Rapid industrialization in developing countries, and growth in the spending on waste management in developing countries drive the growth of the market.
WILMINGTON, Del., Dec. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Waste Management Market by Type (Municipal Waste, Industrial Waste and Hazardous Waste) and Service (Collection and Disposable): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global waste management market was valued at $1,860,212.6 million in 2020, and is projected to reach $3,498,176.5 million by 2032, registering a CAGR of 5.5% from 2023 to 2032.
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Prime determinants of growth
The waste management industry is majorly driven by growth in population around the globe. This has eventually led to increase in volume of waste from municipal as well as industrial sector. In addition, rise in environmental awareness has led to increase in planned collection and disposal of waste. Further, owing to harm done on human health as well as increase in pollution of illegal waste dumping has compelled governments to bring strict laws on illegal dumping of waste on land as well as in oceans.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Historic Year |
2020-2021 |
|
Base Year |
2022 |
|
Market Size in 2020 |
$1,860.2 billion |
|
Market Size in 2032 |
$3,498.2 billion |
|
CAGR |
5.5 % |
|
No. of Pages in Report |
178 |
|
Segments covered |
Type, Service, and Region. |
|
|
Growth in urban population Increase in amount of waste generation |
|
Opportunity |
High growth potential in emerging economies |
|
Restraint |
Lack of awareness in developing countries |
The hazardous waste segment will grow with high CAGR throughout the forecast period
Based on type, the industrial waste segment dominated the market in terms of revenue in 2020, during the study period. However, the hazardous waste segment is anticipated to exhibit the highest CAGR during the forecast period. Rise in global population has led to escalated consumption of goods, which increases industrialization and waste generated from industrial operations. However, matured markets of Europe and the Americas are focused on becoming complete eco-friendly regions with an aim to recover waste material as well as promote recycling or re-use, thereby reducing the consumption of fresh natural resources. The chemically reactive components can produce harmful fumes when exposed to any other components. These factors majorly impact environment; thus, it is necessary to dispose hazardous waste. However, government is enforcing stringent regulation toward inadequate storage and transportation of hazardous waste.
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The disposing segment holds majority of share in waste management market in 2020
On the basis of service, the disposable segment dominated the global waste management market, in terms of revenue in 2020, and is anticipated to exhibit the highest CAGR during the forecast period. Disposable service is a part of waste management process, where solid waste is treated, while rest of the waste is recycled. Several methods, which include landfills, incineration/combustion, recovery & recycling, plasma gasification, composting, and others are available for waste disposable.
Asia-Pacific region holds majority of share in waste management market in 2020
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global waste management market revenue, and LAMEA is projected to grow with high CAGR during the forecast period. Rapid industrialization has led to expansion in the manufacturing sector, which in turn has boosted the economy. This growth acts as a catalyst for the growth of the market. Improvement in infrastructure, increase in waste management reforms, and surge in urban population in emerging markets (such as India and China) are projected to boost the demand for waste management service. The market growth is driven by an increase in urban population in LAMEA, coupled with surge in the use of plastics, cardboards, paper, and other processed products that produce significant amount of waste. These factors together are anticipated to provide lucrative opportunities for market growth during the forecast period.
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Leading Market Players: –
- Biffa Plc
- Clean Harbors, Inc.
- Covanta Holding Corporation
- Daiseki Co., Ltd.
- Hitachi Zosen Corporation
- Remondis Se & Co. Kg
- Republic Services, Inc.
- Suez
- Veolia Environnement
- Waste Management Inc.
The report provides a detailed analysis of these key players in the global waste management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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