New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hazardous Waste Handling Automation Global Market Report 2023" - https://www.reportlinker.com/p06486606/?utm_source=GNW
, Reel International Private Limited., Sage Automation Inc., Stericycle Inc., Orange County, and Recology Inc.
The global hazardous waste handling automation market is expected to grow from $27.14 billion in 2022 to $29.98 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hazardous waste handling automation market is expected to reach $42.57 billion in 2027 at a CAGR of 9.2%.
The hazardous waste handling automation market includes revenues earned by entities by providing services that include consulting and assessment of waste generation, and training and support.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.The hazardous waste handling automation market consists of sales of robotic systems, automation software and sensor technologies.
Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Hazardous waste handling automation is the process of using technology and automation systems to enhance the management, handling, and disposal of hazardous waste materials. It involves the application of various technologies, including robotics, artificial intelligence (AI), machine learning, sensors, and automation software, to automate and streamline hazardous waste management processes.
North America was the largest region in the hazardous waste handling automation market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in hazardous waste handling automation report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of hazardous waste handling automation include manipulator arms, telescoping masts, cranes, trusses and size reduction systems.Manipulator arms are programmable, multipurpose mechanical devices used to move tools, components, or materials according to predetermined movements in order to carry out numerous operations.
They are used to treat different kinds of waste including listed wastes, characteristic waste, universal wastes and mixed wastes for use in various end-user industries such as manufacturing, chemical, energy, consumer care, government and others.
The increasing amount of waste is expected to boost the growth of the hazardous waste handling automation market going forward.The rapid rise in population and urbanization has led to an increase in the amount of waste which includes both hazardous and non-hazardous waste.
While non-hazardous waste is comparatively easier to dispose of, hazardous waste disposal requires immediate attention.Hazardous waste handling automation ensures safe disposal of this waste, which otherwise could pose a risk to the manual handlers and the environment.
For instance, in February 2022, according to an article published by the World Bank, a US-based international organization that provides financing, advice, and research to developing nations, the waste generated in 2020 was estimated to be 2.24 billion tons of solid waste, which amounted to a footprint of 0.97 kilograms of waste per person per day. Furthermore, with the rapid growth of population and urbanization, annual waste generation is set to see an increase of 73%, amounting to 3.88 billion tons by 2050. Therefore, the increasing amount of waste is driving the growth of the hazardous waste handling automation market.
The advancement of new hazardous waste handling automation products is a key trend gaining popularity in the hazardous waste handling automation market.Companies operating in the hazardous waste handling automation market are adopting new technologies for better handling of hazardous waste management to sustain their position in the market.
For instance, in January 2022, Forth Engineering (Cumbria) Limited, a UK-based company that specializes in the design, manufacture, and installation of hazardous waste handling equipment, announced the launch of a robotic arm that imitates the mechanics of a human arm and can be used to remove particular waste safely and remotely from flammable liquids. The arm enables companies to target specific materials in the hazardous waste and shift them to a designated waste area safely thereby removing the time-consuming process of sifting that was carried out in the end.
In April 2022, Terex Corp, a US-based manufacturer of lifting and material processing products, acquired Zen Robotics Oy for an undisclosed amount.Through this acquisition, Terex aims to turn global waste into clean raw materials and make the circular economy a reality.
Additionally, Terex hopes to fulfill its commitment to its environmental business and Environment, Social, and Governance (ESG) goals. Zen Robotics Oy is a Finland-based company specializing in robotic recycling technology.
The countries covered in the hazardous waste handling automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hazardous waste handling automation market research report is one of a series of new reports that provides hazardous waste handling automation market statistics, including hazardous waste handling automation industry global market size, regional shares, competitors with a hazardous waste handling automation market share, detailed hazardous waste handling automation market segments, market trends and opportunities, and any further data you may need to thrive in the hazardous waste handling automation industry. This hazardous waste handling automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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