Wilmington, Delaware, United States, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Recent demand analysis of waste management market finds that implementation of regulations is invigorating the need for improving waste management systems for collecting, transporting, and recycling waste. Of note, waste management practices are making constant advancement to meet the need for managing industrial waste from construction, chemical, oil & gas, agriculture, and mining. The industrial waste segment is poised to witness largest opportunity for waste management market. The size of the overall waste management market was pegged at US$ 726.6 Bn in 2021.
Increased awareness of negative environmental impacts of solid waste, mainly through campaigns, has bolstered waste management market outlook over the years, particularly in developing countries of the world. This, coupled with government incentives to encourage waste management, will catalyze need for new technologies. A case in point is technologies for converting waste-to-energy, which will expand the frontiers in the market.
Emerging trends of the waste management market reiterate on the reduce, reuse, and recycle (3Rs) aspects of waste management. In particular, stakeholders are witnessing enormous revenue potential in the need for managing solid waste. Furthermore, markets in developing regions are benefitting from funds aimed toward upgrading waste sorting and treatment facilities, thus enriching the waste management market outlook.
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Key Findings of Waste Management Market Study
- Growing Adoption of Practices for Management of Hazardous Waste to Open Up Profitable Avenues: Industrial waste is a remarkably lucrative segment and is projected to hold a major share of the global waste management market. Rise in need for managing hazardous waste will spur the growth prospects in the segment. Implementation of norms and regulations on the safe disposable of these waste types is boosting waste management practices for the collection.
- Abundant Demand for Services for Waste Collection Bolstering Prospects of Waste Management Market: The demand for waste collection services is expected to rise in waste management market. Of note, the segment contributed a market share of 58.3% in 2021. Growing awareness about disposal of non-hazardous waste, increasingly having been reinforced by governments’ regulations, are expanding the canvas for players in the market. Furthermore, the study on the waste management market found that only a small percentage of the waste collected are eventually recycled. This has nudged stakeholders to improve waste management practices with a clear focus on recycling, notably in e-waste. Thus, intensive government initiatives for increasing recycling rate will steer revenue growth in waste management market.
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Waste Management Market: Key Drivers
- Continuing rapid pace of urbanization worldwide has led to burgeoning municipal solid waste (MSW). This is intensifying the need for waste prevention, recycling, and composting of MSW, thus driving the waste management market.
- Rise in e-waste generation in various countries is invigorating the adoption of improved waste management practices especially in developing countries. International bodies such as the WHO are funding such programs, whereby firms are expected to capitalize into lucrative avenues in the waste management market.
Waste Management Market: Regional Growth Dynamics
- Asia Pacific accounted for a major share for nearly 58.3% of the global waste management market in 2021. China alone accounted for one-third of that, found the study authors. Massive demand for sustainable waste management practices especially for non-hazardous waste has engendered the revenue potential. Furthermore, firms have reaped revenue gains by offering waste management services for municipal and industrial waste management. Of note, presence of several local and international players makes the regional market increasingly fragmented.
- Europe and North America have been lucrative regions in the waste management market.
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Waste Management Market: Key Players
Some of the key players in the waste management market are Reclay Group Care, Augean Plc, WM Intellectual Property Holdings, L.L.C, Enviro-Hub Group, Stericycle, Umicore, Clean Harbors, Waste Connections Inc., Daiseki Co., Ltd, Cleanaway Waste Management Limited, and Veolia.
Waste Management Market Segmentation
Waste Type
- Municipal
- Industrial
- E-waste
Service
- Collection
- Recycling
- Landfill
- Incineration
Type
- Hazardous
- Non-hazardous
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
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