Solid Waste Management Market Revenue, Key Players Analysis, Development Status, Opportunity Assessment and Industry Expansion Strategies 2027
The global solid waste management market size is projected to gain traction on account of the increasing amount of waste generation, further attributed to the contributions of the residential, commercial, and industrial sectors. Solid waste majorly includes waste plastic products, organic matter, and metal and glass products. As per a recent report by Fortune Business Insights, titled, “Solid Waste Management Market Size, Share & Industry Analysis, By Waste Type (Industrial Waste and Municipal Waste {Organic Matters, Paper, Plastic, Glass & Metal, and Others}), By Treatment Method (Collection, Processing {Recycling & Composting} and Disposal {Landfilling & Open Dump and Incineration}) and Regional Forecasts, 2020-2027,” the market is anticipated to reach USD 366.52 billion by the end of 2027 from USD 285.16 billion earned in 2019. The forecast period is set between 2020 to 2027, and the market is likely to exhibit a CAGR of 3.3%.
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Drivers & Restraints-
Advent of Smart Waste Management to Aid in Expansion of Market
Rapid industrialization and urbanization are the key factors
propelling the solid waste management market growth. In addition to this, the
advent of the new technological trends, such as smart waste management, is
expected to boost the market. This, coupled with the advent of Internet of
Things technologies with the potential of better waste collection process via
optimization that also reduces the overall operational expenditure, will aid in
the expansion of the market in the coming years.
On the contrary, managing solid waste is a long and tedious task
and requires high capital and operational cost in terms of waste collection
bins, vehicles, and processing equipment. Additionally, solid waste causes land
and water pollution that requires a large number of trained workers for
carrying out smooth operations to processes the waste. Therefore, the high
requirement of manual labor is also set to hamper the market growth.
Segment-
Collection Segment to Cover Major Share Owing to its Labor
Intensive Activity
The collection segment earned 56.6% share in 2019 and emerged
dominant based on treatment method. This is because the collection of solid
waste is completely labor-intensive and is the most crucial part of the
process.
Regional Analysis-
Europe Emerged Dominant Owing to High Collection Rate from Nations
Regionally, Europe generated USD 90.03 billion in 2019 and earned
the highest solid waste management market share. This is attributable to the
extensive collection of waste and the presence of more than 500 waste-to-energy
plants all over the region. Comprehensive legislations are laid by the European
Union for controlling greenhouse gas emissions and improving the waste
management system in the region, thereby aiding to the dominance. However,
North America may emerge dominant in the forecast period on account of the
well-established collection, processing, and disposal methods, coupled with
presence of large players such as Clean Harbors Inc., Waste Management, and
others in this region.
On the other side, Asia Pacific is likely to showcase the fastest
growth rate and report a CAGR of 4.2% during the forecast period. China is
expected to emerge as the largest shareholder in the market, followed closely
by India. This is owing to the rapid industrialization, urbanization and the
increasing population.
Competitive Landscape-
Companies Focusing on Installation of New Energy-from-Waste
Facilities to Gain Impetus
Major companies operating in this market are engaging in adopting
smart waste management services to make their mark in the competition. Besides
this, they are also engaging in the construction of new energy-from-waste
facilities for sustainable waste management solutions, thereby gaining a
significant position in the market and gather more revenue in the coming years.
Fortune Business Insights™ lists out the names of all the solid
waste management solution providers operating in the market. They are as
follows:
- TANA Oy
(Finland)
- ALBA Group
(Germany)
- Stericycle Inc.
(USA)
- Remondis AG
& Co. Kg (Germany)
- Covanta Holdings
Corporation (USA)
- Biffa PLC (U.K.)
- SUEZ Group
(France)
- Envac Group
(Sweden)
- Recology (USA)
- Advanced
Disposal Services, Inc. (USA)
- Republic
Services Inc. (USA)
- Hitachi Zosen
Corporation (Japan)
- Clean Harbors
Inc. (USA)
- Veolia
Environment S.A. (France)
- Waste Management
Inc. (USA)
- Other vendors
Browse Detailed Analysis of this Research with, Segmentation and Table of
Content:
https://www.fortunebusinessinsights.com/solid-waste-management-market-103045
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