The ‘Global Smart Waste Management Market Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global smart waste management market, assessing the market on the basis of its segments like waste type, method, source, and major regions.
Smart Waste Management Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 2.2 billion
• Forecast CAGR (2023-2028): 10.87%
• Forecast Market Size (2027): USD 4.3 billion
With increasing usage and adoption of Internet of Things (IoT) technology for city monitoring, infrastructure management, and rapid urbanisation, the smart waste management market growth is expected to propel. It is also expected to aid the adoption of IoT among smart cities’ services and solutions over the coming timeframe. The benefit of smart waste management is in handling waste by monitoring systems and employing sustainable waste management by aiding IoT, sensors, and data analytics, which is further likely to bolster the market growth of smart waste management.
Rapid industrialisation is likely to generate a large amount of waste as well. To manage this waste, intelligence waste management systems are needed, thereby fuelling the smart waste management market size during the forecast period. The increasing initiatives for smart cities such as the rise in smart city infrastructure, especially in emerging economies, is likely to drive the market growth of smart waste management.
Due to the surging environmental awareness for sustainable waste management, the market growth of smart waste management is expected to bolster over the upcoming years. Moreover, smart waste management solutions minimise fuel costs, as well as consumption. There is also no requirement for a physical check for containers owing to the utilisation of smart dumpsters, which are anticipated to propel the demand for the smart waste management market.
Smart Waste Management Industry Definition and Major Segments
Smart waste management refers to utilising data and technology to generate a more efficient waste industry. Smart waste management focuses on augmenting resource allotment, enhancing the sustainability of waste services, and minimising running costs using IoT technology. It aims to solve solid waste management problems with help of intelligent monitoring systems and sensors, along with various mobile applications.
On the basis of waste type, the market is divided into:
• Solid Waste
• Special Waste
Based on method, the market is segmented into:
• Smart Collection
• Smart Processing
• Smart Disposal
By source, the market is categorised into:
By region, the market is segmented into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Smart Waste Management Market Trends
The reduction of carbon footprints owing to the additional strategic planning of garbage collection trucks with real-time data is likely to propel the small waste management market trend over the forecast period. Also, smart waste management solutions advantage over traditional waste collection systems is that it is environmentally friendly which is likely to positively influence the market demand.
The surging adoption of connective-technology-based products in smart waste management is anticipated to augment the market. Technologies such as radio frequency identification (RFID) tags, sensor-based containers, vacuum containers, and disposal tags provide real-time management and tracking of solid municipal waste.
Based on region, the Asia Pacific is anticipated to witness significant growth in the smart waste management market share on account of the growing urban population coupled with increasing smart city infrastructure. Furthermore, route optimisation would prevent overflowed trash bins, focusing on almost full ones, facilitating smart waste management. This is further anticipated to boost the market demand for smart waste management across the globe in the coming years.
Meanwhile, the North American region is expected to witness growth in the smart waste management market trends over the upcoming years. This is owing to the high investment in smart city projects by major players coupled with innovative solutions and services to manage waste. Other market supporting factors are an increase in awareness regarding waste management among people and a rise in smart bins usage across the region.
Smart cities are focused on the efficient usage of resources by achieving more while employing less input. Thus, one of the advantages is the accessibility of real-time data, permitting for decisions to be made quickly which is further likely to fuel the demand for smart waste management across the globe.
Key Market Players
The major players in the global smart waste management market report are:
- Covanta Holding Corporation
- Veolia Environnement S.A.
- Republic Services, Inc.
- Sensoneo j.s.a.
- BigBelly, Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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