by The Waste Management Market is estimated to be valued at US$ 2,008.7 Bn in 2022 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The waste management market deals with collection, transport, processing, recycling and disposal of waste materials. It includes products and services for both hazardous and non-hazardous waste from industrial and municipal sources. Major end-use industries of waste management services include construction, healthcare, mining and others.
Market Dynamics:
The waste management market is primarily driven by two factors:
1. Growing waste generation: Rapid urbanization, rising global population and changing consumption patterns have significantly increased the volume of municipal solid waste across both developing and developed nations. This has increased the demand for effective waste management solutions from governments and private players.
2. Stringent waste disposal regulations: Stringent environmental regulations regarding restrictions on landfills and promotion of recycling are driving the adoption of sustainable waste practices. Many countries have formulated policies promoting waste minimization, reuse and recycling over disposal in landfills. This is positively impacting the growth of the waste management market.
Market Key Trends:
The waste management market is witnessing increase in municipal solid waste generation across residential and commercial sectors. Rapid urbanization and population growth have led to generation of large amount of waste in cities and metropolitan areas. This has propelled the need for better waste collection and processing facilities. Moreover, the rising focus on circular economy and waste-to-energy projects are driving adoption of advanced waste treatment facilities.SWOT Analysis:
Strengths:Large and established players with strong geographical presence and infrastructure. Significant investments in R&D to develop sustainable waste management solutions.
Weaknesses: High capital investments required to set up modern waste processing facilities. Rising labor and operational costs.
Opportunities: Growing concern about waste management among public and private organizations. Increasing focus on emerging waste streams such as e-waste and construction debris.
Threats: Stringent environmental regulations pertaining to landfills and incineration. Volatility in recycled product prices affects profit margins.
Key Takeaways
The Global Waste Management Market Size was valued at US$ 2,008.7 Bn in 2022. The market is expected to grow at a CAGR of 5.5% during the forecast period to reach a value of US$ 3,120.5 Bn by 2030. The rising urban population accompanied with rapid economic growth have been key contributors to increased waste generation. Municipal solid waste generation across residential and commercial areas have witnessed a steady rise, necessitating improved waste management infrastructure and services in urban conglomerations.
Regional analysis: North America dominated the global waste management market in 2022 and is expected to continue its dominance. Rapid expansion of commercial sector and high per capita waste generation have augmented municipal solid waste volumes in countries like US and Canada. The Asia Pacific region is anticipated to witness the fastest growth during the forecast period supported by significant infrastructure development activities and robust economic development in major Asian countries including China and India.
Key players analysis: Key players operating in the waste management market are Biffa Plc, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd, Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services, Inc., Suez, Veolia Environment, and Waste Management Inc. Major players are investing in advanced waste treatment facilities and digital technologies to improve operational efficiency. Strategic partnerships and mergers & acquisitions remain top strategies of key companies to expand their service offerings and geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
