The global Waste Management Market is estimated to be valued at US$ 2,008.7 Bn in 2022 and is expected to exhibit a CAGR of 5.5% over the forecast period b, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The waste management market involves the collection, transportation, and disposal of garbage, sewage and other waste materials. It also includes activities such as composting, energy recovery and recycling of waste materials. Effective waste management is essential for preventing environmental pollution and protecting public health. It helps to convert waste into reusable material and energy through various waste treatment processes. Rapid urbanization and industrialization have led to huge amounts waste generation across the world. This has boosted demand for efficient waste management services and technologies.
Market key trends:
One of the key trends in the waste management market is enhanced recycling initiatives around the world. Government policies and programs are encouraging recycling and waste reduction. Advancements in sorting and recycling technologies are also improving recycling rates. For example, automated sorting systems using robotics, sensors and artificial intelligence are being adopted to better separate waste materials for recycling. Growing awareness about sustainability and circular economy is further driving the demand for recycled products. Increased recycling helps reduce the burden on landfills and converts more waste to renewable energy and recycled commodities. This boosts opportunities in the waste management industry.
Porter’s Analysis
Threat of new entrants: The waste management market requires high initial capital investments and strict government regulations. This poses significant barriers for new companies to enter the market.
Bargaining power of buyers: Individual households and small businesses have low bargaining power as waste management services are usually provided locally by a limited number of service providers. Large commercial and industrial organizations have moderate bargaining power.
Bargaining power of suppliers: The waste management market has high dependence on equipment, trucking, and maintenance suppliers. However, the market has a large number of suppliers which balances out their bargaining power.
Threat of new substitutes: There exist limited substitutes to traditional waste collection and disposal services. Alternatives like composting and recycling are complementary rather than substitutes. This makes threat of substitutes low.
Competitive rivalry: The waste management market is highly consolidated with key global players competing. Market players differentiate based on service quality, route optimization, and recycling/waste conversion capabilities.
Key Takeaways
The Global Waste Management Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing urbanization and industrialization. Rapid urbanization is leading to higher waste generation among households and industries in developing nations.
Regional analysis indicates that Asia Pacific is projected to be the fastest growing market during the forecast period. Countries like China and India are generating immense municipal solid waste due to their large and rapidly growing urban populations. North America currently dominates with the largest waste management market share attributed to stringent regulations and landfill diversion goals in the US and Canada.
Key players operating in the waste management 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 Environment, and Waste Management Inc. Major players are investing inAI and IoT enabled waste collection vehicles for optimized routing and higher operating efficiency. Partnerships with municipalities are helping them to expand into new locations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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