging countries by adopting various strategies, such as acquisitions and contracts/agreements.