Solid Waste Management Market To Be Driven By Rapid Urbanization And Increasing Government Regulations In The Forecast Period Of 2021-2026
- December 9, 2022
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The new report by Expert Market Research titled, ‘Global Solid Waste Management Market Price, Share, Size, Trends, Growth, Report and Forecast 2021-2026’, gives in-depth analysis of the global solid waste management market, assessing the market based on its segments like end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026):
• Historical Market Size (2020): USD 392.4 Billion (Global Waste Management Market)
• Forecast CAGR (2021-2026): 7% (Global Waste Management Market)
• Forecast Market Size (2026): USD 588.8 Billion (Global Waste Management Market)
Proactive government policies to curb illicit dumping are driving global demand growth. Furthermore, the global rise in population and globalisation has resulted in an increase in gross waste volume.
Increased industrialization in emerging economies like India, China, and Taiwan has resulted in the growth of chemical, oil and gas, automotive, and medical industries, all of which produce massive amounts of waste and pollute the environment.
These factors are expected to have a major impact on the global solid waste management market’s growth. The high cost of acquiring and running waste management systems, on the other hand, is expected to stifle the global solid waste management market’s expansion.
Industry Definition and Major Segments
The method of collecting and properly disposing of solid waste obtained from various industrial and municipal facilities is known as solid waste management.
Solid waste management helps to promote economic growth and improve quality of life by reducing or eliminating negative effects on the environment and human health. In order to efficiently manage waste for a municipality, a number of processes are needed. Monitoring, collection, transportation, sorting, recycling, and disposal are among them.
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Based on end-uses, the industry is segmented into:
• Personal Products
• Brewery and Distillery
• Food and Soft Drinks
Based on region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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The need for solid waste management is being driven by a rise in global population, rapid urbanisation, industrial boom, environmental effects, and an increase in the number of infrastructure construction activities around the world. During the forecast era, the solid waste management market is expected to be driven by a rise in government focus on waste management.
Solid waste has a huge environmental effect because improper solid waste collection and disposal will contribute to leachate contamination of surface water or groundwater. If the waste contains radioactive substances or if local water bodies are used for water supply, this may pose serious problems. In hot climates, storing large amounts of dry waste can cause a fire hazard. The solid waste management market is rapidly expanding, especially in emerging countries like India and China, driven by new sustainability principles and technological advancements.
For example, India’s ‘Swachh Bharat Mission,’ has elevated the municipal solid waste management sector to the forefront of governance. Due to the ever-increasing population, accelerated urbanisation, and rapid industrialization in Asian countries such as China and India, Asia Pacific is the market’s most dominant zone. Due to the implementation of strict regulations against landfill and waste handling, the solid waste management industry in North America is expected to expand rapidly.
Key Market Players
The major players in the market are Veolia Group, Suez SA, Remondis, Urbaser Ltd, FCC Environment Limited, Waste Management, Inc., DS Smith, CEAMSE, Geocycle, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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