Jersey City, NJ, March 16, 2023 (GLOBE NEWSWIRE) -- The global Waste Management Market is estimated to reach over USD 1314.65 billion by 2031, exhibiting a CAGR of 6.97% during the forecast period.
The waste management market is a growing industry focused on managing and processing waste materials generated by households, industries, and other sources. The global waste management market is growing rapidly due to several factors, including increasing urbanization, industrialization, population growth, rising environmental awareness, and regulatory pressure to reduce waste. The market is also driven by technological advancements, such as developing more efficient and cost-effective waste processing technologies and adopting sustainable waste management practices.
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The waste management market is expected to grow in the coming years, driven by increasing environmental awareness, population growth, and technological advancements. The industry is essential in promoting sustainability and protecting the environment and will likely remain a critical sector of the global economy. Waste management requires significant investment in infrastructure, including waste collection trucks, sorting machines, and recycling facilities. In some areas, particularly in developing countries, more infrastructure may be needed to support effective waste management practices.
Recent Developments:
- On February 2022, Veolia was implemented at LIPOR'S Energy Recovery Plant, close to Porto, becoming one of Europe's first synthetic E-Fuel manufacturing units.
- In July 2021, Stricycle and U.P.S. Healthcare partnered to handle the reverse logistics of medical waste.
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
- Reclay Group
- Remondis Se & Co. Kg
- Republic Services
- Stericycle
- Suez
- Umicore
- Urbaser
- Valicor
- Veolia Environnement
- Waste Connections Inc.
- Wm Intellectual Property Holdings L.L.C
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Waste Management Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 727.13 Bn |
| Revenue forecast in 2031 | USD 1314.65 Bn |
| Growth rate CAGR | CAGR of 6.97% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million, 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 | Material, Product, Application, End-Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
One of the primary drivers of the waste management market is the increasing amount of waste generated worldwide due to population growth, urbanization, and industrialization. The increasing waste generation is creating a need for efficient and sustainable waste management practices. Governments worldwide are implementing regulations to promote sustainable waste management practices, reduce landfill waste, and promote resource recovery. These regulations are driving the adoption of waste management practices and technologies. The growing awareness among individuals, communities and businesses about the need for sustainable waste management practices drives the demand for waste management services.
Challenges:
Waste management is subject to complex and evolving regulations varying from region to region. Compliance with these regulations can be challenging and expensive, particularly for smaller waste management companies. While public awareness of the importance of waste management is growing, there is still a need to educate the public on the benefits of recycling and sustainable waste management practices. With public support, it can be easier to implement effective waste management solutions. The cost of waste management can be high, particularly for hazardous waste, e-waste, and other specialized waste streams. The high cost of waste management can limit its adoption, particularly in regions with limited resources. Landfills are a common waste management solution, but they require significant amounts of land, which can be limited in some areas. This can make it challenging to manage waste effectively, particularly in urban areas.
Regional Trends:
The Asia Pacific region will dominate waste management in the coming years. The increasing population, rapid urbanization, and industrialization in the region have significantly increased waste generation. The growing awareness about the need for sustainable waste management practices and the implementation of government regulations to promote waste reduction, recycling, and resource recovery are also driving the growth of the waste management market in the region. Additionally, the emergence of new technologies for waste management and the increasing adoption of smart waste management systems are expected to fuel further market growth in the Asia Pacific region.
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Segmentation of Waste management market-
By Waste type-
- Municipal
- Industrial
- E-Waste
- Service
- Collection
- Recycling
- Landfill
- Incineration
By Type
- 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
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- G.C.C. Countries
- South Africa
- Rest of the Middle East and Africa
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