The global waste management services market is estimated at US$ 1,499.3 billion in 2022, with a projected market valuation of US$ 2,094.5 billion for 2032, expanding at a CAGR of 3.4% over the next ten years.
Demand for waste management solution is expected to increase as governments across the world are taking favourable initiatives to collect, transport, and recycle waste. The Government of India legislated various acts, rules, and regulations regarding efficient solid waste management. Municipal solid waste rules are enacted in India to practice waste management services not only in municipal areas but also in railway stations, special economic zones, religious places, and others.
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Key Trends in the Waste Management Market:
- Increasing focus on circular economy: There is a growing emphasis on shifting from a linear economy (take-make-dispose) to a circular economy, where waste is minimized, resources are efficiently managed, and materials are recycled and reused. Waste management practices are evolving to support the circular economy approach, with a focus on waste reduction, recycling, and resource recovery.
- Adoption of advanced technologies: The waste management industry is embracing advanced technologies to optimize operations, improve efficiency, and enhance waste treatment processes. Technologies such as smart waste bins, Internet of Things (IoT)-enabled waste management systems, waste-to-energy conversion, and advanced sorting and recycling technologies are being implemented to streamline waste management processes and minimize environmental impact.
- Increasing focus on waste-to-energy: As the demand for renewable energy sources grows, waste-to-energy technologies are gaining prominence. Waste-to-energy involves converting waste materials into energy through processes such as incineration, anaerobic digestion, and gasification. This approach not only helps in waste management but also generates clean energy, contributing to sustainability and reducing reliance on fossil fuels.
- Growing importance of waste segregation and recycling: Governments and organizations worldwide are emphasizing waste segregation at the source and promoting recycling initiatives. The focus is on diverting waste from landfills and maximizing recycling rates. Recycling technologies, collection systems, and awareness campaigns are being implemented to encourage proper waste segregation and increase recycling efficiency.
- Shift towards sustainable waste management practices: Sustainability considerations are driving the adoption of eco-friendly waste management practices. This includes the promotion of sustainable waste collection methods, eco-design of products for easier recycling, eco-labeling, and the implementation of sustainable waste management strategies at the organizational level. Sustainable waste management practices help reduce environmental impact, conserve resources, and mitigate climate change.
- Rise of waste reduction and waste prevention initiatives: Waste reduction and prevention are gaining traction as effective waste management strategies. Governments, businesses, and individuals are focusing on minimizing waste generation through measures such as product redesign, packaging optimization, and the promotion of conscious consumer behavior. Waste prevention initiatives aim to reduce the overall volume of waste produced, thereby reducing the burden on waste management systems.
Prominent waste management service providers are Biffa Group, Biomedical Waste Solutions, Clean Harbors, Inc., Covanta Holding Corporation, Cleanaway Waste Management Limited, GFL Environmental Inc., Daiseki, Fcc Environment, Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services Inc, Renewi Plc, Stericycle, Suez Environment S.A, Urbaser, Valicor Veolia Environment S.A, Waste Connections, and Waste Management Inc.
- In October 2020, Waste management, a leading waste management company acquired Advanced Disposal Services. The acquisition will offer unparalleled eruption to differentiated, sustainable waste management & recycling services to the company in about 3 million new commercial, residential, and industrial customers, which was fundamentally located in 16 states in the eastern half of the United States.
- In July 2021, Stericycle, a waste management company has partnered with UPS healthcare to manage the reverse logistics of medical waste. The partnership allowed an expansion of companies towards transportation, treatment, and disposal of different types of medical waste such as bio-hazardous, pharmaceutical wastes, and sharps.
- In February 2021, Biffa group, a leading waste management organization, acquired Shop Group, which is a leading organization in redistributing surplus food & household products. As part of the agreement, the two businesses will collaborate to offer the food manufacturing and FMCG industries a special circular economy proposition. This will enable some of the largest operators in the UK to realize sustainable value from the 141,000 tonnes of high-quality food and beverage surplus that are produced in the U.K. each year.
Fact.MR has provided detailed information about the service providers of waste management positioned across regions, revenue growth, and service offering expansion, in the recently published report.
Segmentation of Waste Management Industry Survey
· By Service :
- Collection
- Transportation
- Recycling & Disposal
· By Waste Type :
- Commercial Waste
- Industrial Waste
- Municipal Waste
- Others (not covered elsewhere)
· By End-use Industry :
- Residential
- Commercial
- Industrial
· By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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