Rapid Expansion in Manufacturing and Healthcare Sector and Growing Adoption of Advanced Technology is Likely to Drive the Growth of Global Smart Waste Management Market, according to our research report Global Smart Waste Management Market Outlook 2023.
The global smart waste management market growth is driven by the factors such as rising infrastructure facilities in developing nations and increasing adoption of advanced time saving waste management systems in order to optimize the use of resources and efficiently dispose the waste. Further, the market of smart waste management is believed to register a CAGR of 16.5% over the forecast period i.e. 2016-2023 on the back of economic growth in developing nations and rising governmental regulations towards the disposal of waste. The smart waste management market is expected to garner USD 2.8 Billion by 2023, globally.
Asia-Pacific smart waste management market is expected to be the fastest growing market during the forecast period i.e. 2016-2023 on the back of rise in government initiatives towards management of medical and industrial waste and introduction of uniform regulations for disposal of waste generated from residential and public agencies. Additionally, rapid urbanization and emerging smart cities across the region is expected to upsurge the demand for smart waste management in near future.
Expansion of Various Industries: Structural Growth
Rapid expansion of various industrial sector such as healthcare industries, chemical and manufacturing industries are generating large amount of waste across the globe, rapid growth in urbanization and increasing adoption of smart waste management ways in order to efficiently collect and dispose the waste are some of the major catalysts which are expected to swell the demand for smart waste management across the globe over the forecast period i.e. 2016-2023. Stringent regulations from government authorities for the proper disposal of waste generate from various end-use industries which is harmful for the environmental health is likely to stimulate the demand for smart waste management in near future.
Introduction of advanced smart waste management solutions, introduction of enhanced waste management technology such as Radio Frequency Identification (RFID), growing need of smart waste management ways in order to efficiently recycle the waste generated from industries and rising adoption of time savings methods to reduce the cost of waste disposal are some of the key elements which are expected to bolster the demand for smart waste management in near future.
In spite of this, slow adoption in developing nation, lack of awareness in undeveloped region towards smart waste management and high initial investments are the key factors expected to hamper the growth of smart waste management market in near future.
The report titled “Global Smart Waste Management Market Outlook 2023” delivers detailed overview of the Global Smart Waste Management Market in terms of market segmentation by Technology type, by Solution type, by Services type, and by End-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the vendors of the Global Smart Waste Management Market which includes company profiling of Bigbelly Solar, Inc., IBM Corporation, Enevo OY, Pepperl+Fuchs GmbH, and Waste Management, Inc., etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the Global Smart Waste Management Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.