Smart Waste Management Statics - 2027
The global smart waste management market size was valued at $1,683.0 million in 2019, and is expected to reach $4,103.6 million by 2027, registering a CAGR of 15.1% from 2020 to 2027. Smart waste management is the concept that uses sensors in waste to track live status of city waste collection services when bins are ready to be emptied, or filled. It also monitors historical data collected by sensors and databases, which can be used to identify and optimize driver routes, fill patterns, reduce operational costs, and schedules. Remote monitoring, and IoT based waste bins are more feasible to collect waste effectively. It also reduces routing and fuel prices.
Advantage of smart waste management is to use sustainable waste management and handle waste by monitoring systems with enabling Internet of Things (IoT), sensors and data analytics. Rapid urbanization & industrialization is expected to create huge amount of waste and to manage this waste intelligence waste management systems are required, which is anticipated to propel growth of the market. Furthermore, rise in smart city initiatives is anticipated to drive growth of the smart waste management market. For instance, in 2017, the government of Canada spent $65 million on smart cities in cities such as Toronto and Vancouver. Rise in environmental awareness toward sustainable waste management, which fuels growth of the market.
The smart waste management market has witnessed significant growth over the past decade, owing to rise in strict environmental regulations by countries such as Europe and the U.S. for sustainable waste management, which is expected to boost growth of the market. Involvement of government and local authorities toward sustainable waste disposal is expected to boost growth of the market.
High capital investments and lack of efficient connectivity are anticipated to hinder growth of the smart waste management market. Growth in technological advancements such as the Internet of Things (IoT) to collect waste and growth in adoption in developing countries are projected to provide lucrative opportunities for the market players during the forecast period.
By Waste Type
E-waste segment is projected to grow at a significant CAGR
The novel coronavirus impacted various industries in various countries and regions. Originating as a crisis to human health, it now poses significant threats to the worldwide trade, economy, and finance. In addition, packaging, raw material supply chains, and manufacturing activities are halted on a global scale to retain quick transmission of virus. In addition, the COVID-19 pandemic has shut-down production of various sizes of smart waste management systems, owing to lockdown sin major countries such as the UK, China, the U.S., India, Japan, and Germany. This has hampered growth of the market significantly in past few months, which is likely to continue during 2020.
The global smart waste management market is segmented on the basis of waste type, method, source, and region. By waste type, it is divided into solid waste, special waste, and e-waste. Solid waste segment generated the highest revenue in 2019. On the basis of method, the market is divided into smart collection, smart processing, and smart energy recovery & smart disposal. Smart collection segment generated the highest revenue in 2019. On the basis of source, it is segmented into residential, commercial, and industrial. In 2019, residential segment generated the highest revenue. Region wise, the 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, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2019, North America was the highest contributor to the smart waste management market share, and Asia-Pacific region is anticipated to secure a leading position during the forecast period.
Smart Collection segment holds dominant position in 2019
The key players profiled in the global smart waste management market report includes Covanta Holding Corporation, SUEZ Environmental Services, Republic Services Inc, Waste Management Inc, Sensoneo J.s.a., Bigbelly Inc, Urbiotica, Ecube Labs Co Ltd, and Enevo Oy.
Many competitors in the smart waste management market adopted business expansion, agreement, acquisition, and partnership as their key developmental strategy to expand their service portfolio. For instance, in February 2020, Waste Management Inc. opened a new renewable natural gas facility in Louisville, Kentucky, U.S., with $30 million spend on opening the facility center. The facility would be used to produce energy from waste.
North America holds a dominant position in 2019 and Asia-Pacific is expected to grow at a significant rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging global smart waste management market trends and dynamics.
- In-depth analysis of the market is conducted by the smart waste management market estimations for key market segments between 2019 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive smart waste management market opportunity analysis of all the countries is also provided in the report.
- The global smart waste management market forecast analysis from 2020 to 2027 is included in the report.
- The key players within the smart waste management market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the smart waste management industry.
Smart Waste Management Market Report Highlights
By WASTE TYPE
Key Market Players
Enevo Oy, Covanta Holding Corporation., Sensoneo j. s. a., Waste Management Inc, Veolia Environnement S.A., Bigbelly, Inc., Republic Services Inc, Urbiotica, SUEZ Environmental Services., Ecube Labs Co Ltd
Utilization of waste management services is expected to increase, owing to rapid industrialization and urbanization. Moreover, significant technological advancements such as data analytics, IoT, and cloud-based systems in solid waste management solutions fuel the market growth. Increase in smart city initiatives, specifically in North America and Europe, is anticipated to boost growth of the global smart waste management market.
Rise in environmental related concerns to waste recycling is projected to cater to growth of the market. Use of data analytics, smart bins for collection and disposal of waste material and garbage monitoring systems to handle waste effectively is anticipated to propel growth of the smart waste management market. However, high capital investments associated with smart bins or garbage monitoring systems is anticipated to hamper growth of the global smart waste management market. In addition, waste management network requires high bandwidth and stable internet connectivity, however, current sensors would not fit the future IoT sensors. Hence, lack of efficient connectivity is projected to restrain growth of the global smart waste management market. Technological advancements and rise in adoption of smart systems in developing countries are anticipated to provide lucrative opportunities for global smart waste management companies during the forecast period.