NEW YORK, Dec. 4, 2023 /PRNewswire/ — The waste management market share is expected to increase to USD 156.64 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.31%, according to Technavio. The laws in Europe for recycling waste are one of the key factors driving the market growth. This growth is due to the strict environmental rules which are implemented by governments of various countries in this region and the Horizon 2020 project. Furthermore, the European market is considered the leader in composites recycling. Recent significant developments have propelled societal and technological drive to develop sustainable solutions for recycling composites. The composite material will play an important role in various sectors, such as the wind energy sector, aerospace, automotive, construction, and marine industries. Hence, these factors are expected to drive the market growth during the forecast period. – View the Sample report
Vendor Landscape
The waste management market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances and the price of the products –The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now
Market Dynamics
Huge capital investment to discard biomedical waste is one of the key challenges restricting market growth. This is due to the biomedical waste discharged from the healthcare industry, which includes infectious, toxic, and radioactive materials and sharp hypodermic needles, knives, and scalpels. These biomedical wastes are hazardous and toxic parts of waste. Furthermore, the treatment process for this kind of waste is very difficult as it requires high capital investment, a high-quality waste treatment unit, and a management facility, along with recruiting a skilled workforce. Hence, huge capital investment for biomedical waste management is expected to restrict the growth of the market during the forecast period.
Major Trends
Increasing demand for renewable cleaning is one of the major trends shaping the market. The main aim is to minimize the damage to the environment, improve the quality of performance, and cut costs. As a result, renewable or green cleaning has entered the cleaning industry. Water cleaning, high-flow fluid extraction, and steam vapor technology are the green cleaning processes that are used in industry. Furthermore, improving health and safety inside an industrial building reduces storage, purchase, and disposal costs and simplifies the use and cleaning operations are the various advantages of renewable cleaning. The adoption of green cleaning among industries is getting popular due to reducing costs and improving the health and safety of workers. Hence, these factors are expected to drive the market growth during the forecast period.
Company Profiles
The waste management market report includes information on the product launches, sustainability, and prospects of leading vendors including BERTIN MEDICAL WASTE, Biffa Plc, Clean Harbors Inc., Covanta Holding Corp., Daiseki Co. Ltd., FCC Environment (UK) Ltd., GEPIL, Hasiru Dala Innovations Pvt Ltd., HFCL Ltd., Hitachi Zosen Corp., SAAHAS WASTE MANAGEMENT Pvt Ltd., SUEZ SA, URBASER SA, US Ecology Inc., Valicor Inc., Veolia Environment SA, Waste Connections Inc., Waste Management Inc., and Stericycle Inc..
Competitive Analysis
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.
Regional Analysis
APAC is estimated to contribute 49% to the growth of the market during the forecast period. The market growth in the region is also considered faster than in the other regions. China and Japan are the major markets for waste management in the region. The major factor driving the market’s growth is the need to provide cost-effective waste management services that can serve many industries. Furthermore, the emergence of India and China as global manufacturing hubs is also expected to drive the market. For example, on May 31, 2022, Attero Recycling Pvt. Ltd. announced its investment of USD 1 billion and expanded its business in Indonesia. In addition, end-user segments experience a rapid rise, including hospitality, retail, and education. Hence, these factors are expected to drive the market growth during the forecast period
Market Segmentation
The market is segmented by service type (landfill, open dumping, incineration, recycling, composting, and anaerobic digestion) and geography (APAC, North America, Europe, Middle East and Africa, and South America).
- The waste management market share growth in the landfill segment will be significant during the forecast period. The disposal sites for waste management are known as landfills. Commercial solid waste, nonhazardous sludge, and industrial nonhazardous solid waste are considered landfill wastes. This is because this waste is buried in the land. These wastes break down at a very slow rate, and the remains decomposed. Hence, these factors are expected to drive the waste management market during the forecast period.
Related Reports
The smart waste management market size is estimated to grow at a CAGR of 8.96% between 2022 and 2027 and the size of the market is forecast to increase by USD 2,831.49 million.
The medical waste management market size is estimated to grow at a CAGR of 5.5% between 2022 and 2027 and the size of the market is forecast to increase by USD 3,323.84 million.
Table of Contents
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Service Type
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
