In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
January, 2018: Ecube Labs -announced that it has been awarded a contract of USD 15 million within the city of Baltimore in Maryland to install its solar-powered CleanClube bins in three stages around the city.
March, 2022: Suez SA - announced introduction of four strategic and innovative projects to accelerate the recycling. The projects include household waste sorting, sorting packaging through artificial intelligence, improving the sorting of complex plastic waste and structuring the recycling channels for new and different kinds of waste.
The global smart waste management market is estimated to garner a revenue of USD 7100 billion by the end of 2031 by growing at a CAGR of ~16% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 1800 billion in the year 2021. The growth of the market can primarily be attributed to the growing concern for the annual solid waste generation worldwide, which according to the World Bank is estimated about at 2.24 billion tonnes in the year 2020, globally. In comparison with the level of 2020, the annual waste generation is forecasted to rise by 73% amounting to 3.88 billion tonnes in 2050.
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The use of technology by the waste industry for efficient handling and disposal of waste is termed as smart waste management. Innovative technology and data systems provide a cutting edge to waste industries, enabling them to manage waste as well as improve their capacity. With the advancement in Internet of Things (IoT) technology in this industry, it is possible to reduce costs, optimize resource allocation, and surge sustainability of waste services. The growing urban waste collection through smart dumpers along with radio-frequency identification (RFID) to identify and track waste bins as well as route optimization managed by interconnected IoT devices is expected to create massive revenue generation opportunities for the key players operating in the global smart waste management market during the forecast period. For instance, it was found that, in the year 2021, the number of global Internet of Things (IoT) active endpoints surged by ~8% and is expected to accelerate by 18%, accounting for ~14 billion active connections in 2022.
The global smart waste management market is segmented and analyzed for demand and supply by method into smart collection, smart processing, smart energy recovery, and smart disposal. Amongst these segments, the smart collection segment is anticipated to garner the largest revenue by the end of 2031, backed by the increasing municipal waste as well as upsurge in waste industry worldwide. According to the Organization for Economic Co-Operation and Development (OECD) statistics, in the year 2020, approximately 31002.2 tonnes thousand municipal waste (including household waste) were generated in the United Kingdom.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global smart waste management market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the North America region is projected to hold the largest market share by the end of 2031, backed by the growing awareness among the population related to e-waste recycling and a surge in the number of smart cities, along with the large number of people living in urban areas in the region. According to the United Nations Conference on Trade and Development (UNCTAD) data, the share of the urban population surged to 56.2% in 2020. Furthermore, it stated that people living in urban areas accounted for 79.2%, 51.6% and 34.6 of the total population of developed countries, developing economies, and least developed countries respectively.
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The global smart waste management market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart waste management market includes the following segments:
By Waste Type |
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-Hazardous |
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-Non-Hazardous |
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By Method |
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By Source |
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Ans: Upsurge in solid waste generation, increasing rate of urbanization, and growing concern of rising deaths by pollution are some of the major factors anticipated to drive the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~16% over the forecast period, i.e., 2022 – 2031.
Ans: High cost required for the adoption of effective waste management along with heavy reliability on informal workers are some of the factors estimated to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities.
Ans: The major players in the market are Veolia Environnment SA, Suez SA, Covanta Holding Corporation, Big Belly Solar, Inc., Waste Connections,Inc., Urbiotica, Ecube Labs, Enevo Oy, Republic Services, Inc. and others.
Ans: 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.
Ans: The market is segmented by waste type, by method, by source, and by region.
Ans: The smart collection segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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