Waste Management Market Demand Size Share Value Analysis Report 2022-2029 | DataM Intelligence

July 21 03:13 2022
Waste Management Market Demand Size Share Value Analysis Report 2022-2029 | DataM Intelligence
Waste Management Market | DataM Intelligence
Asia-Pacific is witnessing dominance in the global waste management market in terms of revenue share. A dense population, presence of a robust manufacturing sector, and increasing consumer spending have made the Asia Pacific one of the major contributors of solid waste across the globe

Waste Management Market Outlook 2022-2029:

Waste Management Market is expected to grow at a CAGR of 6% during the forecasting period 2022-2029.

Waste management (or waste disposal) includes the activities and actions required to manage waste from its inception to its final disposal. This includes the collection, transport, treatment, and disposal of waste, together with monitoring and regulation of the waste management process and waste-related laws, technologies, and economic mechanisms. It includes treating solid waste and disposing of unwanted products and substances in a safe and efficient manner. Moreover, the surge in population coupled with a rise in globalization has resulted in an increase in the overall waste volume, worldwide. 

Market Dynamics

Rapidly growing economies, urbanization, and the increasing population have led (materially intensive) to an increase in resource consumption, and consequently the release of large amounts of waste into the environment. Observing from a global perspective, current waste and resource management lacks a holistic approach that covers the whole chain of product design, raw material extraction, production, consumption, recycling, and waste management. 

Increasing challenges to effectively managing waste disposal are spurring the demand for waste management services and augmenting the market growth review the forecast period. The growing purchasing power of consumers along with a surge in urbanization increases the frequency of disposing of usable products and in turn, increases the amount of wastage at an individual level. An increasing amount of waste generation majorly contributes to pollution and increasing awareness related to a clean environment at individual and regional levels is playing a role as a macro factor in the growth of the global waste management market. At the industrial level, an increasing number of hazardous wastes from different sectors such as healthcare, pharmaceutical, and manufacturing is anticipated to boost the overall market growth over the forecast period. 

Unplanned waste dumping is highly responsible for increasing air, water, and soil pollution over the past years. Environmental awareness has substantially fueled the demand for waste management in developed countries and is incorporated rapidly in developing countries. Waste management systems offer treatment solutions in a different manner for categories of organic and non-organic wastes. Under efficient waste management, nuclear wastes, liquid and plastic metal wastes, e-waste, and disposal solid along with other hazardous wastes are specially treated to decompose with various safety procedures.

The rapid increase in industrialization

The increase in industrialization in emerging economies, such as India, China, and Taiwan, has led to the development of chemical, oil & gas, automobile, and medical industries, which generate an enormous amount of waste and cause pollution. This led to an increase in the demand for the waste management market.

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 Increase in Globalization

The rising surge in population and increased globalization have led to rising in the overall waste volume, worldwide. The urban population produced tons of Services (MSW) which led to the increase in demand for the waste management market. An increase in population will further create more waste.

COVID-19 Impact Analysis

Due to lockdown, owing to COVID-19, waste production drastically declined in industries and the commercial sector as industries and offices were partially or completely shut down. However, the municipal waste increased in residential areas. Further, due to decline in manufacturing operations of new goods, led to a fall in demand for recyclable materials such as rubber and plastic. This has led to an increase in the disposal of waste in landfills and temporary dumps for recyclable material such as rubber and plastics, which was earlier sent by municipalities to waste recycling facilities. However, the reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to the re-initiation of waste management companies and the waste recycling industry at their full-scale capacities. 

Segment Analysis

Based on the waste type, the global waste management market has been classified as industrial waste, municipal solid waste, E-waste, and others.

The industrial waste type segment accounted for the highest share during the forecasting period

The rise in industrialization in a few countries led to a surge in the demand for industries like oil & gas, automobile, medical, chemical industries, and others. Therefore, it has led to an increase in the demand for the waste management market as these sectors generate high amount of waste. Industries are focusing more on waste management market in-order to reduce costs and increase their profitability. Increasing energy needs and growth in production activities have led to sound growth in this sector. Various organizations are increasingly funding development of waste management systems worldwide.

Based on the services, the global waste management market has been classified as- collection services and disposable services.

Disposable services segment garnered the highest share during the review period

The disposal segment led the market in terms of revenue. The disposable services segment is  segregated into landfills, recycling, compositing & anaerobic digestion, and others which is now high in demand. As industries are focusing more on those raw materials that can be either easily disposed or recycled or reused. As of now, most of the developed nations are making significant efforts to raise investments across the recycling & composting/AD industry. However various low-income countries are still relying on conventional landfill and incineration methods to effectively dispose of solid wastes.

Respective governments have introduced multiple regulations & legislation pertaining to the effective disposal of solid wastes. However, the adoption of stringent regulations aimed at enhancing sustainability has diverted the waste disposal industry trends toward sustainable practices including recycling and anaerobic digestion.

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Geographical Analysis

Based on geography, the study analyzes the global waste management market in the global market, including Europe, Asia-Pacific, North America, South America, and the Middle East & Africa.

Asia-pacific leads the global waste management market throughout the forecast period

Asia-Pacific is witnessed to dominate the global waste management market in terms of revenue share. Due to dense population, presence of a robust manufacturing sector, and increasing consumer spending have made Asia Pacific one of the major contributors of solid waste across the globe. As a result, the existing waste collection & treatment facilities have been choked owing to presence of a high population per square mile complemented by the ongoing industrial sector development.

Competitive Landscape

Global Waste Management Market is highly competitive. The key players in global waste management market which are contributing to the growth of the global market include 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.

Related Reports:

E-waste Management Market is segmented By Material Type (Glass, Plastic, Metal, Others), By Source Type (Consumer Electronics, Industrial Electronics, Household Appliances, Others), By Applications (Recycled, Trashed, Disposal), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Medical Waste Management Market is segmented By Service Type (Disposal, Recycling, Collection, Transportation & Storage, Others), By Treatment (Chemical treatment, Incineration, Autoclaving, Others), By Type of Waste (Non-Hazardous Waste, Hazardous Waste), By Treatment Site (Offsite Treatment, Onsite Treatment), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

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