SAARC Waste Handling Equipment Market Overview
The increasing municipal and industrial waste, coupled with the stringent government regulations in SAARC nations, such as India, Bangladesh, Sri Lanka and others are believed to benefit the expansion of the SAARC waste handling equipment market. The increasing industrial waste can be attributed to the rapid growth of end user industries in the nations. Additionally, growing urbanization and population amongst these nations is raising the responsibilities of municipalities in the nation to process the collection of solid wastes more efficiently, which is anticipated to contribute towards the growth of the SAARC waste handling equipment market.
The SAARC waste handling equipment market was valued at USD 2170 million in the year 2018 and is anticipated to reach a value of USD 4039.2 million by the end of 2027 by growing at a CAGR of 7.36% during the forecast period 2020-2027. Moreover, the market is also anticipated to grow by an absolute $ opportunity of USD 1583 million during the forecast period. On the other hand, the market is expected to grow by an incremental $ opportunity of USD 302.9 million in the year 2027 as compared to the previous year. Waste handling equipment, such as loaders, feeders, dumper trucks, compactors, cart lifters and others are used in the waste collection service to facilitate dumping, clearing, hauling, shredding and transferring of waste conveniently. Growing opportunities derived from the concepts of waste-to-energy technologies, which is a technology to produce energy, free land and recover material which can be used for dumping waste, coupled with advanced product re-designing technologies for wastes generated from manufacturing industries, are also driving the need for greater waste management technologies, that can help promote recycling of wastes at a lower costs, with better efficiency. Additionally, the SAARC waste handling equipment market is anticipated to grow by 1.64x during the forecast period.
Market Segmentation Synopsis
By Equipment Type
The SAARC waste handling equipment market is segmented on the basis of equipment type into dumper truck, loaders, feeders, shredders, compactors, cart lifters, conveyer systems, grinders & granulators and others. The dumper truck segment held the largest market share of 24.65% in the year 2018 and is estimated to expand at a CAGR of 7.76% during the forecast period and is showcasing great potential for the future growth of the segment. The segment was valued at USD 534.9 million in the year 2018 and is anticipated to cross a value of USD 1029.7 million by the end of 2027. Dumper trucks or tipper trucks are used to carry huge amount of waste materials from one area to another area in the process of waste handling management. The hopper of the truck is equipped with hydraulic pistons for lifting heavy loads. Backed by the increasing capability of the dumper trucks to carry heavy loads, there is a rising demand for dumper trucks in waste handling centers. Moreover, the segment is anticipated to grow by 1.69x during the forecast period, along with an incremental $ opportunity of USD 80.7 million in the year 2027 as compared to the previous year.
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Market Drivers and Challenges
According to the statistical report 2018 Environmental Performance Index by the Yale University, in collaboration with the World Economic Forum, stated that, SAARC nations mostly ranked above 100 in the EPI Rankings, along with Bangladesh having the poorest rank of 179 with a score of 29.56.
The concern for poor ranking of environmental performance is one of the major advantages considered for the growth of the SAARC waste handling equipment market. Growing e-waste generated by several nations in the SAARC region, coupled with the rising industrial waste and poor waste management systems are some of the major factors that has contributed to the poor rankings of the nations. Nations such as India, itself generates approximately 1.4 lakh tons of waste on a daily basis. These wastes include dry waste, wet waste and plastic waste. On the other hand, increasing medical wastes developed from the healthcare and medical industry and the increasing need for smart waste management are some of the other factors contributing towards the growth of the SAARC waste handling equipment market.
The concern for illegal dumping of wastes generated from various sources which is raising the need for strict regulations for waste management, along with the high costs associated with the recycling of wastes, are some of the factors anticipated to hamper the growth of the SAARC waste handling equipment market.
Some of the affluent industry leaders in the SAARC waste handling equipment market are Konecranes, TPS Infrastructure Limited, ARCAT Inc., Quality Enviro Engineers Pvt. Ltd., Shanghai QiZheng Machinery Equipment Co., Ltd., Genesis Waste Handling Private Limited and Beston (HENAN) Machinery Co. Ltd.