Portland,OR, Oct. 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global waste management market generated $1,612.0 billion in 2020, and is projected to reach $2,483.0 billion by 2030, witnessing a CAGR of 3.4% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Growth in urban population, increase in amount of waste generated, rise in environmental awareness, and government regulations toward illegal dumping drive the growth of the global waste management market. However, Lack of awareness in developing countries and labour intensive & high costs of transportation restrain the market to some extent. On the other hand, high growth potential in emerging economies presents new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of almost all offices and industries, thereby drastically affecting the waste production.
- However, the municipal waste from residential areas were increased to some extent.
- Also, due to decline in operational activities, demand for recyclable materials such as rubber and plastic were decreased.
- However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-initiation of waste management companies and waste recycle industry at their full-scale capacities.
The report offers detailed segmentation of the global waste management market based on type, service, and region.
Based on type, the industrial waste segment held the highest market share in 2020, holding 93.8% of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the hazardous waste segment is estimated to register the highest CAGR of 6.4% from 2021 to 2030.
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Based on service, the disposing segment held the largest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 3.6% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding more than half of the global waste management market, and is estimated to continue its dominant share by 2030. However, LAMEA region is projected to manifest the fastest CAGR of 3.9% during the forecast period.
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Leading players of the global waste management market analyzed in the research include Biffa Plc, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd., Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services, Inc., Suez, Veolia Environnment, and Waste Management Inc.
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