Smart Waste Management Market Size, Share & Industry Analysis, By Component (Hardware, Solution), By Waste Type (Solid, Electronic, Paper, Plastic, Glass, Other), By Treatment Method (Collection, Processing, Energy Recovery, Disposal), By Waste Source (Industrial, Residential, Commercial) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Smart waste management systems use sensors and IoT-based measurement systems to indicate how full a bin is of waste or trash and notify you when a bin is emptied or ready to be replaced with another bin.
Smart waste management systems are a much more efficient way to manage waste. Makes the job of waste collectors easier by providing proper routes, filling patterns, reducing operating costs and reducing the likelihood of them being full of waste for more than a week.
As the challenges of waste collection, processing and management increase, growing urbanization calls for much more efficient solutions by adopting smart waste management systems, and smart city planning can greatly benefit governments and other relevant agencies in terms of efficiency. As waste types become more easily sorted and waste can be efficiently recycled or processed for a better environment and public health, the collection of massive amounts of waste will increase. Increasing concern and awareness about the need for proper waste management system across the world is leading governments to take the lead and ensure proper environment for waste management through combination of advanced technologies and innovative strategies contributing to the growth of smart waste management market in future. This may imply regulation.
Key Market Driver -
• Government and industries growing concern towards better environment and need for recycling and reprocessing waste efficiently. • Rapid growth in urbanization with expanding industrialization and increasing demands of smart cities.
Key Market Restraint -
• Higher operational cost initially with several processing equipment’s along with internet connectivity issues.
Target Key Players:
Companies are focused on maximizing renewable benefits by efficiently recycling most of their waste and producing energy or gas. Key players in the smart waste management systems market include Covanta Holding Corporation, Suez Environmental Services, Veolia Environmental Services, IBM Corporation, Bigbelly Inc., Ecube Labs Co Ltd., Waste Management, Inc., Sensoneo, and Enevo Oy. Among them. In April 2021, Covanta Holding Corporation released continuous emissions monitoring data for Delaware Valley Waste-to-Energy online 24*7 on the company's website. Authorities and the general public can monitor air quality and the measures taken by authorities to maintain gaseous compounds in the air..
regional analysis
North America currently dominates the smart managed waste systems market and is expected to dominate the market share, doubling the CAGR due to increasing investments in smart cities along with smart bin utilization and innovative solutions for waste management. However, the Asia Pacific region is expected to witness significant growth in the coming years from 2021 to 2027, with extensive investments in R&D due to increasing infrastructure, rising urban population, major industrialization, and surge in waste management. Europe is expected to be the fastest growing smart waste management market as various countries in the region have appropriate government policies with increasing awareness of e-waste management and government initiatives that will show the market growth in the future. Middle East is expected to be a rapidly growing market as regional countries such as Saudi Arabia and UAE continue to adopt and promote new strategies to recycle and process waste produced to achieve environmental sustainability and environmental conservation.
South America is expected to grow steadily during the forecast period due to visibility of initiatives taken by stakeholders in various countries in the region. However, the government is yet to adopt and define guidelines to demonstrate the roadmap and help stakeholders effectively implement the initiative.
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segmentation
property | Details |
By component |
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waste type |
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By treatment method |
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By waste source |
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By region |
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major industrial developments
- April 2021: Veolia and SUEZ announce they have reached a merger agreement, with the merger expected to occur in May 2021.
- October 2020: BigBelly Inc. launches BigBelly ACS, the first comprehensive access control system for smart waste that runs on 100% solar power. Cloud-based and fully integrated.
- Ongoing
- 2023
- 2019-2022
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