The global solid waste management market size is projected to gain traction on account of the increasing amount of waste generation, further attributed to the contributions of the residential, commercial, and industrial sectors. Solid waste majorly includes waste plastic products, organic matter, and metal and glass products. As per a recent report by Fortune Business Insights, the market is anticipated to reach USD 366.52 billion by the end of 2027 from USD 285.16 billion earned in 2019. The forecast period is set between 2020 to 2027, and the market is likely to exhibit a CAGR of 3.3%.
Information Source: https://www.fortunebusinessinsights.com/solid-waste-management-market-103045
Companies Covered in the Solid Waste Management Market Report by Fortune Business Insightsâ˘:
TANA Oy (Finland)
ALBA Group (Germany)
Stericycle Inc. (USA)
Remondis AG & Co. Kg (Germany)
Covanta Holdings Corporation (USA)
Biffa PLC (U.K.)
SUEZ Group (France)
Envac Group (Sweden)
Recology (USA)
Advanced Disposal Services, Inc. (USA)
Republic Services Inc. (USA)
Hitachi Zosen Corporation (Japan)
Clean Harbors Inc. (USA)
Veolia Environment S.A. (France)
Waste Management Inc. (USA)
Other vendors
Drivers & Restraints-
The advent of Smart Waste Management to Aid in Expansion of Market
Rapid industrialization and urbanization are the key factors propelling the solid waste management market growth. In addition to this, the advent of new technological trends, such as smart waste management, is expected to boost the market. This, coupled with the advent of the Internet of Things technologies with the potential of a better waste collection process via optimization that also reduces the overall operational expenditure, will aid in the expansion of the market in the coming years.
On the contrary, managing solid waste is a long and tedious task and requires high capital and operational cost in terms of waste collection bins, vehicles, and processing equipment. Additionally, solid waste causes land and water pollution that requires a large number of trained workers for carrying out smooth operations to process the waste. Therefore, the high requirement of manual labor is also set to hamper the market growth.
Segment-
Collection Segment to Cover Major Share Owing to its Labor Intensive Activity
The collection segment earned 56.6% share in 2019 and emerged dominant based on the treatment method. This is because the collection of solid waste is completely labor-intensive and is the most crucial part of the process.
Report Aim & Scope:
An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
The various parameters accelerating the growth of the market are incorporated in the research report.