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, 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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Detailed segmentation of the market with forecasted figures.
Key strategies adopted by prominent players to intensify competition.
Impact of fly-tipping on solid waste management market.
Significant industry developments, current trends, and other insights into the market.
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.
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.
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.
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.
Key Industry Developments of the Market include:
May 2020 – Biffa PLC launched a mobile application for tackling the increasing problem of fly-tipping, especially during the COVID-19 outbreak. This application allows various organizations to record and report fly-tipping incidence.
Fortune Business Insights™ lists out the names of all the solid waste management solution providers operating in the market. They are as follows:
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