May 24, 2024

Waste Management Market Driven by Rapid Urbanization is Accelerated By Rising Environmental Concerns

Waste materials include municipal solid waste, hazardous waste, medical waste and sewage sludge. Effective waste management plays a vital role in protecting the environment and public health. With rapid urbanization and industrialization, the global waste generation rate has increased significantly in the past few decades posing challenges related to its proper handling and disposal. At the same time, growing environmental awareness among people and stringent norms by regulatory bodies worldwide regarding waste disposal are accelerating the adoption of advanced waste management solutions.

The global Waste Management Market is estimated to be valued at US$ 2119.18 Mn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the waste management market is increasing adoption of advanced technologies like IoT and AI. Technologies like IoT sensors help in effective waste collection by monitoring bin levels in real-time. AI aids in route optimization for waste collection vehicles and predictive maintenance of equipment. Another major trend is focus on recycling and waste-to-energy projects globally. Stringent norms regarding landfilling and incineration are driving investments in large-scale recycling facilities and waste-to-energy plants that generate electricity or fuels from municipal solid waste and agricultural residue.

Porter’s Analysis

Threat of new entrants: The waste management market requires high initial investments and strict regulations which act as entry barriers for new players.

Bargaining power of buyers: The presence of many players in the market leads to stiff competition. This strengthens the buyer’s position.

Bargaining power of suppliers: The supply of waste materials is consistent but depends on population growth and waste generation rates. Suppliers can exert some pressure on prices.

Threat of new substitutes: There are no close substitutes for waste management services. Recycling and landfill diversion help reduce the threat from potential substitutes.

Competitive rivalry: The waste management market has the presence of many global and regional players. This leads to high competitive rivalry.

Key Takeaways

The global waste management market is expected to witness high growth. Growing environmental concerns and stringent regulations regarding waste disposal are driving the market. The global Waste Management Market is estimated to be valued at US$ 2119.18 Mn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030.

Regional analysis: North America dominated the market in 2019 due to strict regulations and established infrastructure. However, Asia Pacific is expected to witness fastest growth owing to rapid industrialization and urbanization in countries like China and India.

Key players: Key players operating in the waste management market are Fujifilm Holdings Corporation, Olympus Corporation, Hitachi Medical Corporation, Pentax Medical (Hoya Corporation), Boston Scientific Corporation, Cook Medical, Carl Zeiss Meditec AG, Medtronic plc, BARD Diagnostic Systems, Inc., ACON Laboratories, Inc.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it