Global Smart Waste Management Market Size, Forecast, and Trend Highlights Over 2022 - 2031
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.
Global Smart Waste Management Market: Growth Drivers and Challenges
Growth Drivers
- Increasing Rate of Urbanization –Waste pollution is mainly caused by industrial waste and urbanization. Therefore, it is expected to increase the growth of the global smart waste management market. As per the United Nations Conference on Trade and Development (UNCTAD), the urbanization rate has increased from 43.1 per cent in 2010 to 49.8 per cent in 2020.
- Emission of Methane Contributing to Global Climate Change – Methane is a powerful greenhouse gas that can be hazardous owing to its flammability and explosive potential. Hence, it is projected to surge the growth of the global smart waste management market. According to the United Nations Environment Protection (UNEP) data published in 2021, 8% of human-linked methane emissions is contributed by paddy rice cultivation in agriculture sector. Whereas 32% of human-caused methane emissions comes from livestock manure and gastroenteric releases.
- Upsurge in Global Waste Generation – As per the United States Environmental Protection Agency, the total generation of municipal solid waste (MSW) was ~292 million tonnes or ~5 pounds per person per day in United States in the year 2018. Out of total waste MSW generated, approximately 94 million tons of MSW were recycled and composted whilst other methods were employed to manage additional 17.7 million tonnes of food.
- Changing Pattern of Consumption Attributed to Rising Average Income –Improved standard of living leads to an increase in solid waste which will affect the health of the people if proper disposal methods are not adopted by the people. Hence, it is expected to drive the growth of the global smart waste management market. It was found that, in the year 2021, the average gross wage per full-time employee in the United States was ~USD 6,228/month or USD 74,738 annually.
- Growing Concern of Rising Incidences of Pollution Globally – It was found that, in the year 2019, ~9 million premature deaths were caused by pollution. The number of deaths inflicted by air pollution, water pollution, lead, and toxic occupational hazards accounted for approximately 7 million, ~1.5 million, ~900,000 and ~870,000 deaths respectively.
Challenges
- High Cost Required for the Adoption of Effective Waste Management – As per the World Bank, the operational costs required for developing efficient integrated systems that are sustainable, and socially supported is high. It mostly comprises 20%–50% of municipal budgets.
- Heavy Reliability on Informal Workers for Resource Recovery - Collection, sorting, and recycling of 15%–20% waste generated is done by informal workers who lack proper training.
- Concern of Improper Waste Handling due to Lack of Awareness – More than 90% of waste is usually burned openly or disposed in unregulated dumps in low – income countries.
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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Smart Waste Management Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global smart waste management market includes the following segments:
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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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Top Featured Companies Dominating the Global Smart Waste Management Market
- WM Intellectual Property Holdings, L.L.C.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Veolia Environnement SA
- Suez SA
- Covanta Holding Corporation
- Big Belly Solar, Inc.
- Waste Connections, Inc.
- Urbiotica
- Ecube Labs
- Enevo Oy
- Republic Services, Inc.
