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The smart waste management system is a sensor and IoT-based measurement system that indicates the waste or garbage filling levels and notifies when the storage bins are ready to be emptied or replaced with another storage bin.
Smart waste management system is a much efficient way to manage waste. It makes the task easy for the trash collector by giving them the proper routes, filling patterns, reducing the operational cost, and fewer chances of being the waste or garbage filled for over a week or more.
The growing difficulty in waste collection, processing and management demands a much efficient solution by adoption of the smart waste management system in the rising growth in urbanization and smart city initiatives can be very supportive to the government and other concerned authorities as the efficiency of collecting huge amount of waste would increase along with that the category of waste could be classified smoothly that would lead to the recycling or disposal of the waste in efficient manner for better environment and public health. The growing concerns and awareness of need for proper waste management system across the globe, could make the government take initiatives and imply proper environmental regulations of waste management with combination of advance technology and innovative strategies contributing to the smart waste management market growth in future.
Key Market Driver -
• Government and industries growing concern towards better environment and need for recycling and reprocessing waste efficiently. • Rapid growth in urbanization with expanding industrialization and increasing demands of smart cities.
Key Market Restraint -
• Higher operational cost initially with several processing equipment’s along with internet connectivity issues.
The companies are focusing on recycling most of the waste efficiently and maximizing the renewable benefits by generating energy or gas. Some of the key players profiled in the smart waste management system market are Covanta Holding Corporation, Suez Environmental Services, Veolia Environmental Services, IBM Corporation, Bigbelly Inc., Ecube Labs Co Ltd., Waste Management, Inc., Sensoneo and Enevo Oy, among others. In April 2021 Covanta Holding Corporation made the continuous emissions monitoring data of Delaware Valley Waste to Energy available online to public on the company’s website 24*7, the data will be exact as it is with the Pennsylvania’s concerned authorities which will increase the transparency between the authorities and residential public and they can monitor the steps taken by the authorities to maintain the air quality and gaseous compounds in the atmosphere.
North America currently dominates the smart management waste system market and is forecasted to dominate the market share with double CAGR owing to growth in investment in smart cities along with the utilization of smart bins and innovative solution to manage the waste. However, the Asia Pacific region is expected to show remarkable growth in the upcoming time period of 2021-2027 with extensive investment in R&D owing to rise in infrastructure, rising urban population, major industrialization and surge in waste management.
Europe is expected to be fastest growing smart waste management market as various countries in the region has proper government policies with additional factor of increasing awareness about e-waste management and government initiatives which will show the market growth in future. Similarily Middle East is excpeted to be rapidaly grwing market as the countries in the region like Saudi Arabia and UAE are constantaly adopting, promoting new strategies to recycle and dispose the waste produced to achieve environmental sustainability and environmental preservation.
South America is expected to grow steadily in the forecasted period owing to the visiblility in initiatives taken by stakeholders in various countries in the region. However, the governments are yet to adopt and define guidelines which will show a roadmap and help the stakeholders to excecute their initiatives efficiently.
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