Waste Management Market to grow by USD 223.8 Billion from 2024-2028, driven by European recycling laws and AI's impact on the market landscape - Technavio

NEW YORK, Nov. 27, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global waste management market size is estimated to grow by USD 223.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.8% during the forecast period. Laws in Europe for recycling waste is driving market growth, with a trend towards increasing demand for renewable cleaning. However, huge capital investment to discard biomedical waste poses a challenge.Key market players include Bertin Technologies SAS, Biffa Plc, Clean Harbors Inc., Covanta Holding Corp., Daiseki Co. Ltd., FCC SA, GEPIL, Hasiru Dala Innovations Pvt. Ltd., HFCL Ltd., Hitachi Zosen Corp., Republic Services Inc., RETHMANN SE and Co. KG, SAAHAS WASTE MANAGEMENT Pvt. Ltd., Stericycle Inc., SUEZ SA, URBASER SA, Valicor Inc., Veolia Environnement SA, Waste Connections Inc., and Waste Management Inc..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Key Market Trends Fueling Growth

The waste management market is experiencing significant trends towards environmental sustainability and public health. Companies are focusing on transportation and processing methods that reduce CO2 emissions, such as circular economy principles, repurposing, and reusing. International organizations are promoting extended producer responsibility and smart waste bins with level sensors and AI recycling robots. Renewable energy solutions are being integrated into waste management processes. However, challenges remain due to the lack of infrastructure, particularly in urban areas with high population growth and rapid industrialization. E-waste, municipal solid waste, and hazardous waste require specialized attention. Key players in the market include Republic Services, Stericycle, Urbaser, Waste Connections, Eramet, Groupe Renault, and more. The coronavirus pandemic has highlighted the importance of waste management in preventing disease spread. Waste production continues to rise, emphasizing the need for innovative strategies and solutions. 

Waste management in industrial processes involves the use of various hazardous chemicals for cleaning and maintaining machinery. These chemicals can lead to health issues and environmental degradation. To address these concerns, the cleaning industry has embraced green cleaning solutions. Renewable cleaning methods, such as activated water cleaning, high-flow fluid extraction, and steam vapor technology, offer improved performance, cost savings, and reduced environmental impact. These green cleaning processes are becoming increasingly popular in the industry as companies prioritize sustainability and worker safety. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

• The waste management market faces numerous challenges in ensuring environmental sustainability and public health. These include the need for efficient transportation, processing, recycling, and disposal of municipal solid waste, industrial waste, hazardous waste, e-waste, sewage, and debris. International organizations advocate for a circular economy, which repurposing, reusing, and recycling waste into valuable resources. Extended producer responsibility and smart waste bins with level sensors are key strategies to reduce waste production. However, challenges persist. Lack of infrastructure, open dumping, landfilling, incineration/combustion, and composting continue to pose environmental concerns. Rapid industrialization and urban population growth increase CO2 emissions. Companies like Republic Services, Stericycle, Urbaser, Waste Connections, Eramet, and Groupe Renault are leading the way in waste management solutions, including renewable energy solutions, AI recycling robots, and waste-to-energy solutions. The coronavirus pandemic has highlighted the importance of proper waste management to prevent disease outbreaks. The linear economy must give way to a circular one, where waste is seen as a resource rather than a problem. Plastics and rubber are major waste streams that require attention. Let's work together to address these challenges and create a sustainable future.
• Biomedical waste, derived from the healthcare sector, poses a significant challenge due to its hazardous nature. Comprising infectious, toxic, and radioactive materials, along with sharp objects like needles, syringes, knives, and scalpels, it requires specialized handling. With approximately 16 billion injections administered globally each year, an immense volume of biomedical waste is generated. Effective management involves investing in high-quality treatment units and facilities, hiring a dedicated workforce, and capital for setup. Incineration is a common method for biomedical waste disposal, eliminating waste completely and neutralizing microorganisms. However, it necessitates a high capital investment, produces odors, and carries a risk of microwave energy leakage. To mitigate these challenges, ongoing research focuses on developing more cost-effective and eco-friendly solutions.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This waste management market report extensively covers market segmentation by

• 1.1 Residential
• 1.2 Commercial
• 1.3 Industrial

• 2.1 Landfill
• 2.2 Open dumping
• 2.3 Incineration
• 2.4 Recycling
• 2.5 Composting and anaerobic digestion

• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Residential- The residential sector plays a substantial role in the global waste management market, contributing significantly to the generation of municipal solid waste (MSW). This waste, derived from households and individuals, consists of various materials such as food waste, packaging, paper, plastics, glass, textiles, and non-hazardous household items. The increasing population and consumerism are driving factors in the escalating volume of residential waste. With the global population projected to reach 10 billion by 2050, the production of MSW is anticipated to 3.4 billion metric tons, necessitating effective waste management strategies. In many regions, waste management services involve household separation of waste into recyclables, organics, and non-recyclables for efficient sorting and treatment. The growing MSW volume will propel the expansion of the global waste management market in the residential segment during the forecast period.

Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) 

Research Analysis

The Waste Management Market is a critical sector focused on ensuring environmental sustainability and public health through the efficient transportation, processing, recycling, and disposal of various types of waste, including municipal solid waste, liquid waste, and gas waste. International organizations play a significant role in setting guidelines and standards for waste management practices. The circular economy and extended producer responsibility are key strategies to minimize waste production and promote repurposing and reusing. Rapid industrialization and urban population growth have led to increased waste generation, particularly in the form of plastic and rubber waste, which contribute significantly to CO2 emissions. Waste management companies like Republic Services are implementing innovative solutions, such as compositing and recycling, to reduce the environmental impact of waste and create value from it. The COVID-19 pandemic has highlighted the importance of waste management systems in maintaining public health and preventing the spread of diseases. Sewage and hazardous waste require specialized handling and disposal methods to ensure safety and compliance with regulations. Waste management companies are investing in advanced technologies and strategies to minimize waste and maximize resource efficiency, while also addressing the challenges of transportation and logistics. Recycled materials, such as recycled plastic and rubber, are becoming increasingly valuable resources in various industries.

Market Research Overview

The Waste Management Market is a critical sector focused on ensuring environmental sustainability and public health through the efficient handling and processing of various types of waste. This includes municipal solid waste, industrial waste, hazardous waste, sewage, and e-waste, among others. The market encompasses transportation, processing, recycling, and disposal methods such as landfilling, open dumping, incineration/combustion, composting, anaerobic digestion, and waste-to-energy solutions. International organizations and governments promote circular economy principles, including extended producer responsibility, repurposing, reusing, and recycling, to reduce waste production and minimize the negative impact on the environment and urban population. Smart waste bins with waste level sensors and AI recycling robots are increasingly being adopted to optimize waste collection and improve resource efficiency. Renewable energy solutions, such as solar and wind power, are being integrated into waste management processes to reduce CO2 emissions and promote sustainability. However, challenges persist, including a lack of infrastructure, particularly in developing countries, and the need to address the growing issue of e-waste. Rapid industrialization and increasing urban population add to the complexity of waste management, requiring innovative resource and strategy solutions from key players in the market. The market includes companies such as Republic Services, Stericycle, Urbaser, Waste Connections, Eramet, Groupe Renault, and Waste Management, among others, that provide essential services in garbage management, debris management, and waste processing. The COVID-19 pandemic has highlighted the importance of waste management in maintaining public health and preventing the spread of diseases.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Residential
• Commercial
• Industrial
• Service Type
• Landfill
• Open Dumping
• Incineration
• Recycling
• Composting And Anaerobic Digestion
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 across 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/waste-management-market-to-grow-by-usd-223-8-billion-from-2024-2028--driven-by-european-recycling-laws-and-ais-impact-on-the-market-landscape---technavio-302316603.html

SOURCE Technavio