Westford, USA, July 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Waste Management market will attain a value of $2.07 Trillion by 2031, with a CAGR of 5.4% over the forecast period (2024-2031). Waste management is the systematic collection, transportation, and disposal of waste materials caused by human activities. It is done to minimize the negative effects on health and the environment. The waste management market is driven by rise in the environment and societal problems. Governments of countries are taking several initiatives to reduce, reuse, and recycle waste materials. As per the report published by SkyQuest Technology, 58.3% of waste is collected and 18% of waste has been recycled globally.
In addition, rise in the urbanization and industrialization, which creates problems in waste generation, drives the growth of the market. The population is moving to urban areas; thus, they are trying to reduce, recycle, and reuse waste materials. Moreover, strict regulations implemented by governments regarding recycling and mitigating waste materials bolster the market growth. These government initiatives stimulate businesses to invest in efficient waste management techniques.
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Browse in-depth TOC on "Waste Management Market"
- Pages - 157
- Tables - 95
- Figures – 76
Waste Management Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $1.36 Trillion |
| Estimated Value by 2031 | $2.07 Trillion |
| Growth Rate | Poised to grow at a CAGR of 5.4% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Waste Type, Disposable Method and Source |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information/Product portfolio of players |
| Key Market Opportunities | Digitalization and Technological Advancements |
| Key Market Drivers | Rise in urbanization and industrialization |
Municipal Solid Waste segment held the Largest Share in the Market due to Urbanization and Industrialization
Municipal solid waste or MSW is the waste material produced in urban areas by businesses and homes. The main industry within the worldwide waste management sector is municipal solid waste, or MSW. It is made up of garbage produced in urban areas by businesses, homes, and government agencies. This covers ordinary things that aren't regarded as harmful, like food waste, packaging materials, paper, and plastic. The substantial amount of waste originating from these sources emphasizes how crucial it is to manage municipal waste. Municipal waste management encompasses a range of services, including the collection, transportation, sorting, recycling, and disposal of garbage via incineration or landfilling. The sector has grown due to population growth, urbanization, and consumerism, and municipal garbage is now a significant market segment.
Commercial Segment is Expected to Grow During the Forecast Period Due to a Rise in Commercial Activities
This commercial waste is generated by private businesses, workplaces, retail enterprises, hotels, restaurants, and other establishments. Packing materials, office supplies, food waste from hotels and restaurants, and other non-hazardous garbage from commercial businesses are considered waste generated during commercial activity. This type of waste is known as commercial waste. The commercial waste management business has grown due to several factors. One of the significant factors is the greater possibility that more rubbish can accumulate in these areas due to the vast volume of commercial businesses involved in this global company and the range of commercial operations conducted. However, regulatory restrictions and environmental concerns are two of the main reasons motivating businesses' adoption of sustainable waste management strategies. Therefore, these factors result in the necessity of specialized waste management services.
Zero Waste Regulations Aided Asia-Pacific in Dominating the Waste Management Market
Numerous countries in the Asia-Pacific area have implemented zero waste regulations, and India is among such with a running Clean India Campaign. The general population is greatly assisted by these programs in learning the value of efficient waste management practices. Growing awareness results in more focus being placed on recycling and waste management practices that are ecologically beneficial, which strengthens the local economy. The rapid rise in rubbish production linked to urbanization and industry in the Asia-Pacific region raises the expense of waste management systems.
On the other hand, the need for waste management services is growing rapidly in the North American region for a variety of important reasons. Primarily, the area must contend with a high rate of waste generation and stringent environmental protection laws from the government. Such regulations, which mandate appropriate trash disposal standards and promote recycling, increase the demand for cutting-edge waste management systems.
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Waste Management Market Insights
Drivers:
- Rise in urbanization and industrialization
- Government Initiatives
- Advancements in Technologies
Restraints:
- Lack of awareness
- Lack of infrastructure
- High cost of recycling waste materials
The following are the Top Waste Management Companies
- Waste Industries (US)
- FCC Environment (Spain)
- Waste Industries (US)
- Hitachi Zosen Corporation (Japan)
- GFL Environmental, Inc. (Canada)
- Renewi Plc (Netherlands)
- Waste Connections, Inc. (Canada)
- Republic Services, Inc. (US)
- Biffa Group Limited (UK)
- Progressive Waste Solutions Ltd. (Canada)
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Key Questions Covered in the Waste Management Market Report
- What factors hamper the growth of the market?
- What segments are covered in this report?
- Who are the key players operating in the market?
This report provides the following insights:
Drivers, challenges
- Analysis of key drivers (rise in urbanization and industrialization, government initiatives), restraints (high cost of technologies), opportunities (digitalization), and challenges (high costs of development) influencing the growth of the waste management market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the waste management market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the waste management market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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