Waste Management Market to grow at CAGR of 5.5% during the forecast period 2020-2027
Astute Analytica has published a new market research report on Waste Management market. The waste sector accounted for over US$ 2 trillion in 2020 and is expected to rise exponentially in the future. Cities around the world produced 2.01 billion tonnes of solid waste in 2016, according to the World Bank, amounting to a footprint of 0.74KG per person per day. Annual waste production is projected to rise by 70 percent from 2016 levels to 3.40 billion tonnes by 2050, due to rapid population growth and growing urbanization.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global Waste Management market size & forecast. The report promises to provide recent technology trends of the Waste Management market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Different megatrends, such as population growth, growing living standards, public health, industrialization and urbanization in emerging markets, and the movement towards shorter product life cycles of electronic products, are responsible for increasing demand for efficient waste management.
Proper management of waste will significantly reduce emissions of greenhouse gases. Efficient waste management infrastructure is commercially relevant in the current market scenario, especially in emerging markets with high urbanization rates and rising revenue levels.
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Effective waste management is expensive, comprising 20%–50% of municipal budgets as it is labour intensive and include high costs of transportation. In most countries, solid waste management operations are managed by local responsibilities, and ~70% of countries have established institutions with key responsibilities for regulatory oversight and policy development in the waste sector. Hence, operating a systematic municipal service require integrated systems with efficient, sustainable, and social support. However, from business point, low recovery and recycling rates (only 25–30%) on one hand, and high landfill rates (roughly 70%) on the other are interesting investment opportunity in the waste management sector in the upcoming years.
The Global Waste Management Market is expected to grow at a compounded annual growth rate (CAGR) of ~5.5% during the forecast period 2020-2027. The market study is based on various segments such as Waste Type, Waste Handling Method and Material. These segments are further categorized into various sub-segments to study the market in detail.
The US generated around 292.4 million tons of municipal solid waste in 2018 with an average of 4.9 pounds per person per day. Municipal solid waste holds the key market share in the waste type category among the other sub-segments such as Industrial Waste, Hazardous Waste and Others.
Under different waste handling methods, landfill accounted for highest market share in the sub-category of disposal services. Globally, most waste is currently dumped or disposed of in some form of a landfill. Around 37% of waste is disposed of in some form of a landfill. In 2019, combined capacity of the two largest landfill corporations in the U.S. was 9.9 billion cubic yards. The landfill method is harmful for environment, as disposal include emissions of methane (CH4, a greenhouse gas) to the atmosphere and loss of land area with potential leaching of hazardous materials to groundwater, though proper design reduces this possibility.
At global level, the Middle East and North Africa, Sub-Saharan Africa, and South Asia openly dump more than half of their waste; with upper-middle-income countries with ~54% of waste in landfills. Although, in high-income countries, the rate of waste in landfills decreases to 39%, with 36% of waste to recycling and composting and 22% to incineration.
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Region wise, the global waste management market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Russia, Spain, Italy, Denmark, Norway, Ireland, Portugal, Greece and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). From the studies, it has been concluded that the North America holds the dominance in the global marketplace with US leading the volume of waste generation in almost all category of waste across the globe. The US waste management market is supported by the favourable measures by Government such as CalRecycle to promote the recycling activities in the country that would further drive the business landscape over the forecast period.
The global waste management market is highly competitive with many players focused on the innovative technologies to reuse and recycle the waste generated across residential and industrial sectors across the globe. Several start-ups are penetrating in the industry with continuous focus on waste reduction. Some of the key players in the market are Biffa Plc, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd., Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services, Inc., Suez, Veolia Environnement and Waste Management Inc.
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FREQUENTLY ASKED QUESTIONS?
Q. What would be forecast period in the market report?
2021-2027
Q. What are the key trends in the frozen food market?
Improved Cold Chain Logistics Infrastructure Bring Tremendous Rise in Frozen Food Market
Q. Which are the key players in the frozen food market?
The major players are Kellogg Company, Europastry S.A., Omar International Pvt Ltd., Kraft Heinz Company, Cargill Incorporated, General Mills Inc.
Q. Which region is expected to hold the highest market share in frozen food market?
Owing to high economic strength and increasing population, Europe has seen huge market potential in the past few years and is expected to grow at a significant CAGR in the near future.
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