The evolution of solid waste is a major threat to community and environment and at the same time can be useful as strategic renewable resource. Municipal waste remains a foreseeable by-product of civilization and a main target for advancement in technology. Meanwhile, the waste management market is entering a period of active change as the total volume of waste generated is estimated to grow from 1.5 billion tons in 2014 to 2.3 billion tons by the end of 2025. Smart waste management helps to reduce the overall transport and collection cost of waste management by almost 50%. Smart waste management denotes the management of waste generated from residential buildings, houses, streets, commercial buildings, public places, hospitals and other institutions. Smart waste management uses smart technologies such as a Radio Frequency Identification (RFID) disposal tags, vacuum containers, sensor containers, which provide real time fill measurement of solid municipal waste. Smart waste management ultimately reduces fuel and service cost. Proper and efficient management of solid waste through smart waste management can solve many problems related to environmental pollution, climatic changes and public health.
Global Smart Waste Management Market: Drivers & Restraints
More than 90% of waste volume is expected to be generated from Asia Pacific and Africa, primarily in emerging economies such as India and China. The growing volume of e-waste is a major concern at the global level which drives the global smart waste management market during the forecast period. Rapid advancement in technology and increasing purchasing power of consumers have played a major role in generation of electronic waste. Consumers tend to replace the older or obsolete products with the latest version available in the market leading to dramatic rise in e-waste worldwide. Effective and advanced smart waste management technologies like gasification and RFID are gaining momentum in developed economies of North America and Western Europe. The development of advanced infrastructure to support the smart waste management market is very expensive which acts as a major challenge in most of the developing countries all over the globe. Increasing urbanization rates followed by rising incomes are some other factors which fuel the global smart waste management market during the forecast period.
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Global Smart Waste Management Market: Segmentation
On the basis of services/ technology, the global smart waste management market is segmented into
Global Smart Waste Management Market: Region-wise Outlook
In terms of geography, the global smart waste management market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan. The global smart waste management market is expected to register a double digit CAGR during the forecast period. North America followed by Western Europe and Asia Pacific are expected to dominate the smart waste management by the end of 2025. Asia Pacific, especially its emerging economies of India and China is expected to register a high CAGR among all other regions by the end of 2025.
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Global Smart Waste Management Market: Key Players
Key players in the global smart waste management market include Covanta Energy, Republic Services, Veolia North America, BRE SMART Waste, Harvest Power and Recycle Smart Solutions.