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The global solid waste management market size was USD 285.16 billion in 2019 and is projected to reach USD 366.52 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period.
Solid waste is defined as unwanted solid material generated as a result of human activities. Solid waste is mainly derived from residential, commercial and industrial operations. Solid waste mostly includes organic matter, waste paper, waste plastic products, glass and metal products. Solid waste management refers to the proper collection of waste material, processing and disposal in a way that best addresses the assurance of public health and environmental concerns. Solid waste practices differ accordingly for industrial & municipal waste, urban & rural area and developed & developing countries. As the primary objective of solid waste treatment is to keep human & environmental health intact, it is given more importance for leading superior quality of life and for the overall economic development.
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Smart Waste Management is Boosting Market
The Introduction of smart waste management services has started a new technological trend in the market. Traditional waste collection processes are highly resource-intensive and use predefined routes regularly. This, in turn, sometimes leads to unnecessary wastage of available resources. The new Internet of Things (IoT) based technologies can optimize waste collection process better, identify waste filling patterns, optimize driver schedule and reduce operational costs. Also, with the decrease in the price of sensors, IoT based waste collection bins are expected to be a feasible smart solution for waste management in the near future.
Increasing Awareness About Benefits of Waste Management is Fueling Growth
Due to bulk availability of solid waste information over time, people are more aware of the benefits and drawbacks of hazardous solid waste handling on human health as well as the environment. Proper waste management not only offers environmental & health benefits but also provide social & economic benefits. Waste management improves the aesthetics of the environment and conserves the natural resources by reducing air, water and soil pollution. Timely waste cleaning restricts the spread of vector-borne diseases and helps to improve the quality of personal hygiene. It also reduces emissions of harmful greenhouses gases such as methane, carbon monoxide, which leads to the serious problem of global warming.
Recycling the useful waste material helps in the conservation of raw material, reduces the burden on the economy, and supports community development goals. Moreover, leading organizations such as the International Solid Waste Association are generating awareness in developing countries of Asia & Africa about the benefits and necessity of waste management through public awareness campaigns. This, in turn, is expected to drive the growth of the market during the forecast period.
High Operating Costs May Challenge Growth of Market
Solid waste management is both a complex and time-consuming process. Therefore, it requires high capital and operating cost for waste collection vehicles, bins, and processing equipment. Waste handling requires higher quantities of workers to perform different duties. As they need to work across different locations, sometimes it is challenging to retain professionally motivated staff to carry out smooth operations. Also, solid waste can easily pollute the land & water resources, and therefore it should be handled carefully and with the help of trained workers. This, in turn, increases the operating cost of the overall operation.
Industrial Waste Segment To Remain Largest Waste Type In Market Over The Forecast Period
Based on waste type, the market is segmented into industrial waste and municipal waste. Among these, industrial waste is the largest and fastest-growing segment. Industries are considered the largest source of solid waste. Rapid industrialization across the developing economies is the primary driver for the growth of this segment. Due to government-imposed stringent regulations, manufacturers need to dispose of industrial waste properly. This increases the need for efficient waste management services. Also, the growing importance of material recycling and circular economy to meet the sustainable goals is fueling demand for proper industrial waste management services.
The municipal waste segment is further categorized into organic matters, paper, plastic, glass & metal, and other types of waste. Rapid urbanization across the world is projected to create potential opportunities for the growth of this segment during the forecast period. According to a research report of the United Nations 2018 Revision of the World Urbanization Prospects, over 55% of the global population is residing in urban areas in 2018, and this percentage is expected to rise up to 68% by the end of 2050.
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Collection Segment to Account For Major Share During Forecast Period
Based on the treatment method, the market is categorized into collection, processing and disposal. Among these, the collection segment accounted for the largest revenue in the market in 2019. Collection of solid waste is a labor-intensive activity and accounts for the largest share in the total expenses on solid waste management. It is a complex process and involves an optimized selection of collection routes & use of collection equipment.
The disposal segment held the second-largest share in the market in 2019. This segment is further divided into landfilling & open dump and incineration. Among these, landfilling & open dump is used widely for the disposing of industrial and municipal solid waste. Modern landfill operations are carefully designed & managed in a safe & responsible manner to handle both industrial & municipal solid waste. Moreover, landfilling has the potential to improve the poor quality of land, which can be further converted into recreational parks or playground.
The processing segment is further grouped into recycling and composting. Recycling accounted for the largest share as most of the processed waste is recycled to meet the requirements of sustainable goals and economic benefits in terms of raw material requirements. Also, recycling reduces the burden on landfilling & incineration and helps to keep the environment safe.
Europe Solid Waste Management Market Size, 2019 (USD Billion)
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Europe accounted for the largest market share in 2019. Most of the European nations are high-income countries and are very well connected to solid waste treatment systems. Therefore, the average waste collection rate of European countries is high. Also, the large presence of waste-to-energy plants in this region is driving the growth of the market. More than 500, waste-to-energy plants are operating in Europe. Also, over the years, the European Union has developed comprehensive legislation to improve waste management and reduce greenhouse gas emissions. This is boosting the demand for waste management services across Europe.
North America recorded the second-largest share in the global market. In North America, the U.S. held the largest share in 2019 and is projected to grow at a rate of 2.6% during the forecast period. The U.S. is one of the largest producers of solid waste in the world. The waste collection rate is over 98%. Owing to the well-established collection, processing & disposal methods and presence of large waste management companies such as Waste Management Inc., Clean Harbors Inc., Covanta Holdings Corporation, the U.S. is projected to lead the global market during the forecast period.
Asia Pacific recorded the third-largest share in the market in 2019. Also, the region is projected to emerge as the fastest growing at a CAGR of 4.2% during the forecast period. In Asia Pacific, China is the largest shareholder, followed by India. Though waste collection rate in China & India is less as compared to developed economies, rapid industrialization and population growth are driving the growth of the market in these countries. According to the United Nations report, China and India together account for over 37% of the world population. Approximately 1.4 billion and 1.3 billion people are currently residing in China and India, respectively. Strict government waste treatment regulations and high penetration of waste management systems are driving the growth of the market in developed countries such as Japan, South Korea, and Australia, among others.
Key Market Players Use Organic and Inorganic Growth Strategies to Maintain Their Position in the Global Market
Key players operating in the global market have invested a considerable amount of resources in developing new waste management technologies to gain competitive age. In order to expand the geographical footprints and service offerings, leading waste management companies such as SUEZ Group, Veolia Environment among others, are adopting merger and acquisition strategies. Moreover, these companies are heavily investing to establish new facilities to extend their services & to meet increasing demand from consumers. Most of the waste management companies are continuously engaged with regional environmental as well as government authorities to increase awareness about health benefits of proper waste treatment through waste management campaigns. Smart & sustainable waste management, social media marketing is the key sales & marketing strategies used by market leaders to increase their revenue growth. Few companies are entering in long term contracts & agreements with local municipalities to offer continuous solid waste management services.
The market research report provides both qualitative & quantitative insights besides a thorough market research analysis. Quantitative insights include the market size in terms of value (USD Billion) across each segment, sub-segment and region profiled in the study. Also, it provides market share analysis and growth rates of segment, sub-segment and key counties across each region. Qualitative insight covers the elaborative analysis of the market drivers, restraints, growth opportunities, and current trends related to the market. The competitive landscape section covers detailed company profiling of the key players operating in the solid waste management industry.
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Value (USD Billion)
By Waste Type
By Treatment Method
Fortune Business Insights says that the global market size was USD 285.16 billion in 2019 and is projected to reach USD 366.52 billion by 2027.
Growing at a CAGR of 3.3%, the market will exhibit significant growth in the forecast period (2020-2027).
Industrial waste segment is expected to be the leading segment in this market during the forecast period.
Increasing awareness about harmful effects of solid waste and strict government regulations for solid waste treatment are the key factors driving the solid waste management market.
Europe held the highest market share in 2018.
Key players operating in the market are Waste Management Inc., SUEZ Group, Veolia Environment S.A., Biffa Group PLC, Clean Harbors Inc., Covanta Holdings Corporation, Hitachi Zosen Corporation, Remondis AG & Co. Kg, Covanta Holding Corporation Republic Services Inc., Stericycle Inc., Advanced Disposal Services Inc., ALBA Group, Recology, TANA Oy, Envac Group among others.
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