Portland, OR, Jan. 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart waste management industry was pegged at $1.68 billion in 2019, and is expected to reach $4.10 billion by 2027, registering a CAGR of 15.1% from 2020 to 2027. The report provides an in-depth analysis of the current and emerging global smart waste management market trends and dynamics.
Increase in environmental awareness, stringent environmental regulations by countries from Europe and North America for sustainable waste management, and rapid urbanization & industrialization fuel the growth of the global smart waste management market. On the other hand, high capital investments and lack of efficient connectivity impede the market growth to certain extent. However, surge in smart city initiatives and technological advancements such as the internet of things (IoT) for waste collection are anticipated to usher a plethora of opportunities for the market players in the coming years.
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Covid-19 Scenario
- The Covid-19 outbreak impacted manufacturing activities in the industry, thereby disrupting the production of equipment and sensors required for smart waste management for commercial, residential, and industrial waste collection and removal.
- Government bodies in various regions and health governing authorities such as WHO and NHA issued regulations and management based on various aspects of smart waste management processes to curb the spread of coronavirus through waste.
- Nevertheless, the manufacturing and supply activities of equipment, devices, and tools for smart waste management have restarted during the post-lockdown period, which simplified the collection and disposal processes.
The global smart waste management market is segmented on the basis of waste type, method, source, and region. Based on waste type, the solid waste segment dominated the market with the highest market share, accounting for nearly three-fifths of the global solid waste management market in 2019, and is expected to lead during the forecast period. On the other hand, the e-waste segment is anticipated to register the highest CAGR of 18.8% from 2020 to 2027.
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Based on source, the residential segment held the highest share in 2019, with nearly half of the global market, and is anticipated to retain its leadership status during the forecast period. Furthermore, the same segment is also projected to manifest the largest CAGR of 16.6% from 2020 to 2027.
Based on region, North America held the highest share in terms of revenue in 2019, with nearly two-fifths of the global market, and will rule the roost by 2027. At the same time, Asia-Pacific is expected to manifest the highest CAGR of 18.5% during the forecast period. The other regions studied in the report include Europe and LAMEA.
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Leading market players in the report include Covanta Holding Corporation, SUEZ Environmental Services, Republic Services Inc., Waste Management Inc., Sensoneo J.s.a., Bigbelly Inc., Urbiotica, Ecube Labs Co. Ltd., and Enevo Oy
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