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Commercial waste management service assists companies to manage their waste by providing the required service. Furthermore, a commercial waste management service also provides companies with waste analytics to enable them to minimize waste generation. Commercial waste management service helps companies create a zero-waste initiative by using advanced technological monitoring and smart waste management. The rising awareness of waste management has rendered a vast global market for commercial waste management services.
Based on the waste product, the global market is classified into non-food waste and food waste. The non-food waste segment accounted for the major share in the market, as it is a most generated waste by commercial establishments like offices, complexes, hotels, and restaurants. Non-food waste management from commercial establishments mainly comprises paper waste, which uses a complex waste treatment process. The food waste segment is forecasted to grow, owing to the effect of an increase in restaurants and an increase in electronic media instead of paperwork.
Based on the application, the market is classified into the collection, disposal, transfer, and others. The collection segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, as it is the most opted service by commercial establishments for their waste management. Disposal chutes have made collection an efficient process.
Several governments and organizations across the globe are issuing regulatory mandates and legislative directives regarding the correct and efficient commercial waste disposal. Governments all over the world are investing in initiatives to increase awareness of waste management, making recycling a popular norm. This factor is likely to drive the global commercial waste management services market during the forecast period.
The key market restraint for the lack of awareness in under-developed countries of the need for waste management. Also, inadequate financial support for setting up waste management and treatment processes in these countries is affecting the growth of the market.
Key Market Driver -
Government imposed regulations for commercial waste management
Key Market Restraint -
Lack of awareness in under-developed countries
Some of the major companies in the commercial waste management service market are Urbaser Ltd Commercial Services, Amey, Waste Management, Waste Connections, Advanced Disposal Services, Inc., Biffa, Clean Harbors, Covanta, Remondis International GmbH, SUEZ, Veolia, Cleanaway Waste Management and Republic Services.
The global commercial waste management service market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the major share of the global market, as most of the commercial waste management projects and treatment plants are present in the US. The North America market is also increasing due to the increasing waste production due to the growing industrialization in the U.S. and Canada. Asia-Pacific is the fastest-growing region for the global commercial waste management service market, owing to the rising urbanization and industrialization in developing nations such as India and China. The Europe region shows steady growth in the market, whereas Latin America and the Middle East and Africa regions are expected to show a surge by the end of the forecast period.
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