Newark, Oct. 28, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global solid waste management market is expected to grow from USD 315.6 billion in 2022 to USD 418.8 billion by 2030, at a CAGR of 3.6% during the forecast period 2022-2030.
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Unwanted garbage that is solid and is produced by human activities is referred to as solid waste. Domestic, industrial, and commercial garbage are the three main sources of solid waste. Most solid trash is composed of organic materials, used paper, plastic, glass, and metal products. To protect the environment and public health, solid waste management involves collecting waste materials appropriately, processing them, and discarding them. Different solid waste management techniques are used in urban and rural areas, in developed and developing nations, and for industrial and municipal waste. Urban areas are seeking innovative cities to promote sustainable economic growth. The United Nations estimates that by 2030, 60% of the world's population will reside in urban areas, and one in three people will do so in a metropolis with a population of at least 500,000. More than 100 smart city initiatives are already underway throughout the globe, which presents enormous prospects for the building industry. Roads and the need for construction present profitable opportunities for waste management market participants.
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Competitive Landscape:
To enhance their market position in the global solid waste management market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In March 2021, to facilitate the circular economy of EV battery metals in Europe through closed-loop recycling, Veolia teamed with Groupe Renault, an automaker that makes a variety of automobiles and vans, and Solvay, a manufacturer of chemicals and plastics.
Market growth and trends:
One of the main factors fueling the market expansion is the increasing awareness of the need for waste management and waste segregation programs. New electronic devices and improved versions of the current products, including laptops, mobile phones, and televisions, are produced due to rapid technological breakthroughs. Similarly, when consumer purchasing power rises, electronic device shelf lives shorten, promoting market expansion. Municipalities and other waste management organizations are seriously threatened by improper waste disposal. The population living close to a polluted environment or a landfill can be negatively impacted by improper trash disposal. Skin irritations, blood infections, respiratory disorders, development problems, and even reproductive abnormalities can all result from exposure to badly managed wastes.
Key Findings
● In 2022, the e-waste segment accounted for the largest share of the market, with 48.6% and a 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 accounted for the largest share of the market, with 48.6% and market revenue of 153.3 billion. E-waste includes several dangerous or toxic compounds, including mercury, brominated flame retardants (BFRs), chlorofluorocarbons (CFCs), and hydrochlorofluorocarbons (HCFCs). This waste cannot be decomposed, which propels the segment’s growth.
● In 2022, the landfill segment accounted for the largest share of the market, with 32.8% and a revenue of 103.5 billion.
The service segment is divided into open dumping, incineration, landfill, and recycling. In 2022, the landfill segment accounted for the largest share of the market, with 32.8% and a revenue of 103.5 billion. Landfills are designed to protect the environment from contaminants that may be present in the waste stream, propelling the segment’s growth.
● In 2022, the residential segment accounted for the largest market share, with 42.8% and a market revenue of 135.07 billion.
The End-User segment is divided into residential, commercial, and industrial. In 2022, the residential segment accounted for the largest market share, with 42.8% and market revenue of 135.07 billion. The amount of plastic garbage produced by the residential sector has also increased significantly due to rising disposable income and customers' preference for online shopping, which increases the segment’s growth.
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Regional Segment Analysis of the Solid Waste Management Market:
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., 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)
Among all regions, Asia Pacific emerged as the largest market for the global solid waste management market, with a market share of around 38.7% and 122.1 billion of the market revenue in 2022. The waste management market in this region has been significantly impacted by the growing awareness regarding the effects of non-eco-friendly packagings, such as plastic packaging and other plastic product components, on the environment. The region faces difficulties managing plastic garbage because of a lack of infrastructure and funding.
Key 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
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global solid waste management market based on the below-mentioned segments:
Global Solid Waste Management Market Waste Type:
● E-waste
● Plastic
● Hazardous
● Bio-medical
Global Solid Waste Management Market by Service:
● Incineration
● Open dumping
● Landfill
● Recycling
Global Solid Waste Management Market by End User:
● Residential
● Commercial
● Industrial
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About the report:
The global solid waste management market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. 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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