New York, USA, Jan. 03, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global waste management market is anticipated to generate a revenue of $2,319.5 billion and rise at a CAGR of 5.6% throughout the forecast period from 2020 to 2027.
As per our analysts, with the increasing government regulations on the adoption of effective waste disposal techniques, the waste management market is predicted to experience a remarkable growth during the analysis timeframe. Moreover, the growing population and rapid urbanization are the major factors expected to create huge investment opportunities over the estimated period. However, though waste management is efficient, it is not environment-friendly, and this factor may hinder the growth of the market during the forecast timeframe.
Segments of the Market
The report has divided the waste management market into segments based on type, service, and region.
Type: Industrial Sub-Segment to be Most Productive
The industrial waste management sub-segment is projected to generate a revenue of $2,064.2 billion throughout the analysis timeframe. Rapid industrialization, urbanization, and the increasing focus on minimizing industrial waste are expected to amplify the growth of the market sub-segment during the estimated period.
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Service: Disposable Sub-Segment to be Most Profitable
The disposable sub-segment is predicted to garner a revenue of $1,230.2 billion over the forecast timeframe. The increasing regulations for waste disposal and management which includes composting, plasma gasification, and many others, are expected to bolster the growth of the market sub-segment during the analysis period.
Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the waste management market is projected to generate a revenue of $1,366.0 billion throughout the estimated period. The growing urban population in emerging countries, the increasing advancements in infrastructure, and the increasing waste management reforms of this region are the major factors expected to drive the regional growth of the market over the forecast period.
Covid-19 Impact on the Waste Management Market
The outbreak of the Covid-19 pandemic has badly impacted the waste management market. This is mainly due to the increasing amount of generated waste and the lack of human resources during the pandemic period. Moreover, the due to the stringent lockdowns across many countries made people buy essential goods in bulk which has increased single-used products all across the globe. However, various government initiatives for waste management and technological advancements have uplifted the growth of the market during the period of crisis.
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Key Players of the Market
The major players of the waste management market include
- Hitachi Zosen Corporation
- Daiseki Co. Ltd.
- Remondis Se & Co. Kg
- Covanta Holding Corporation
- Republic Services Inc.
- Clean Harbors Inc.
- Suez
- Biffa Plc.
- Casella Waste Systems Inc.
- Waste Management Inc.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaboration, and product development to attain a leading position in the global industry.
For instance, in September 2022, Energy Capital Partners (ECP), a leading investor across energy transition, electrification, and decarbonization infrastructure assets announced its acquisition of Biffa Plc, a renowned waste management company. With this acquisition, the companies aimed to bring effective and sustainable waste management to the UK, especially across areas that are underpinned by a strong national brand.
In addition, the report also summarizes other crucial aspects such as SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic development.
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More about Waste Management Market:
- Medical Waste Management: A Serious Matter to be Fixed!
- Global Waste Management: Towards a World of No Waste
- Global Waste Management Market: A Way to Create Employment and Build Robust Businesses
- Increase in the Amount of Waste from the Healthcare Sector to Propel the Growth of the Global Medical Waste Management Market
