According to a new report published by Allied Market Research, titled, Global Waste Management Market by Waste Type, and Service: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global waste management market size was valued at $285.0 billion in 2016 and is projected to reach $435.0 billion by 2023, growing at a CAGR of 6.2% from 2017 to 2023. Europe accounted for the maximum share in 2016 and is expected to remain dominant during the forecast period.
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Rise in environmental concerns along with inevitable increase in non-hazardous waste owing to rapid economic growth primarily across developing nations drive the demand for waste management. 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. These also help in the development of a greener environment.
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 2023. In addition, government initiative toward 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 $222.8 billion by 2023, growing at a CAGR of 6.1% during the forecast period.
The collection service in waste management market is expected to grow at a notable rate during the forecast period. Strict regulatory norms to limit landfills and government measures to facilitate the collection of recycling waste for the treatment facilities foster the market growth. The fastest growing service for the waste management market is the disposal segment, which is expected to grow at a CAGR of 6.9% and is forecast to reach $230.7 billion by 2023.
The majority of the growth in the waste management market is expected to be witnessed from the emerging regions of Asia-Pacific. Factors such as rapid industrial development and emergence of new recycling techniques drive the global waste management market.
Europe accounted for the highest share in the waste management industry in 2016, 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. The market accounted for more than 30% share in 2016.
Key findings of the Waste Management Market:
- The municipal waste segment generated the highest revenue in 2016, and is projected to grow at a CAGR of 6.1% during the forecast period.
- Disposal services sector is expected to grow at a significant CAGR of 6.9% during the forecast period.
The key players focus on expanding their business operations in the emerging countries by adopting various strategies, such as acquisitions and contracts/agreements. The major players profiled in the report include CLEAN HARBORS, INC., Daiseki Co. Ltd., Waste Management Inc., Suez Environment S.A., Advanced Disposal Services, Veolia Environment S.A, Republic Services Inc., Covanta, Remondis AG & Co. Kg, Biffa Group, and Hitachi Zosen Corporation.