Solid Waste Management Market is expected to surpass USD 340 billion by 2024. Growing adoption of recycling and WTE incineration technique to curb air pollutions along with increasing environmental concern will stimulate the solid waste management industry growth. Rapid municipal solid waste generation owing to growing population and increasing investment towards industrial sector will further propel the business landscape. According to world health organization, share of urban population is projected to exceed 60% of world population by 2030 from 54% in 2015.
Escalating generation of municipal and industrial waste along with strict government regulations to minimize the non-hazardous waste disposal will propel the U.S. solid waste management market. The U.S. introduced solid waste disposal act of 1965 to promote the better management of solid waste.
Stringent government regulation to curb greenhouse gas emissions along with growing focus to limit generation of landfill will augment the solid waste management market share. European Union set target to curb greenhouse gas emissions up to 20% by 2020 from 1990 level. Growing adoption of waste treatment facilities including composting, anaerobic digestion, incineration and recycling will further propel the industry growth.
Introduction of several government incentives including soft loans and tariff to promote the collection of recycling waste for treatment facilities along with paradigm shift towards privatization collection services will drive the solid waste management market. In Indonesia, National Industrial Policy (No. 28/2008) introduced incentives including grants, tariff exemption and soft loans for the acquisition of waste treatment & pollution control equipment.