The global smart waste management market is expected to reach USD 7,877 million by 2025, growing at a CAGR of 18.6% during the forecast period (2019–2025).
Increasing number of smart city initiatives is one of the factors responsible for the growth of the market during the forecast period. With the increased awareness among the leading countries regarding the need for sustainable growth, smart cities have been conceptualized and built across the globe to serve as models of modern development. Cities such as Tokyo, New York, and Paris have already made great strides in this model through the adoption of electric vehicles with zero emissions. In fact, the cumulative sales of electric vehicles have almost reached 50% of the total sales in Shanghai. Along with these initiatives to reduce air pollution and consumption of fossil fuels, there is an increasing requirement for reducing and better managing the total waste production in a smart city. Landfilling and waste incineration have been the main methods of waste disposal in cities until recently. Smart waste management products, such as IoT-based smart bins, help in sorting waste into biodegradable and non-biodegradable waste in an enhanced manner through smart waste segregation process. Smart cities are expected to be connected through sensors and high-speed data connectivity. Data analytics applied to the sensor data will boost smart waste management initiatives such as efficient segregation and recycling based on data insights.
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Segmental Analysis
The global smart waste management market has been segmented on the basis of component, type of waste, method, application, and region.
Based on component, the smart waste management market has been segmented into hardware, software, and services. The hardware segment held the highest market share, with a market value of USD 1,121.3 million in 2018. The hardware used for smart waste management includes sensors such as Radio Frequency Identification Reader (RFID) sensors and ultrasonic sensors. These sensors are installed in smart bins to gather real-time data related to the waste bins. However, the services segment is expected to reach the highest CAGR during the forecast period. This is due to the increasing demand for various organizations to comply with different rules and regulations implemented by the government for smart waste management.
Competitive Analysis
The prominent players operating in the smart waste management market are Bigbelly, Inc. (US), Waste Management, Inc.(US), Ecube Labs Co., Ltd.(South Korea), Covanta (US), Pepperl+Fuchs Group (Germany), OnePlus Systems Inc(US), Urbiotica (Spain), IBM Corportaion (US), SAP SE (Germany), and Enevo (Finland).
Regional Analysis
By region, the smart waste management market has been divided into North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America
North America was the second-largest market in 2018 in terms of market share; it is projected to grow at a CAGR of 17.8%. The factors that contribute to the growth of the smart waste management market are growing investments and developments related to waste management technology in the region by key market players. Also, the US is one of the earliest adopters of wireless technology used for waste management.
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The new Smart Waste Management Market report offers a comprehensive study of the current scenario of the market including major market dynamics.
Also, it highlights the in-depth marketing research with the newest trends, drivers, and segments with reference to regional and country.
Further, this report profiles top key players and analyze their market share, strategic development, and other development across the world.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the smart waste management market include Bigbelly, Covanta Energy, Enerkem, Harvest Power, RecycleSmart Solutions, Republic Services, Suez Environment, and Veolia North America.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Smart Waste Management Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/smart-waste-management-market/download-sampleMarket DynamicsRising need for disposal and recycling of the solid waste is a major factor driving the market growth.
Use of smart waste management to reduce time, resources and operational cost has widened its application areas.
Smart Waste Management MarketWaste can be tagged as “the second generation of pollution,” unless treated or disposed of sensibly.
The production of waste across different sectors is an inevitable phenomenon.
The rapid expansion of the global population is resulting in increased consumption.
A suitable approach can convert waste streams into scope for revenue generation for the renowned players operating in the smart waste management market.Right Pick for Waste Handling Can Volarize Waste Management SolutionsPlastics waste, automotive tires disposal, and electronic discards are essentially attracting attention to deal with.
Growing awareness of the significant increase in waste products across the globe and urgency in strategizing waste management to achieve remarkable outcomes are leading to the growing adoption of smart waste management solutions across industries.
Technological disruptions are observed to lay the groundwork for different smart waste management providers to gain a global foothold.
