The global waste management market is anticipated to witness surging growth owing to increasing waste management concerns worldwide. Increasing challenges related to wastes, which are not discarded may further drive market growth over the forecast period. Increasing consumer buying power resulting in growing preference for latest products has led to early disposable of usable products further causing increased wastage. Additionally, increasing pollution owing to rise in amount of wastes not disposed is anticipated to drive market growth. Increasing amount of hazardous wastes emitted by industries from different sectors such as pharmaceutical and healthcare, manufacturing is expected to fuel market growth over the forecast period. Waste management systems provide solutions for treatment of organic and non-organic wastes. Further, these systems are able to safely dispose of solid, e-wastes, liquid and plastic metal wastes, and nuclear wastes from various industries. Waste management systems allow specialized treatment of different waste from various industries. For instance, pharmaceutical wastes are treated through thermal processes. Waste management focuses on either disposing wastes or making it reusable in the most efficient manner. Further, waste management systems efficiently recycle electronic goods for reuse. E-waste is different from the municipal or industrial waste and consists of all types of electric and electronic equipment. These contain lead, arsenic, selenium, cadmium, chromium, cobalt, and mercury, which are quite harmful to the environment. E-wastes therefore require specialized waste management treatment for reuse.
Waste management process involves waste collection, processing, recovery, and disposal in the most efficient and effective manner. Waste management focuses on recycling, reducing, and reusing wastes. Industries are focusing more on those raw materials that can be either easily disposed or recycled or reused.
Industries are focusing more on waste management market in-order to reduce costs and increase their profitability. Increasing energy needs and growth in production activities have led to sound growth in this sector. Various organizations are increasingly funding development of waste management systems worldwide. Organizations such as Air and Waste Management Association, Waste Management Association of Australia, Solid Waste Management, Association of North America, and International Solid Waste Association are contributing extensively for development of efficient waste management systems.
Europe and North America are expected to account for major market share owing to developed infrastructure and increasing number of government regulations mandating waste management in various industries. Asia Pacific may also contribute to market growth owing to increasing awareness and government ambitions towards efficient waste disposal. Countries such as India, China, and Brazil are offered financial benefits for accepting wastes originating from developed countries such as the U.S and the UK.
Increasing recycling costs are anticipated to pose challenges to the waste management market. Further, increasing land fill prices and fuel costs may negatively impact the market. Lack of proper waste collection infrastructure in many regions may also pose a challenge to market growth.
Key participants in the global waste management market are Electronic recyclers international Inc., Sims Recycling Solutions Inc., E-waste Harvesters Inc., E-waste Systems Inc., Desco Electronic Recyclers, Mine Restoration Investments Ltd., Republic Services Inc., Casella Waste Systems Inc., Waste Connections Inc., SuezEnvironnementSA, and Veolia EnvironnementSA.
In June 2015, Veolia Environnement SA received a USD 505 million order for managing a wood chip power plant in Ireland. In March 2015, Sims solutions US operations received the R2:2013 certification. In May 2015, Casella Waste Systems Inc. collaborated with Hypertherm Inc., a Hanover-based industrial cutting equipment manufacturer for a recycling partnership program. Cassella will be using one of Hypertherms unused warehouses on Etna Road, Lebanon for collection, storage, bundling, and recycling of materials. These materials will then be transported to processing plants, where plastic is turned into pellets and paper mills. Cassella Solutions has further appointed a team at Hypertherm that will be responsible for collecting pre-sorted materials from bins scattered across 11 company buildings. In May 2015, Suez Environnement announced collaboration with Envirogen Technologies to deliver a comprehensive and economical waste water treatment solution for the North American power industry.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.