According to a new report published by Trends Market Research, titled, “Waste Management Market by Waste Type and Service: Global Opportunity Analysis and Industry Forecast, 2018–2025,” the global waste management market size accounted for $330.6 billion in 2017, and is expected to reach $530.0 billion by 2025, growing at a CAGR of 6.0% from 2018 to 2025.
In 2018, Europe dominated the global market, in terms of revenue, accounting for about 39.0% share of the global waste management market, followed by North America.
Waste management is the process of collecting, transporting, disposing, or recycling, and monitoring of waste. Rise in environmental concerns along with inevitable increase in nonhazardous waste, owing to rapid economic growth across developing nations drive the demand for waste management services. The other key factors that boost the growth of the waste management market include growth in adoption of recycling techniques, development of innovative technologies, and advanced waste collection solutions to enhance collection processes.
Clean Harbors, Inc., Waste Management Inc., Suez Environment S.A., and Advanced Disposal Services are the major product & service providers to various end-user industries across the globe. The global waste management market is projected to exhibit a notable growth by 2025. In addition, increase in government initiative to maintain secure & safe environment and to reduce greenhouse gas emissions is expected to boost the growth of the waste management market.
Based on waste type, the waste management market is bifurcated into municipal waste, industrial waste, and hazardous waste. Municipal solid waste is expected to reach $261.0 billion by 2025, growing at a CAGR of 5.8% during the forecast period. Based on services, the market is classified into collection and disposal services, among which disposal service segment is expected to secure highest market share and it is anticipated to witness higher growth rate during the forecast period.
Increase in environmental awareness, rapid industrialization, surge in population, and rise in urbanization foster the growth of the global waste management market. In addition, implementation of stringent government norms toward open dumping is expected to fuel the market growth.
Furthermore, uncollected waste and dumping are impacting on health directly or directly, which is expected to increase demand for waste management services. However, lack of awareness in developing countries and dearth of investments in solid waste management framework impede the waste management market growth. The impact of the driving factors is expected to surpass that of the restraints; hence, the market is projected to grow at a CAGR of 6.0% from 2018 to 2025. Furthermore, emerging economies in Asia-Pacific and LAMEA have focused on adopting solid waste management solutions, which is expected to spread awareness and increase utility of these systems in the near future.
According to Amar Chinchane, Lead Analyst, Construction and Manufacturing at Allied Market Research, “Increase in urbanization coupled with deterioration of environment to support industrial development augment the demand for waste management services, thereby driving the growth of the waste management industry. In addition, robust increase in municipal waste, owing to rapid rise in population boost the development of the waste management industry. Furthermore, increase in generation of industrial & municipal waste and implementation of stringent regulations to eradicate the disposal of nonhazardous leftovers foster the market growth.”
The emerging regions of Asia-Pacific, such as India and South Korea, are expected to witness maximum growth in the waste management market. This is attributed to factors such as rapid industrial development and emergence of new recycling techniques.
Europe accounted for the highest share in the waste management industry in 2017, accounting for more than 39% share, and is expected to maintain its dominance throughout the forecast period, owing to existence of well-developed infrastructure and presence of various end-user industries in the region.
Key findings of the study
- The municipal waste segment generated the highest revenue in 2017, and is projected to grow at a CAGR of 5.8% during the forecast period.
- The disposal services sector is expected to grow at a significant CAGR of 6.9% during the forecast period.
- Germany is the major shareholder in the European market, accounting for more than 29% of waste management market share in 2017.
- Waste management market analysis is conducted by following key product positioning and monitoring of the top competitors within the market framework.
The major players profiled in the report include Advanced Disposal Services, Biffa Group, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co. Ltd., Hitachi Zosen Corporation, Remondis AG & Co. Kg, Suez Environment S.A., Veolia Environment S.A., Waste Management Inc. These players focus on expanding their business operations in emerging countries by adopting various strategies, such as acquisitions and contracts/agreements.
Source: Trends Market Research