The global industrial waste management market is estimated to garner moderate revenue by growing at CAGR of ~8% over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing need to efficiently manage waste from industries, backed by increasing number of industries globally. With the rapid industrial development, the waste generated by these industries is mounting, which is estimated to fuel the demand for industrial waste management system. Moreover, increasing environmental awareness amongst the public, and accountability of industrialists for the impact of the waste generated, is estimated to drive the market growth. The pattern of waste management is changing to a more environment friendly disposal of waste, which is another factor expected to boost the market growth. Furthermore, stringent waste management regulations by the governments of various nations, is also anticipated to promote the market growth. For instance, United Nations Environment Program (UNEP) launched the Cleaner Production Program in 1989, which aimed to reduce the toxic waste produced by manufacturing industries.
The global industrial waste management market is segmented by services into collection, incineration, recycling, landfill, and others, out of which, the collection segment is anticipated to hold the largest revenue share in the market during the forecast period, as this is the primary step for waste management. The increasing environment awareness is estimated to boost the segment growth. Meanwhile, the recycling segment is anticipated to grow at the highest CAGR over the forecast period, owing to the strict government regulations for reducing the waste produced by industries. CLICK TO DOWNLOAD SAMPLE REPORT
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.
Regionally, the global industrial 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 North America region is estimated to garner largest share over the forecast period on the back of large number of industries in the region, combined with higher awareness amongst the public as well as the government. The industrial waste produced in the United States amounted at around 55 million tons by 1975, which increased to 265 million tons by the early 1990s. Presently, the industrial waste generation has crossed 5 billion tons. The increasing industrial waste is anticipated to boost the market growth in the region.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period on the back of increasing industrial development, presence of major key players in the region, and stringent government policies for the disposal of industrial waste.
The global industrial waste management market is further classified on the basis of region as follows:
Our in-depth analysis of the global industrial waste management market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising government regulations for reducing industrial waste, and growing environmental concerns are the major factors driving the market growth.
The market is anticipated to attain a ~8% CAGR over the forecast period, i.e., 2022-2030.
High cost of waste management plants is one of the major factors estimated to hamper the market growth.
The market in the Asia Pacific is estimated to provide most growth opportunities owing to the presence of various industries in the region, backed by industrial development and growing population.
The major players in the market are Veolia Environnement SA, Republic Services, Inc., EnviroServ Waste Management (PTY) Ltd, Remondis SE & Co. KG, Clean Harbors, Inc., 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 service, end user industry, and by region.
The chemical segment is anticipated to hold largest market size on the back of increasing need for safe disposal of toxic waste.
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