Global Smart Waste Management Market is valued at approximately USD 2.56 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 15.1% over the forecast period 2023-2030. Smart waste management is a system that utilizes technology to create waste collection more competently, cost-effectivly, and environmentally friendly. It gathers information about garbage creation trends, behavior, and location using sensors, the Internet of Things (IoT), and data analytics. Waste collection routes, timetables, and disposal procedures are then optimized using this data. The increasing awareness of environmental sustainability, imposition of stringent waste management regulations, and high demand for real-time monitoring and optimization, coupled with the integration with smart city initiatives are the key factors that are driving the market demand across the globe.
The growing urbanization is a leading cause of waste generation that is putting a strain on traditional waste management systems. Smart waste management solutions can help to improve the efficiency of waste management in urban areas. According to World Bank in 2020, there were around 55% of the population that is approximately 4.2 billion inhabitants were recorded to live in urban areas. Furthermore, it is expected that the urban population is likely to continuously rise by 1.5 times and reached nearly 6 million by 2045. Consequentially, the rising need for effective waste collection, monitoring, and disposal drives the adoption of smart waste management technologies. Moreover, the rising technological advancements related to smart waste management solutions, as well as increased focus on recycling and circular economy creates numerous lucrative opportunities over the anticipated period. However, the high costs of implementation and the lack of efficient connectivity are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Smart Waste Management Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the stringent regulations regarding waste management, rising emphasis on reducing carbon emissions, and the presence of key market players. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. Increasing environmental concerns, the rapid development of residential projects such as smart cities, along with the rising focus on recycling and circular economy are significantly propelling the market demand across the region.
Major market players included in this report are:
Ecube Labs Co Ltd
Waste Management Inc
Republic Services Inc
Sensoneo j. s. a.
Covanta Holding Corporation
Veolia Environnement S.A
SUEZ Environmental Services S.A.
Recent Developments in the Market:
Ø In October 2022, Covanta, a provider of environmental services for businesses and communities across North America acquired Biologic- a California-based environmental management company offering full waste management services. Covanta has completed a series of acquisitions by the EQT Infrastructure V fund, and this initiative is has focused on strengthening the company’s geographic footprints across the California markets.
Global Smart Waste Management Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Waste Type, Method, Source, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Waste Type:
Middle East & Africa
Rest of Middle East & Africa