Portland, OR, Feb. 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global underground waste containers market was pegged at $796.7 million in 2019 and is estimated to hit $1.05 billion by 2027, registering a CAGR of 5.9% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increasing population & urbanization, growing environment related concerns, and strict government regulations drive the growth of the global underground waste containers market. On the other hand, lack of awareness in developing economies impedes the growth to some extent. However, high-end technological advancements are expected to create lucrative opportunities for the key players in the industry.
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Covid-19 scenario-
- Disruptions in production of the systems due to shortage of raw materials and distorted supply chain affected the global market for underground waste containers negatively.
- However, government bodies across the world are now easing off the existing rules and regulations and market is projected to recoup its position soon.
The global underground waste containers market is analyzed across product type, capacity, end-user, and region. Based on product type, the metal segment contributed to nearly half of the total market share in 2019 and is expected to rule the roost by 2027. The plastic segment, on the other hand, would register the fastest CAGR of 6.5% during the forecast period.
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Based on application, the commercial segment accounted for nearly half of the total market revenue in 2019 and is anticipated to lead the trail by the end of 2027. Simultaneously, the residential segment would grow at the fastest CAGR of 6.6% from 2020 to 2027.
Based on geography, North America held the major share in 2019, generating nearly one-third of the global market. At the same time, the region across Asia-Pacific would exhibit the fastest CAGR of 7.3% by 2027. The other two regions covered in the report include Europe and LAMEA.
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The leading market players analyzed in the global underground waste containers market report include Nord Engineering S.r.l., ESE World B.V., Zweva Environment bvba, Ecoloxia Environmental Group Inc, Meulenbroek Machinebouw B.V., Oktagon Engineering GmbH, OGE METAL YEARLTI YERUSTU COP KONTEYNER SISTEMLERI, Reflex Zlin spol. s.r.o., SOTKON GROUP, and Sutera USA. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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