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According to a recent report published by Astute Analytica, titled, “Global Waste Management Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031,” the global waste management market registering growth at a CAGR of 3.2% from 2023 to 2031. In 2019, the Asia-Pacific region dominated the global market, in terms of revenue, the region accounted for more than 55% of the global market share followed by Europe and South America.
Rising challenges to efficiently manage waste disposal are increasing the demand for waste management services and boosting the market growth over the forecast period. Increasing purchasing power of consumers coupled with growth in urbanization increases the frequency of disposing of usable products and in turn, increases the amount of wastage at the individual level. An increasing amount of waste generation majorly contributes to pollution and increasing awareness related to clean environment at individual and regional levels are playing a role of macro factor in the growth of the global waste management market. ,
At a level, increasing amount of hazardous wastes from different sectors such as healthcare, pharmaceutical, and manufacturing is anticipated to boost the overall market growth over the forecast period. an Unplanned waste dumping is highly responsible for increasing air, water, and soil pollution over the last few years. Environmental awareness has significantly fuelled the demand for waste management in developed countries and is incorporating rapidly in developing countries. Waste management systems offer treatment solutions in a different manner for categories of organic and non-organic wastes. Under efficient waste management, nuclear wastes, liquid and plastic metal wastes, e-waste, and disposal of solid along with other hazardous wastes are specially treated to decompose with various safety procedures. For example, electronic goods are segregated for reuse purposes, which include various electric and electronic equipment such as mercury, cobalt, chromium, cadmium, selenium, arsenic, and lead; and medical waste is treated through thermal processes to kill pathogens by using high temperature.
COVID-19 impacted the waste management industry from the focus of segment shift; as during lockdown, the residential segment generated more amount of waste as compared to industrial and commercial centers, as industries and offices were partially or completely shut. However, reviving economies and resuming production activities along with the start of vaccination drives in numerous countries will increase the amount of waste generation and lead to re-initiation of the waste recycling industry and waste management companies at their full-scale capacity.
The global waste management market is segmented on the basis of waste type, waste handling method, material and region. On the basis of waste type, the market is divided into hazardous waste, industrial waste, and municipal waste. On the basis of services, the market is classified into collection services and disposable services. The collection services segment is sub-segmented into sorting, collection & transportation, and storage & handling. The disposable services segment is further segregated into compositing & anaerobic digestion, incineration, landfills. recycling and others. The material category is segmented into paper & paperboard, plastics, metals, glass, food, and others.
Region-wise, the waste management market analysis is conducted across North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The major players profiled in the report include Waste Management Inc., Veolia Environnement, Suez, Republic Services, Inc., Remondis Se & Co. Kg, Hitachi Zosen Corporation, Daiseki Co., Ltd., Covanta Holding Corporation, Clean Harbors, Inc. and Biffa Plc. Companies are adopting various competitive strategies to acquire the majority of the market share in the global marketplace.
The global waste management market is segmented on the basis of Waste type, Waste Handling Method, and Material. These major market segments are further categorized to study the market in detail.
By Waste Type:
By Waste Handling Method: