The SNS Insider report indicates that the Solid Waste Management Market size was USD 325.70 billion in 2023 and is expected to reach USD 425.63 billion by 2031, growing at a CAGR of 3.4% over the forecast period of 2024-2031.
The solid waste management market is experiencing a period of accelerated growth driven by several key factors.
Increased urbanization, industrialization, and a rising global population contribute to increased waste generation. This necessitates effective waste management strategies to handle the growing volume of waste. Heightened environmental awareness drives initiatives focused on mitigating environmental impacts caused by improper waste disposal, further propelling the market forward. Governments worldwide are enforcing stricter regulations, emphasizing proper waste management practices. Along with this, a surge in recycling and resource recovery efforts underpins the market’s expansion. Sustainable practices, reduction of reliance on raw materials, and responsible waste management are becoming dominant themes.
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Some of the Key Players Included are:
Waste Management Inc, Republic Services, SUEZ, Veolia, Biffa PLC, Clean Harbors, Covanta Holding, Daiseki, Hitachi Zosen, and other key players are mentioned in the final report.
Market Analysis
The introduction of smart waste management technologies is revolutionizing the market. By leveraging the Internet of Things (IoT), waste collection routes, resource utilization, and driver schedules are optimized. This reduces unnecessary resource expenditure and operational costs. Due to the decreasing cost of sensors, IoT-based waste collection solutions are expected to become more prevalent, transforming waste management processes. Public awareness campaigns by international organizations like the International Solid Waste Association fuel market expansion, particularly in developing regions. This awareness translates into increased demand for proper waste handling practices and disposal services.
Segment Analysis (By Waste Type)
Industrial Waste- This segment is the largest and fastest-growing, fueled by rapid industrialization and stringent regulations governing industrial waste disposal. Industries generate a significant amount of waste, and increasing focus on recycling and circular economy practices further bolster this segment.
Segment Analysis (By Treatment Method)
Collection- The waste collection segment is dominant due to the labor-intensive and resource-dependent nature of the collection process. Optimizing collection routes and equipment is essential for efficient waste management.
By Waste Type
- Industrial Waste
- Municipal Waste
- Organic Matters
- Plastic
- Paper
- Glass & Metal
- Others
By Treatment Method
- Collection
- Processing
- Recycling
- Compositing
- Disposal
- Open Dump & Landfilling
- Incineration
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Recent Developments
- In October 2023, Veoliasigned a €2 billion contract to support waste management and resource recovery in Hong Kong, contributing to their decarbonization goals.
- In September 2023, SUEZsecured significant contracts in China’s water and waste markets, aligning with the country’s 2060 carbon neutrality targets.
- In Feb 2021, Biffa Groupacquired Company Shop Group, the UK’s leading redistributor of surplus food and household goods, highlighting the focus on waste reduction and resource recovery.
- In May 2021, Eramet and SUEZpartnered to develop a practical and affordable solution for electric vehicle battery recycling in Europe. Additionally, Veolia and Renault joined forces to establish a closed-loop recycling system for EV battery metals.
Impact of the Russia-Ukraine War
The conflict has had ripple effects on the waste management industry. Supply chain disruptions, increasing energy costs, and economic uncertainty are factors weighing on this market. However, increased focus on resource management, material recovery, and diverting waste from landfills could potentially offset some of these negative impacts. For instance, energy generation from waste-to-energy facilities may become more important as traditional energy sources face constraints.
Regional Landscape:
Europe leads the market, with high income levels, robust waste treatment systems, well-established waste-to-energy plants, and stringent EU regulations promoting sustainability. North America, driven by the U.S., this region holds a significant market share with high waste collection rates and the presence of major waste management corporations.
Key Takeaways
- The report offers a comprehensive solid waste management market analysis, highlighting current trends, growth drivers, and challenges.
- It explores the impact of technological advancements, growing environmental concerns, and evolving regulations on the market landscape.
- Rising environmental consciousness and stricter regulations are transforming the global waste management landscape.
- Increased focus on efficiency and sustainability drives the adoption of smart technologies.
- Recycling and resource recovery efforts are paramount to mitigating waste while unlocking economic value.
Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of ongoing Recession
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Solid Waste Management Market Segmentation, By Waste Type
- Solid Waste Management Market Segmentation, By Treatment Method
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Use Case and Best Practices
- Conclusion
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