According to a new market research report titled, ‘Waste Management Market by Waste Type (Hazardous Waste, Industrial Waste, E-waste), Waste Management Method (Landfilling, Recycling, Incineration), and Source (Residential, Commercial, Municipal, and Industrial)—Global Forecast to 2030’, the waste management market is projected to reach $703.9 billion by 2030, at a CAGR of 4.9% during the forecast period.
A waste management system or waste disposal is a streamlined process that organizations use to dispose, reduce, reuse, and prevent waste. It is also an approach where companies implement comprehensive strategies to manage wastes from their origin until their final disposal. Waste management involves various interventions in the generation, prevention, characterization, monitoring, treatment, handling, reuse, and ultimate residual disposal of solid wastes. Possible waste disposal methods are recycling, composting, incineration, landfills, bioremediation, waste to energy, and waste minimization.
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The growth of this market is driven by government regulations for waste management, increased consumer awareness about environmental protection, and the growing adoption of smart waste management technology. Furthermore, technological advancements in waste management devices and initiatives for E-waste management are expected to create market growth opportunities.
However, the requirement of a huge capital investment restrains the growth of this market. Additionally, the lack of a proper disposable/dumping system in ASEAN markets and the high cost of recycling E-devices pose major challenges for the players in this market. Furthermore, advancements in waste-to-energy technology and the adoption of intelligent waste management solutions are the key trends observed in the waste management market.
The waste management market is segmented by waste type {hazardous waste, industrial waste, municipal solid waste, e-waste, plastic waste, biomedical waste, and other waste}, waste management method {land filling, recycling, incineration, biological reprocessing, waste-to-energy, and other waste management methods}, source {residential, commercial, municipal, and industrial [food and beverage, automotive, semiconductor & electronics, BFSI, aerospace and defense, machinery & metal, pharmaceutical, and other industries]}, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Based on waste type, the waste management market is segmented into hazardous waste, industrial waste, municipal solid waste, e-waste, plastic waste, biomedical waste, and other waste. In 2023, the hazardous waste segment is expected to account for the largest share of the global waste management market. The large market share of this segment is mainly attributed to population growth and the associated increase in demand for goods and services, growth in trade in chemical products, increased use of oils and pesticides, and a rise in the number of hazardous components in household waste.
Based on waste management method, the waste management market is segmented into landfilling, recycling, incineration, biological reprocessing, waste-to-energy, and other waste management methods. In 2023, the landfilling segment is expected to account for the largest share of the global waste management market. The large market share of this segment is mainly attributed to the rising awareness regarding waste disposal and the advantages of landfilling, such as the use of well-engineered managed facilities, ensuring environmental protection from contaminants. Additionally, landfills are strategically placed using on-site environmental monitoring systems, which help to maintain public health.
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Based on source, the waste management market is segmented into residential, commercial, municipal, and industrial. The industrial segment is further sub-segmented into food & beverage, automotive, semiconductor & electronics, BFSI, aerospace & defense, machinery & metal, pharmaceutical, and other industries. In 2023, the residential segment is expected to account for the largest share of the global waste management market. The large market share of this segment is mainly attributed to population growth, rural and urban development, lifestyle changes, and the consequent change in household consumption patterns.
Based on geography, the waste management market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the waste management market, followed by North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific's major market share is attributed to rapid technological advancements in waste management and government initiatives towards the zero-waste plan in several Asia-Pacific countries. These initiatives are likely to boost awareness regarding waste management and have a positive impact on the market growth in the region.
Key Players:
The key players operating in the waste management market are Advanced Disposal Services, Inc. (U.S.), Biffa Group (U.K.), Clean Harbors, Inc. (U.S.), Covanta Holding Corporation (U.S.), Hitachi Zosen Corporation (Japan), Remondis AG & Co. Kg (Germany), Suez Environment S.A (France), Veolia Environment S.A (France), Waste Management Inc. (U.S.), Republic Services, Inc. (U.S.), Waste Connections, Inc. (U.S.), GFL Environmental Inc. (U.S.), Stericycle, Inc. (U.S.), Casella Waste Systems, Inc. (U.S.), and Bingo Industries Limited (Australia).
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