Smart waste management through the installation of smart waste bins is expected to improve the efficiency of waste collection, transportation, and recycling of waste. As sensor-enabled bins communicate the level of waste in them, they can reduce the number of trips haulers need to make, lowering costs and greenhouse gas emissions. The $278.8 million market is expected to grow at a compound annual growth rate (CAGR) of 64.1% to touch $5.42 billion in 2025.
“Innovative treatment technologies, such as self-sorting bins, solar-powered compactors, and recyclable eWaste bins, are becoming viable solutions and hold great business potential,” said Deepthi Kumar Sugumar, Senior Research Analyst, Energy & Environment. “Cities will increasingly refurbish traditional bins by affixing sensors on them to convert them into smart bins. Emerging markets such as India, China, and Australia are especially proving strong markets for technology firms.”
Frost & Sullivan’s recent analysis, Growth Opportunities in the Global Internet of Bins Market, Forecast to 2025, examines new business models and disruptive technologies and solutions in the market. It forecasts the revenue shares of semi-underground containers, four-wheeled and front-end loaders, litter bins, underground containers, smart compactors, bins for commercial buildings, and other containers in the geographic regions of Europe, the Americas, Asia-Pacific (APAC), and the Middle East and Africa (MEA).
“Europe is a pioneer in smart waste management with about 72% of the market share. This strong growth is due to financial constraints of cities and the need for alternatives to reduce waste collection costs,” noted Sugumar. “Other factors include a circular economy, collection and recycling targets, and government initiatives. Companies looking to tap opportunities in medium and smaller cities will aim to develop affordable and innovative Internet of Thingssolutions that can be customized to their needs.”