Newark, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 315.6 billion in 2022 global solid waste management market will reach USD 418.8 billion by 2030. Given the rapid advancement and expansion of the digital age, the increasing demand for electronics or electricals has translated into an increasing amount of e-waste being generated regularly. Electronic waste can cause severe consequences for human, animal and environmental health; given the toxic compounds it contains, it can contaminate the land, waste and soil. Therefore, the need to have robust solid waste management, especially for E-waste, will drive the market's growth in the forecast period.
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Key Insight of the Global Solid Waste Management Market
Asia Pacific is expected to rise the fastest during the forecast period.
The rapid urbanization and expanding cities in the region will drive the solid waste management market. The increased government expenditure on smart and efficient solid waste management systems will also benefit the market's growth. Furthermore, the increasing consumer consciousness about solid waste management and its benefits will augment the market's growth.
In 2022, the E-waste segment dominated the market with the largest market share of 48.6% and market revenue of 153.3 billion.
The waste type segment is divided into hazardous, E-waste, plastic, and bio-medical. In 2022, the E-waste segment dominated the market with the largest market share of 48.6% and market revenue of 153.3 billion.
Over the forecast period, the landfill segment is expected to grow at the fastest CAGR of 4.3%.
The service segment is divided into open dumping, incineration, landfill, and recycling. Over the forecast period, the landfill segment is expected to grow at the fastest CAGR of 4.3%.
In 2022, the residential segment dominated the market with the largest market share of 42.8% and market revenue of 135.0 billion.
The end-user segment is divided into residential, commercial, and industrial. In 2022, the residential segment dominated the market with the largest market share of 42.8% and market revenue of 135.0 billion.
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Advancement in market
October 2023 - Sher-e-Kashmir A forage solid waste management cultivar was created by the University of Agricultural Sciences and Technology of Kashmir and released nationally for the country's hilly and northwestern regions. The cultivar may be grown in J&K, H.P., Uttarakhand, Rajasthan, Haryana, and Punjab, combining high green forage output with improved quality. The variety, known as Shalimar Fodder Solid waste management-7, has been produced under the AICRP on Forages at Dryland Agriculture Research Station, Rangreth. The variety was created using an exotic x local technique and a pedigree-based selection methodology.
Market Dynamics
Driver: The rapid urbanization.
The world has experienced rapid urbanization due to increased industry, rising disposable income, and rising population. But because this urbanization has been haphazard, ad hoc, and unplanned, resources are being used inefficiently and wastefully. Tonnes of solid garbage is produced daily by unplanned urban clusters; this waste is not separated, recycled, processed, or managed properly, resulting in unfavourable environmental conditions that harm people, animals, and the environment. Because of this, municipalities and other government entities have been encouraged to implement these systems quickly to enhance the lives of their residents. The rising urbanization will slow down the market's growth.
Restraints: high investment and operating costs.
An efficient solid waste management system has several stages. It requires regular collection of waste, separating and transporting it. The processing requires machinery and labour. All of these are capital-intensive requirements. Furthermore, operating the system also involves significant maintenance costs. The recycled products must be introduced in the markets, requiring significant efforts from all stakeholders. Therefore, high investment and operation costs will hamper the market's growth.
Opportunities: technological advancements and smart solid waste management systems.
The imperative need to reduce the burden of solid waste on global cities has led to the introducing of smart technologies, systems and devices to deal with the problem. Pre-installed garbage chutes enabling easy waste segregation at the source in housing societies are prime examples of such systems. Using machines to identify and separate solid waste into categories optimizes the process, making it quicker and more effective. Such systems will drive the market's growth during the forecast period.
Challenges: lack of implementation.
Industrial and commercial establishments are responsible for significant solid waste generation. However, they do not share proportionate responsibility when managing this waste, given the lack of accountability and implementation on behalf of the relevant regulatory authorities. Such complacency leads to inefficient solid waste management practices and challenges the market’s growth.
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Some of the major players operating in the global solid waste management market are:
• Waste Management
• Veolia
• Republic Services
• SUEZ
• Waste Connections
• Biffa
• Clean Harbors
• Covanta Holding
• Daiseki
• Hitachi Zosen
Key Segments covered in the market:
By Waste Type
• E-waste
• Plastic
• Hazardous
• Bio-medical
By Service
• Incineration
• Open Dumping
• Landfill
• Recycling
By End User
• Residential
• Commercial
• Industrial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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