waste management market Is Estimated To Witness High Growth Owing To Increasing Waste Generation & Stringent Government Regulations for Waste Management
The waste management market is estimated to be valued at US$ 2,008.7 Bn in 2022 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The waste management market involves processes and services used to manage
municipal solid waste generated by households, commercial establishments and
industries. It covers collection, transport, transfer or processing, recycling,
disposal of solid waste streams and materials recovery facilities. The process
aims to reduce adverse environmental impacts of improper waste disposal such as
contamination of soil, air and water resources. It plays a major role in
protecting public health and environment.
Market Dynamics:
Increasing waste generation driven by rapid urbanization and
industrialization is a key growth driver for the waste management market.
Stringent government regulations regarding treatment and disposal of waste are
also promoting adoption of modern waste management processes and recycling.
Further, initiatives like extended producer responsibility helps divert more
waste from landfills to recycling which fuels market growth. However, high cost
of establishing and operating modern waste management infrastructure remains a
key challenge especially in developing economies with limited financial
resources.
SWOT Analysis
Strength: The waste management market has strong technological capabilities
with advanced facilities and equipment for waste collection, transportation and
processing. Presence of well-established infrastructure and logistics network
allows efficient waste management operations. Stringent government regulations
regarding waste disposal is driving demand.
Weakness: High capital investment requirements for advanced waste treatment
facilities pose challenges. Lack of public awareness and segregation of waste
at source increases operational complexities.
Opportunity: Growing global population and rapid urbanization is increasing
waste generation worldwide. Developing nations offer significant growth
opportunities due to inadequate waste management infrastructure. Adoption of
advanced waste-to-energy technologies provides new revenue streams.
Threats: Volatility in recyclable commodity prices impacts revenue generation.
Presence of unorganized players offering low cost services is a threat. Health
and environmental risks associated with waste handling can negatively impact
brand image.
Key Takeaways
The Global
Waste Management Market Size is expected to witness high growth,
exhibiting CAGR of 5.5% over the
forecast period, due to increasing waste generation driven by growing
population, rapid urbanization and changing consumer lifestyles. North America
dominates the market currently, accounting for over 30% share in 2022, due to
stringent regulations and early adoption of advanced waste management solutions
in the region.
Regional analysis
Europe is the fastest growing region in the waste management market,
projected to grow at a CAGR of around 6% during the forecast period. This can
be attributed to well established regulations pushing diversion of waste from
landfills through recycling and waste-to-energy solutions across major
countries like Germany, UK and France. Asia Pacific is another major market,
led by China, India and other developing nations striving to reduce their waste
management challenges through infrastructure upgradation.
Key players
Key players operating in the waste management market are Biffa Plc, Clean
Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd, Hitachi Zosen
Corporation, Remondis Se & Co. Kg, Republic Services, Inc., Suez, Veolia
Environment, and Waste Management Inc. Major players are investing in advanced
technologies and expanding into emerging markets through acquisitions and
partnerships to strengthen their global presence.
Read more : https://www.rapidwebwire.com/waste-management-market-forecast-insights/
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