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The global waste processing technologies market is predicted to grow considerably over the next few years. Objects or substances that are required to be disposed are known as waste. Waste is generated from a wide range of sources such as residential, commercial, industrial, agricultural, and others. According to UNEP 2.01 billion tons of waste is generated worldwide annually. The municipal solid wastes include paper, plastic, metal, cloth, and wood and are generally landfilled, while biomedical waste is incinerated and industrial waste is processed based on the industry type. Landfilling and incineration negatively affect the environment as it causes soil and air pollution. The waste generated from different sources possess different properties, hence it is important to process each type of waste with a process best suitable for it. Thus, the necessity for a range of waste processes is the major driver in the growth of the water processing technologies market. The major players in the industry are determined to develop more efficient and economical waste processing technology to maintain their share in this highly demanding and competitive market.
Description
Waste processing includes everything from collection, processing, and disposal of waste. The main objective of waste processing is disposal of waste in a way that is not harmful to the environment. The major waste processing processes are Biodrying, Gasification, Plasma gasification, Hydrothermal carbonization, Hydrothermal liquefaction, Mechanical biological treatment, Mechanical heat treatment, Molten salt oxidation, Pyrolysis, and others. For proper processing of waste through these processes, a large amount of efficient and economical equipment are required. Thus, the waste processing technology market will growth substantially throughout the forecast period.
COVID-19 Impact analysis
Top Impacting Factors
The increasing population and industrialization have exponentially increased the generation of waste from domestic, public health, and industrial sources; thus, to cope with this ever-increasing demand for waste processing, the governments and municipal authorities across the globe have adopted PPP model for waste management and processing, which is a key driver in the growth of the waste processing technology market. The increasing human development has also increased the complexity of waste and the rise in E-waste, which can be extremely hazardous if not processed properly, further highlight the importance of efficient waste processing technologies. According to WHO, improper waste management is a cause of serious mental and physical health problems in humans. Despite the necessity and importance of waste treatments, factors such as high initial and operation cost and lack of adequate budget for public health in developing nations, prove to be major restraints in the growth of waste processing technology market. The increasing awareness about the importance proper waste processing along with strict regulations on processing of waste laid by governments across the globe will ensure significant growth of waste processing technologies market throughout the forecast period. Recycle and Reuse are two extensively adopted methodologies for waste management and processing across the globe.
Market Trends
Key Benefits of the Report
Waste Processing Technologies Market Report Highlights
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Key Market Players | Northstar Recycling Company, Inc., LyondellBasell Industries Holdings B.V., Veolia, Enviro-Hub Holdings Ltd., Bezner, Eurokey Recycling Ltd., SUEZ Group, Coparm Srl, Agile Process Chemicals LLP, BigBelly, Inc. |
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