The global hazardous waste management market is estimated to garner a hefty amount of revenue by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing industrial activities across the globe, rapid rate of urbanization in emerging economies, and stringent government regulations associated with the proper disposal of hazardous waste. According to the data provided by the World Bank, in 2019, the total industrial output of the world accounted for a GDP share of 24.789%, out of which the same quantity for manufacturing was 14.562%. Along with these, robust growth of research and development activities in medical organizations in developed and developing nations is also expected to raise the demand for hazardous waste management in the forthcoming years. Furthermore, growing development of innovative techniques for waste recycling in several industrial verticals such as manufacturing, food & beverages, and chemicals is projected to offer ample growth opportunities to the market in the near future.
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The market is segmented by treatment type into incineration, autoclaving, and chemical treatment, out of which, the incineration segment is anticipated to hold the largest share in the global hazardous waste management market on account of the quick reduction of waste volume, lower emissions of greenhouse gases and lesser transportation costs of this type of waste treatment. In addition, incineration is one of the most commonly used thermal treatment technique globally, which is also assessed to boost the growth of this market segment by the end of 2030. Moreover, on the basis of waste type, the segment for infectious waste is evaluated to occupy the largest share over the forecast period, which can be credited to the large amount of waste generated from households, hospitals, offices and commercial complexes, rising industrialization and growing prevalence of infections occurring as a result of inappropriate waste disposal. For instance, more than 520 metric tons of biomedical waste was generated in India alone in 2018.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global hazardous waste management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America is estimated to grab the largest share over the forecast period on the back of the strong presence of well-established healthcare infrastructure, and high government investments to establish recycling facilities in the region. As per the Centers for Medicare & Medicaid Services, the total healthcare spending in the United States increased by 4.6% in 2019, reaching up to USD 11,582 per person. The health spending as a share of the nation’s total GDP in the same year was 17.7 percent. Additionally, Asia Pacific is expected to witness noteworthy market growth during the forecast period owing to the rise in improvements in individual national consumption rates, and generation of huge volumes of waste resulting from growing industrial establishment. Apart from this, increasing privatization of waste collection in various emerging economies such as China, Thailand and Malaysia, is also predicted to boost market growth in the region in the future.
The global hazardous waste management market is further classified on the basis of region as follows:
Our in-depth analysis of the global hazardous waste management market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are growing number of industrial activities worldwide and strict government regulations associated with waste disposal.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Lack of awareness about proper collection and segregation of waste in lower economic regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rise in improvements in individual national consumption rates, and generation of huge volumes of waste in the region.
The major players in the market are American Waste Management Services, Inc., Clean Harbors, Inc., Suez SA, SMS Envocare. Ltd, Chloros Environmental Ltd, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by waste type, treatment type, service type, and by region.
The infectious segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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