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I AgreeAnalysis of Waste Management market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
Municipal waste generation in 2021 amounted to 2 billion tonnes, which is expected to rise 70% by 2050 to reach 3.4 billion tonnes. This is likely to create a two-fold growth opportunity for waste management companies.
Report Attributes |
Details |
---|---|
Waste Management Market Size (2021A) |
US$ 1,450 Billion |
Estimated Market Value (2022E) |
US$ 1,499.3 Billion |
Forecasted Market Value (2032F) |
US$ 2,094.5 Billion |
Global Market Growth Rate (2022-2032) |
~3.4% CAGR |
North America Market Share (2021) |
~31% |
East Asia Market Growth Rate (2022-2032) |
~4.3% CAGR |
United States Market Growth Rate (2022-2032) |
~2.8% CAGR |
Key Companies Profiled |
|
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Waste management is an essential process of collecting hazardous as well as non-hazardous waste from the industrial, commercial, and residential sectors to be disposed of or recycled efficiently, saving the environment from deadly pollution.
Global rise in waste generation is one of the leading factors driving market growth.
This factor is projected to lead to the high demand for waste management service providers to efficiently collect and dispose of or recycle waste.
In addition, the decreasing lifecycle of electric products such as mobile phones, televisions, and others due to frequent innovations is set to lead to a rise in e-waste. This is creating noteworthy demand for e-waste management service providers worldwide.
During the 2017-2021 period, demand for waste management services increased at a CAGR of 2.8%, as per the in-depth analysis by Fact.MR, a market research and competitive intelligence provider. Projections are that the market will progress steadily at a 3.4% CAGR from 2022 to 2032.
Market share analysis of waste management based on service and region. Under the service segment, the collection sub-segment dominates with 56% market share in 2022.
“High Necessity for Efficient Hazardous Waste Disposal”
Hazardous waste from the industrial sector is harmful to the environment and humans as well as animals. It comprises solid, liquid, and gaseous substances that are needed to be collected & disposed of efficiently, which is resulting in the high demand for waste management services.
Governments have framed strict norms regarding waste management, which is beneficial for market players to collect and dispose of hazardous industrial waste from the industrial sector.
In addition, the increase in urbanization has led to a substantial rise in municipal waste worldwide.
To reduce soil & water pollution globally, demand for municipal solid waste management services is expected to rise substantially over the coming years.
“Increasing Government Initiatives for Waste Management”
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.
Similarly, the United States Environment Protection Agency (EPA) established rules for the management of waste coming from the industrial, household, and manufacturing sectors. It includes the safer practice of collection, transportation, and disposal of waste.
Demand for waste management services will increase significantly with governments focusing on initiatives for the collection, transportation, and recycling of waste.
“Lack of Adequate Infrastructure”
There is an absence of essential infrastructure for garbage collection and separation in many countries. To make other waste management techniques such as composting, recycling, and incineration practicable, proper infrastructure is required for waste segregation where dry and wet trash are separated.
With many governments aiming to limit landfill trash and restrict pollution of the air, water and land, demand for such infrastructure has also increased. Additionally, there is strong demand in many developing economies for appropriate infrastructure to recycle waste and plastic products as well as other items such as metals, paper, wood, and other materials.
The operations connected to waste management may be constrained, and market expansion may be hampered, due to a lack of adequate infrastructure.
“Adverse Effects of Waste Disposal”
Improper trash disposal poses a severe risk to municipalities and other waste management entities. People residing near a landfill or in a polluted area may suffer as a result of poor trash disposal. Exposure to waste that has been improperly handled can cause skin rashes, blood infections, respiratory problems, and even reproductive abnormalities.
Developed countries have successfully developed waste management systems that facilitate proper waste treatment and guarantee that it provides valuable results through recycling. However, the lack of proper waste treatment in developing economies may challenge the revenue growth of the market.
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The United States waste management market is estimated to expand at a CAGR of 2.8% through 2032.
Increasing waste generation in the country is expected to drive the demand for waste management solution. The U.S. generates about 239 million tons of waste every year, accounting for about 12% of global municipal solid waste. Increasing awareness regarding the harmful impact of waste on animal and human health has led to more waste management companies disposing of or recycling waste on time.
In Addition, the Resource Conservation and Recovery Act established in the United States has created the framework for the proper management of hazardous and non-hazardous solid waste. The presence of strict government regulations for waste management and illegal dumping in the country has enhanced the stance of waste management service providers in the U.S.
China is one of the leading manufacturers and producers of electronics products in the world, which leads to the generation of huge amounts of e-waste in the country. Owing to this, e-waste management services are high in demand in China to reduce adverse environmental and human health impacts.
In Addition, China has the largest industrial sector worldwide, producing a huge amount of industrial waste every year. This has resulted in concerns regarding waste management. The government of China, in its 13th Five-Year Ecological Environment Conservation Plan, has set out to improve the treatment level of hazardous waste in the country and strengthen the management and implementation of solid waste.
In 2021, waste collection services dominated the market with a share of over 56%. Waste collection entails the loading and unloading of waste, sorting the waste, and choosing an appropriate location for waste storage. Garbage collection firms must take into account routine cleaning and upkeep of these storage spaces.
To prevent the garbage from spilling or leaking during transportation, proper precautions need to be followed. The waste collection team also needs to take care of the efficient transportation of waste. Hazardous waste coming out from industrial and commercial premises is required to be transported in proper vehicles that have an immense level of protection, whereas, non-hazardous waste can be sent directly to recycling facilities.
Municipal waste is generally residential or non-hazardous waste generated in towns and cities. Municipal waste management services are projected to account for 38% share of the global waste management market.
With rising urbanization, waste generation is projected to be massive in the residential sector. Owing to this, municipal waste management services will see an increase in demand over the coming years.
Also, municipal waste management is expected to be highly required with increasing awareness regarding soil and water pollution worldwide.
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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.
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.
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Worldwide demand for waste management services is anticipated to reach US$ 2,094.5 billion by 2032.
Collection services account for 56% share of the global market.
From 2017 to 2021, revenue from waste management services increased at 2.8% CAGR.
The North American waste management market accounts for 31% market share.
The waste management market is valued at US$ 1,499.3 billion in 2022.