The global waste management market size is estimated to grow significantly from 2024-2028, according to Technavio. The market is projected to grow at a CAGR of 8.8% during the forecast period. This growth is attributed to several factors, including the increasing adoption of renewable or green cleaning processes in industries, growing environmental concerns, and stringent regulations promoting sustainable waste management practices.
The trend towards increasing demand for renewable cleaning is driving market growth. Industries are prioritizing cost reduction and worker health, leading to a surge in demand for green cleaning methods like activated water cleaning, high-flow fluid extraction, and steam vapor technology. These methods offer numerous benefits, including improved indoor health and safety, reduced storage, purchase, and disposal costs, and simplified cleaning operations.
Furthermore, the increasing use of circular economy principles, with companies focusing on reducing waste and promoting recycling, is a significant driver of market growth. Composting and urban waste management are key areas of focus. The use of technology, such as smart bins and waste sorting systems, is also on the rise.
The demand for sustainable and eco-friendly solutions is driving innovation in the industry. Additionally, the implementation of government policies and initiatives is creating opportunities for businesses in this sector. Overall, the waste management market is expected to continue growing as more organizations prioritize sustainability and compliance with regulations.
The residential sector generates a substantial volume of waste, contributing significantly to the global waste management market. With increasing urban populations and consumerism, the production of municipal solid waste (MSW) is projected to rise from 2.01 billion metric tons to 3.4 billion metric tons by 2050. Effective waste management strategies are essential to handle this growing waste stream, involving household separation of recyclables, organics, and non-recyclables for efficient sorting and treatment. This trend drives the expansion of the global waste management market in the residential segment.
The Waste Management Market encompasses various sectors, including Environmental Sustainability and Public Health, focused on mitigating the impacts of Rapid Industrialization and Urban Population growth on the environment. Key areas of concern are Transportation, Processing, Recycling, and International Organizations’ roles in implementing Extended Producer Responsibility and Circular Economy principles. Repurposing and Reusing materials from Municipal Solid Waste, Sewage, and Industrial Waste streams are essential. Recycled materials, such as Plastic and Rubber, are in high demand, reducing CO2 emissions and minimizing the need for new resource extraction. Compositing and the management of Hazardous Waste are also critical components of the market. Amidst the Coronavirus pandemic, waste production has increased, emphasizing the need for effective Waste Management strategies.
The Waste Management Market encompasses the collection, transportation, processing, and disposal of waste materials. This essential industry aims to reduce the negative impact of waste on the environment and public health. Various waste streams, including municipal solid waste, industrial waste, hazardous waste, and electronic waste, are managed through different methods such as landfills, recycling, and energy recovery. Technological advancements have led to innovations in waste management, including the use of automation, biodegradable plastics, and waste-to-energy technologies. Regulations and policies play a crucial role in shaping the waste management landscape, with a focus on sustainability, circular economy, and resource recovery. The market is expected to grow due to increasing waste generation, stringent regulations, and the shift towards more sustainable waste management practices.
Key market players include Bertin Technologies SAS, Biffa Plc, Clean Harbors Inc., Covanta Holding Corp., Daiseki Co. Ltd., FCC SA, GEPIL, Hasiru Dala Innovations Pvt. Ltd., HFCL Ltd., Hitachi Zosen Corp., Republic Services Inc., RETHMANN SE and Co. KG, SAAHAS WASTE MANAGEMENT Pvt. Ltd., Stericycle Inc., SUEZ SA, URBASER SA, Valicor Inc., Veolia Environnement SA, Waste Connections Inc., and Waste Management Inc..
