Newark, July 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1,352.83 Billion in 2022 waste management market will reach USD 2,188.97 Billion by 2032. Strict government regulations like the Waste Shipment Regulation and the Resource Conservation and Recovery Act are projected to drive the market to improve the service. The COVID-19 pandemic's lockdown lowered waste creation from the commercial and industrial sectors as companies and industries shut down entirely or partially. But in densely populated places, the amount of urban waste increased. Due to the reopening of production facilities at the beginning of 2021 and an increase in vaccination rates, the waste recycling businesses were able to resume operations at total capacity.
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Key Insight of the Waste Management Market
North America is anticipated to expand at the highest CAGR of 7.52% over the projection period.
North America is expected to grow at the highest CAGR of 7.52% over the forecast period. The need for waste management in North America is expected to be fueled by rising garbage generation, stringent government rules for waste management, and illegal dumping. The demand in North America is also anticipated to benefit from quick technological improvements, such as PET bottle recycling technologies in waste management practices.
Over the projected period, the disposal segment is expected to register the highest CAGR of 6.22% in the waste management market.
In the waste management market, the disposal segment is anticipated to experience the highest CAGR of 6.22% during the forecasted period. Waste disposal, combustion, decomposition, garbage landfills, and open dumping are just a few disposal techniques. Waste must be disposed of properly to prevent environmental degradation and the spread of infectious diseases like HIV and hepatitis among people. Waste is converted into energy in incinerators, which can be used to produce heat and power. Depending on how much garbage can be recovered as recycled metals from the ash, the incinerator disposal method decreases the volume of waste by 95%-96%. The use of landfills has been reduced via incineration.
Over the projected period, the e-waste segment is expected to register the highest CAGR of 6.74% in the waste management market.
Over the forecasted period, the e-waste segment is anticipated to grow at the highest CAGR of 6.74% in the waste management market. The introduction of new electronic items and improved versions of existing ones due to rapid technological advancements have decreased their shelf life and consequently increased the production of e-waste.
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Market Dynamics
Driver: An increase in e-waste caused by technological advancements and the shorter lifespan of electronic products
The average life cycle of an electronic product includes development, introduction, growth, maturation, and disposal or recycling. When it enters the recycling stage, the end of an electrical product's usable life, technological improvements, and changing market demands are all possible contributing factors. As a result of the quick advancements in technology, new electronic gadgets and enhanced versions of existing products like computers, mobile phones, and televisions are manufactured. As people's ability to buy more expensive items increases, the shelf life of electronic equipment also decreases. The previous models of smartphones and other electronic devices are either discarded or sold online for recycling as newer models are launched each year. Because electronic products have a shorter lifespan, more e-waste is created. Due to the accumulation of electronic waste and the demand to recycle electronic gadgets, electronic waste management is necessary. The average lifespan of consumer electronics and the components required to make them have continuously decreased since the introduction of personal computers and mobile phones. Electronics can typically withstand 1.5 to 13 years instead of the initial expectation of 40+ years, with most products lasting 4-5 years on average.
Restraint: Lack of essential infrastructure for garbage collection and separation
Inadequate waste disposal poses a severe risk to municipalities and other garbage collecting groups. Improper garbage disposal may have significant health repercussions for those living near a polluted area or a landfill. Poorly disposed garbage can expose people to skin rashes, blood infections, respiratory illnesses, developmental problems, and even reproductive issues. Developed countries like the US, Australia, Japan, and Germany have successfully developed frameworks for waste management analysis, enabling efficient treatment of waste and guaranteeing that it provides valuable results through recycling. Poor waste handling is heavily influenced by countries like Egypt, Turkey, South Africa, Nigeria, Brazil, and Middle Eastern countries that haven't yet standardised and organised their waste management frameworks. Different waste categories should be segregated at the source to recover a sizable amount of recyclable material and to reduce overall effort and time. Inadequate garbage collection, improper treatment, and ethical issues like throwing away e-waste are the three main problems with solid waste management. Risks like environmental deterioration, water pollution, soil pollution, and air pollution prevent the market for waste management from growing as a result.
Opportunity: Urban areas are using more construction and demolition materials due to an increase in construction projects
In some places, most construction and demolition debris is illegally deposited on land or in natural drainage systems, including water, against laws designed to protect the environment, industry, and public health. Businesses and residents legally dispose of millions of tonnes of waste from buildings in solid waste disposal every year. Smart cities are being developed in urban areas to promote sustainable economic growth. Construction projects present lucrative opportunities for waste management companies. Due to increased construction activity, a process known as diversion is utilised to remove a sizeable amount of construction-related debris from the waste stream. Materials that have been diverted are divided for future recycling and reuse. Macroeconomic considerations, which impact construction, societal consumption habits, and risks, both natural and artificial, significantly impact the amount of waste produced by buildings. Because more people are aware of the reuse and disposal of building materials, less construction and demolition garbage has been deposited in landfills. Materials that would otherwise be thrown away as waste have much potential for significant reduction and recovery.
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Some of the major players operating in the waste management market are:
• Suez
• Veolia
• Republic Services
• Clean Harbors
• Daiseki
• Remondis Se & Co. Kg
• Fcc Environment
• Stericycle
• Waste Management
• Waste Connections
• Covanta Holding
• Biomedical Waste Solutions
• Valicor
• Hitachi Zosen
• Urbaser
• Biffa
Key Segments cover in the market:
By Service Type:
• Transportation
• Collection
• Disposal
By Waste Type:
• Medical Waste
• E-waste
• Municipal Waste
• Industrial Waste
By Region
• 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)
About the report:
The 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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