Jersey City, NJ, Jan. 30, 2024 (GLOBE NEWSWIRE) -- “Waste Management Market” in terms of revenue was estimated to be worth $751.3 billion in 2023 and is poised to reach $1,165.1 billion by 2031, growing at a CAGR of 5.78% from 2023 to 2031, according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Waste Management Market are:
- Population growth and urbanization is a major driver
- Increased waste generation is driving the market
- Public awareness and participation drive the market
The following are the primary obstacles to the Waste Management Market's expansion:
- Lack of infrastructure to restrict market growth
- Limited financial resources to limit market growth
- Illegal dumping and informal waste sector to hinder market expansion
Future expansion opportunities for the global Waste Management Market include:
- Technological Advancements such as Internet of Things (IoT) sensors, artificial intelligence, and data analytics
- Embracing circular economy principles presents a significant opportunity
- The increasing volume of electronic waste presents an opportunity for specialized e-waste management services
- One of the significant concerns restraining industry growth is the resistance to adopting new waste management practices, both at the individual and organizational levels, can be a significant constraint.
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Market Analysis:
The market is characterized by steady growth, influenced by factors such as rapid urbanization, population growth, and heightened environmental awareness. With an increasing global focus on sustainability, the industry is witnessing technological advancements, the adoption of circular economy principles, and a shift towards waste-to-energy solutions.
List of Prominent Players in the Waste Management Market:
- Augean Plc
- Biffa Plc
- Biomedical Waste Solutions
- Clean Harbors
- Cleanaway Waste Management Limited
- Covanta Holding Corporation
- Daiseki Co. Ltd
- Enviro-Hub Group
- Eri
- Fcc Environment
- Hitachi Zosen
- Relay Group
- Remondis Se & Co. Kg
- Republic Services
- Stericycle
- Suez
- Umicore
- Urbaser
- Valicor
- Veolia Environment
- Waste Connections Inc.
- Wm Intellectual Property Holdings L.L.C.
Waste Management Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2023 | USD 751.3 Bn |
| Revenue forecast in 2031 | USD 1,165.1 Bn |
| Growth rate CAGR | CAGR of 5.78% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Bn, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | By Material, Product, Application, End-Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Recent Developments:
- In November 2022, Daiseki was pleased to announce that their greenhouse gas emissions reduction targets have been certified by the S.B.T. Initiative ("SBTi") as "Science Based Targets."
- In November 2023, A Tomra Cleanaway, driving value from recycling, opened over 140 refunds. Furthermore, more refund points will continue to be added in the months to come, with 180 refund points to be established once the rollout has been fully completed in the west zone in August 2024.
- In January 2023, Covanta, a leader in sustainable materials management and a premier provider of environmental solutions benefitting businesses and communities, announced that emissions data is now available to the public online for the Covanta Hillsborough Waste-to-Energy Facility in Tampa, FL, which every year processes 523,000 tons of waste that would have otherwise gone to methane-producing landfills.
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Waste Management Market Dynamics:
Market Drivers: Limited Financial Resources
The limited financial resources in the waste management sector are acting as a driving force for innovation and efficiency. Faced with budget constraints, waste management entities are increasingly exploring cost-effective and sustainable solutions. This has led to the adoption of technologies such as smart waste management systems, which optimize collection routes and reduce operational costs. Additionally, the financial limitations have spurred collaboration between the public and private sectors, fostering partnerships that leverage the strengths of both to address infrastructure gaps.
Challenges: Diverse and Complex Waste Streams
The presence of diverse and complex waste streams poses a significant challenge to the waste management market. The increasing variety of waste types, including hazardous materials and electronic waste, demands specialized handling and treatment processes. This complexity not only requires sophisticated technologies for proper disposal and recycling but also necessitates continuous efforts in research and development. The challenge is further intensified by the need for effective public awareness and education to encourage responsible disposal practices.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North America Waste Management Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This growth can be attributed to several factors, including stringent environmental regulations, a strong emphasis on sustainable practices, and the adoption of advanced waste management technologies. Government initiatives promoting recycling and waste reduction contribute to market expansion, along with increased awareness among businesses and consumers regarding the environmental impact of improper waste disposal. Additionally, the region's commitment to circular economy principles and the rising demand for innovative waste-to-energy solutions further drive market growth.
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Segmentation of Waste Management Market-
By Waste Type-
- Municipal
- Industrial
- E-waste
By Service-
- Collection
- Recycling
- Landfill
- Incineration
By Type-
- Do Hazardous
- Non-Hazardous
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- G.C.C. Countries
- South Africa
- Rest of Middle East and Africa
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