The global waste management market is expected to gain significant momentum in the forecast period, 2020-2027. The industrial waste sub-segment is set to gain the highest market share. The disposable sub-segment is predicted to dominate the market. The Asia-Pacific region is expected to further add to the market growth.
New York, USA, Aug. 02, 2021 (GLOBE NEWSWIRE) -- A recent report by Research Dive states that the global waste management market is predicted to witness a rise in revenue from $2,075.8 billion in 2019 to over $2,319.5 billion by 2027, at a steady CAGR of 5.6% from 2020-2027.
Drivers: Governments all over the world have been implementing regulations to ensure the best ways to dispose waste. The rising risk of wrongly disposing certain types of waste can not only be harmful to people but for the planet as well. One such organization, the Environmental Protection Agency of the United States, introduced initiatives that placed importance on the recycling of aerosol cans and revised the import-export regulations. These factors are expected to be responsible for the growth of the market in the analysis period.
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Restraints: Waste management is a widely used process that primarily relies in recycling of waste, but one of its major drawbacks is that the process isn’t environment friendly. Waste-to-Energy is one the most popularly used techniques that uses waste to generate energy. But when the waste is getting recycled, it also results in toxic gases such as nitrogen dioxides and sulphur dioxides being released into the atmosphere. Due to this factor, the process isn’t entirely a clean process as it still results in pollution. These factors are predicted to restrain the growth of the market in the forecast period.
Opportunity: The growing infrastructure of countries in the Asia-Pacifc and LAMEA region are expected to boost the growth of the market further. India, for instance placed importance on waste management using the Swachh Bharat Mission (SBM) in February 2020. This scheme focused on the collection of solid waste, segregating it based on certain categories, and in the end processing the plastic waste for recycling purposes. Initiatives like these are expected to provide an opportunity of growth for the market in the estimated timeframe.
The market is segregated into multiple segments based on- type, service, and region.
Industrial Waste Sub-Segment Set To Dominate the Market
By type, the industrial waste sub-segment is predicted to dominate the market with a revenue of $2,064.2 billion in the analysis period. The waste usually discarded by manufacturing industries or factories is termed as industrial waste and it mostly includes solvents, scrap metal, oil, and more. This sub-segment is expected to grow due to the increasing industries as well as urbanization all over the world. To add further, the rising construction activities and the introduction of the concept of smart cities are set to add to the growth of the sub-segment in the analysis period.
Disposable Sub-Segment to Gain Highest Market Share
By service, the disposable sub-segment is set to gain the highest revenue of $1,230.2 billion in the analysis period. This growth is credited to the increasing regulations with regard to management of waste and an efficient disposal process. Multiple techniques such as composting, plasma gasification, and recycling can be used to dispose waste in a proper manner. The U.S Energy Information Administration ensured the implementation of a tax relief policy, that organizations that use over 50% of renewable raw materials can avail for their benefits. These factors are set to contribute to the growth of the market in the forecast period.
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The Asia-Pacific region is set to dominate the market with a rise in the revenue from $1,183.4 billion in 2019 to over $1,366.0 billion by 2027 in the estimated timeframe. The infrastructural projects have been rising immensely over time especially in countries like China and India which has further led to the implementation of waste management regulations. One such initiative was taken by China when the country noticed mismanagement of waste and decided upon sorting waste into four categories. Most of the waste would now be sorted into perishables, residuals, hazardous materials, and recyclables. These techniques are eventually set to ensure efficiency in waste management while also reducing greenhouse gas emissions. Thus, the region is set to experience significant growth in the forecast period.
Waste Management Market Key Players
The report contains a list of notable market players who have been ensuring the constant growth of the market. They are as listed below:
Covanta Holding Corporation
Hitachi Zozen Corporation
Republic Services, Inc
Casella Waste Systems Inc
Clean Harbors, Inc
Daiseki Co, Ltd
Remondis Se & Co. Kg
Suez Waste Management, Inc
These players are currently focusing on R&D activities, mergers &acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market. For instance, in July 2021, Covanta Holding Corporation, a global expert in the field of sustainable energy, entered an agreement with EQT Infrastructure, a renowned investment organization. This initiative is anticipated to be beneficial for both the organizations as they believe in a safer future which is invested in sustainable waste management on a large scale.
COVID-19 Impact on the Global Waste Management Market
The widespread effect of COVID-19 was felt across multiple industries as they were negatively affected. One among them was the waste management market which experienced a drop due to the increasing waste being generated by humans. The waste is usually not segregated leading to it being taken to landfills. The lockdown also caused panic among people, which led to them overstocking on the products, which in the long run led to wastage of multiple products and waste being generated from single use products. The market is predicted to reclaim its position in the industry due to the implementation of initiatives by governments which could help curb the level of waste being disposed.
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