The market for waste management is expected to grow at a CAGR of around 6.6% from 2020 to 2027 and expected to reach the market value of around US$ 2689.3 bn by 2027.
Waste Management refers to the activities and actions that are required to manage waste from its inception to its final disposal. The overall management process includes the collection, transport, treatment, and disposal of waste, along with the monitoring and regulation of the waste management process. Additionally, there are various types of waste generated by the commercial, industrial, and domestic sectors.
The increasing amount of waste especially industrial waste day by day is the major factor supporting the market value. The rising environmental concern and associated favorable efforts made by the governmental and non-governmental bodies to combat the emerging environmental issues are driving the market value. The increasing focus of manufacturers towards the recycle or reuse of the generated waste from different industrial and commercial sectors is boosting the market growth. The changing lifestyle coupled with the increasing disposable income results in the purchase of abundant and unnecessary products or can say luxury and comfort products are contributing to the amount of waste generation. Additionally, the increasing use of disposables in almost every sector especially the medical and food service sector is majorly contributing to the waste management market growth. Furthermore, the technological advancement for the disposal of waste as well as the requirement for the effective disposable technique for hazardous waste is projected to create potential opportunity over the forecast timeframe from 2020 to 2027
On the other side, lack of awareness in emerging countries and a dearth of investments in solid waste management framework are some of the factors projected to hamper the growth over the estimated period from 2020 to 2027.
Industrial Waste segment accounted for the maximum share in the global market
In 2019, the industrial waste segment registered maximum share in the global market. The rapidly increasing industrial activities and production across the globe and especially in emerging and developed economies is supporting the segmental market value. The industrial segment includes oil and gas, agriculture, electronics, automobile, building & construction, textile & clothing, pharmaceutical, and others. In the aforementioned industrial sector building & construction are generating a substantial amount of solid waste due to increasing construction activities across the globe. The increasing infrastructure activities particularly renovation and demolition of old structures generate a large amount of waste in emerging economies.
North America have registered maximum revenue share in 2019
North America is leading the global waste management market and the region is also projected to maintain its dominance over the forecast period. The larger number of urban population along with the high disposable income is supporting the regional market value. The presence of major manufacturers in the regional market is additionally contributing to the regional market value. Moreover, Asia Pacific is projected to maintain its dominance on account of its emerging economies including China and India. The increasing industrial activities and changing lifestyle along with the increasing disposable income are further projected to favor the regional market growth.
The players profiled in the report include Advanced Disposal Services, Biffa Group, Clean Harbors, Inc, Covanta Holding Corporation, Daiseki Co. Ltd., Hitachi Zosen Corporation, Remondis AG & Co. Kg, Suez Environment S.A., Veolia Environment S.A., Waste Management Inc., Cleanaway, Tervita, Sita, Mott MacDonald, Renewi, Serco, and Waste Connections.
Market By Source
Market By Waste types
Market By Service Type
Market By Geography
Middle East & Africa
The market for waste management is expected to reach a market value of around US$ 2689.3 bn by 2027.
The waste management market for is expected to grow at a CAGR of around 6.6% from 2020 to 2027.
The industrial waste is the leading segment by source in the waste management market.
The increasing amount of waste, rising environmental concern and associated favorable efforts made by the governmental and non governmental bodies to combat the emerging environment issues, increasing focus of manufacturers towards the recycle or reuse of the generated waste, changing lifestyle coupled with the increasing disposable income results in purchase of abundant and unnecessary products, and the increasing use of disposables in almost every sector especially in medical and food service sector are some of the factors driving the market growth.
Advanced Disposal Services (Ponte Vedra, Florida), Biffa Group (UK), Clean Harbors, Inc.(Norwell, MA), Covanta Holding Corporation (Morristown, NJ), Daiseki Co. Ltd. (Tochigi, Japan), Hitachi Zosen Corporation (Osaka, Japan), Remondis AG & Co. Kg (Germany), Suez Environment S.A. (Paris La Défense Cedex, France), Veolia Environment S.A. (Aubervilliers, France), Waste Management Inc. (Texas, United States), Cleanaway (Melbourne, Australia), Tervita (Alberta,Canada), Sita (France), Mott MacDonald (London, United Kingdom), Renewi, Serco, and Waste Connections (US) are the prominent players in the market.
North America held the highest market share in the waste management market.
Asia Pacific is expected to be the fastest growing market over the forecast period.