The global solid waste management market size is projected to gain traction on account of the increasingamount of waste generation, further attributed to the contributions of theresidential, commercial, and industrial sectors. Solid waste majorly includeswaste plastic products, organic matter, and metal and glass products. As per arecent report by Fortune Business Insights, titled, “Solid WasteManagement Market Size, Share & Industry Analysis, By Waste Type(Industrial Waste and Municipal Waste {Organic Matters, Paper, Plastic, Glass& Metal, and Others}), By Treatment Method (Collection, Processing{Recycling & Composting} and Disposal {Landfilling & Open Dump andIncineration}) and Regional Forecasts, 2020-2027,” the market isanticipated to reach USD 366.52 billion by the end of 2027from USD 285.16 billion earned in 2019. The forecast period isset between 2020 to 2027, and the market is likely to exhibit a CAGR of 3.3%.
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Drivers & Restraints-
Advent of Smart Waste Management to Aid in Expansion of Market
Rapid industrialization and urbanization are the key factorspropelling the solid waste management market growth. In addition to this, theadvent of the new technological trends, such as smart waste management, isexpected to boost the market. This, coupled with the advent of Internet ofThings technologies with the potential of better waste collection process viaoptimization that also reduces the overall operational expenditure, will aid inthe expansion of the market in the coming years.
On the contrary, managing solid waste is a long and tedious taskand requires high capital and operational cost in terms of waste collectionbins, vehicles, and processing equipment. Additionally, solid waste causes landand water pollution that requires a large number of trained workers forcarrying out smooth operations to processes the waste. Therefore, the highrequirement of manual labor is also set to hamper the market growth.
Segment-
Collection Segment to Cover Major Share Owing to its LaborIntensive Activity
The collection segment earned 56.6% share in 2019 and emergeddominant based on treatment method. This is because the collection of solidwaste is completely labor-intensive and is the most crucial part of theprocess.
Regional Analysis-
Europe Emerged Dominant Owing to High Collection Rate from Nations
Regionally, Europe generated USD 90.03 billion in 2019 and earnedthe highest solid waste management market share. This is attributable to theextensive collection of waste and the presence of more than 500 waste-to-energyplants all over the region. Comprehensive legislations are laid by the EuropeanUnion for controlling greenhouse gas emissions and improving the wastemanagement system in the region, thereby aiding to the dominance. However,North America may emerge dominant in the forecast period on account of thewell-established collection, processing, and disposal methods, coupled withpresence of large players such as Clean Harbors Inc., Waste Management, andothers in this region.
On the other side, Asia Pacific is likely to showcase the fastestgrowth rate and report a CAGR of 4.2% during the forecast period. China isexpected to emerge as the largest shareholder in the market, followed closelyby India. This is owing to the rapid industrialization, urbanization and theincreasing population.
Competitive Landscape-
Companies Focusing on Installation of New Energy-from-WasteFacilities to Gain Impetus
Major companies operating in this market are engaging in adoptingsmart waste management services to make their mark in the competition. Besidesthis, they are also engaging in the construction of new energy-from-wastefacilities for sustainable waste management solutions, thereby gaining asignificant position in the market and gather more revenue in the coming years.
Browse Detailed Analysis of this Research with, Segmentation and Table ofContent:
https://www.fortunebusinessinsights.com/solid-waste-management-market-103045
