“Growing population and urbanization supports growth of waste management equipment market globally”
The global waste management equipment market is expected to grow at a CAGR of 4.0% during the estimated period from 2023 to 2030, starting from US$ 12.76 Bn in 2021.
Waste management is a major problem that world is facing irrespective of developed or developing economy. Increasing population led to tremendous degradation with respect to waste thereby requires various waste management systems. Additionally, as per the recent survey conducted by World Bank suggests that, about 1.3 billion tons of waste is being generated globally. The survey also estimates that the number would rise to 2.2 billion by the year 2025. The rise in waste generation and landfill related issue and increasing awareness of consumers regarding the importance of reducing industrial wastes drives the overall growth of the market during the forecast period. Inhabited countries treat waste in billion tons yearly and require management equipment for recycling the waste such as, shredders and combustor balling presses are required. This, in turn, is anticipated to drive the waste management equipment Market.
“Smart waste management systems is upraising the market”
Waste management manufacturers are acquiring the new generation of start-ups that are implementing automation and smart technologies such as artificial intelligence, robotics and machine learning to transform the industry. Manufacturers are focusing to provide smart waste management equipment. The smart waste management system involves application of modern and innovative technological development for collection and disposal of municipal and industrial waste. For instance, Steel Authority of India Ltd, launched smart garbage bins. The smart bins are developed from stainless steel and offer delivery of signals to garbage collection vehicle when bins are about to filled. Thereby, providing less human intervention and improved cleanliness. Additionally, in 2018 Yindi Smart Systems developed world’s first machine learning robot. The Yindi Blue is powered by the sun and Artificial intelligence. It can clear waterways containing water pollution. The Yindi Blue communicates by mobile network or Wi-Fi.
“Urbanization and accelerating consumption of resources like textiles, paper, edibles and plastic will double the solid waste”
The waste industry is growing rapidly and is becoming crucial indicator of development. Solid waste dominated the waste management equipment market in 2021 and continuing its dominance during the forecast period. For instance, India generates approximately 60 million tons of garbage every year. Major portion of India’s waste is solid waste which ends up in landfills without any basic treatment of solid waste management. Thereby, manufacturing are proving various new and developed equipment and playing an active part in solid waste management industry. Moreover, World Bank report suggest that, in 2016, the world generated 242 million tonnes of plastic waste that is approximately 12 percent of solid waste.
“Rising concerns regarding multiple ill effects associated with solid waste is flourishing the market demand”
Accumulated solid waste causes various environmental and aesthetic problems. Additionally many nation are facing serious solid waste management issues. Thereby, contributing to growth of waste management equipment market globally. For occurrence, The Population Control Department of Thailand, reported that the country has generated 24.7 million tons of solid waste in the year 2012, amounting to 44,730 tons in 2014. Moreover, initiatives by government across various nations is one of the key factor for the rising demand of solid waste management equipment market.
“Enhanced government guidelines and regulations for overall waste management will show promising growth in the developed countries”
North America dominated the waste management equipment market in 2021 and likely to dominate during the forecast period. The dominance is supported by reasons such as presence of major manufactures of waste management equipment in this region. The research study suggests that approximately 258 million tons of waste is generated in North America annually.
The report by World Bank in 2018, suggests that high income countries such as the U.S. and Canada generates one-third of total world’s waste that is about 34% of total waste generated globally. Major manufacturers in the North America are developing new product development and expanding their reach globally. The aforesaid reasons also contributing the growth of the market within the region.
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Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Waste Management Equipment market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
