The Global Waste Management Market size is anticipated to reach $484.9 billion by 2025 from $303.6 billion in 2017, growing at a CAGR of 6.0% from 2018 to 2025. Growing population, movement from a rural to an urban setting, increasing urbanization, and an increased rate of hazardous waste generation has brought to the forefront a need to manage waste. In 2017, it was estimated that 7-10 billion tonnes of solid waste have been generated from urban areas owing to construction and tourism alone.
The recent research report published by Research Cosmos on Global waste management market is segmented based on waste type, service, and region. Based on waste type, the market is bifurcated into municipal waste and industrial waste. In 2017, the municipal waste management segment dominated the market, in terms of revenue, and is expected to maintain this trend in the coming years. By service, the market is classified into collection services (collection & transportation, storage & handling, and sorting) and disposal services (landfills, recycling, composting & anaerobic digestion, and others). Among these, the disposal service segment is anticipated to dominate the global waste management market throughout the forecast period.
The 3 R’s of waste management: reduce, reuse and recycle; govern the concept of global waste management. The solution involves
- Ensuring access for all basic waste services,
- Dealing with hazardous wastes separately in sound facilities,
- Tackle the problem at the source and reduce wastage to the maximum extent by reducing and repairing,
- Focus on the feedback loops of recycling and keep a clean closed material cycle.
Growth Drivers and Opportunities:
Increase in urbanization coupled with deterioration of environment to support industrial development augment the demand for waste management services, thereby driving the growth of the market. In addition, robust increase in municipal waste, owing to rapid rise in population boosts the development of the waste management industry.
Increased environmental awareness regarding renewable waste management systems among people and rise in CO2 emissions, globally are expected to generate growth opportunities for the waste management systems market. Market players have been taking proactive measures to recycle MSW and non-hazardous industrial waste to reduce pollution and mitigate environmental hazards. Moreover, untreated waste and dumping affect health directly and indirectly by spreading vectors, which cause infectious diseases, thereby boosting the demand for waste management services.
Segment-wise Growth:
- Based on waste type,the waste management market is bifurcated into municipal waste and industrial waste. Municipal solid waste is expected to reach $261.0 billion by 2025, growing at a CAGR of 5.8% during 2018 to 2025.
- Based on Services Type,the disposal services sector is expected to grow at a significant CAGR of 6.9% during 2018 to 2025.
Geographical Insights:
Europe is expected to dominate the waste management market in the near future, owing to increase in favorable government initiatives along with high-end technology adoption by management services. However, Asia-Pacific is anticipated to drive the demand for waste management services, due to the presence of densely populated countries such as China and India, where an increase in urban penetration is being witnessed. Moreover, government initiatives in India, such as Swachh Bharat Abhiyan, are expected to boost the demand for the waste management services.
Major Players in the Global Waste Management Market:
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. are few companies leading the Global Waste Management Market.