The global smart waste management market is expected to witness significant growth over the forecast period. Smart waste management is a collective term for the management of solid wastes from residential and commercial societies, streets, public places, hospitals, and other institutions. The advent of innovative devices such as RFID, disposable tags, containers, and vacuum cleaners with real-time measurement of wastes has developed a significant market for solid waste management. If the wastes are not treated with proper equipment, they can cause severe environmental hazards resulting in depletion of oxygen and the rise of toxic elements in the atmosphere. Thus the need for a sustainable environment and clean surroundings delivers waste management as an emerging field.
There are several economic benefits of smart waste management which are anticipated to drive the market. With a growing concern towards environment and strict environmental regulations by government, industries, IT corporate and others are opting for several smart waste management processes. The process includes a collection of waste, processing, and re-processing, recycling and ultimately resulting in efficient disposal. In the current market scenario, mechanical and biological treatments are being followed in smart waste management. With the growth in R&D too, extracting energy from various types of wastes shall be the sole objective behind a sustainable environment.
The major driving factors of the smart waste management market are technological developments and the growing interest of companies in waste management towards maximizing the renewable benefits of waste. Increasing the purchasing power of consumers and growing e-waste is another driving factor for the global market. However, the costs involved in developing the advanced infrastructure for smart waste management are too much; which acts as a major hindrance in market growth.
The global smart waste management market can be segmented on the basis of method which includes the smart collection, smart processing, and smart energy recovery. A smart collection is further bifurcated into Radio frequency identification (RFID), Global Positioning System (GPS), Vacuum systems, and fuel switching. Smart processing is further bifurcated into advanced MRFs, mechanical biological treatment, and RDF facilities. Smart energy recovery is further bifurcated into waste to energy (WTE), waste to fuels (WTF), biological treatment, advanced thermal treatment, landfill gas to energy, and smart disposal.
On the basis of the type of waste, the global market is segmented into solid waste (Residential, commercial, municipal), agricultural, special (healthcare, sewage sludge), and e-waste.
On the basis of geography, the global market is segmented into North America, Europe, Asia Pacific, and the Middle East, and Africa. North America dominates the global market and is forecasted to witness a double rate CAGR owing to growth in investment to develop novel and innovative ways to manage waste. The regional markets have developed significantly owing to extensive R&D. Asia-pacific regions witness a remarkable growth rate in upcoming years as WTE & WTF sectors have progressed in a short span of time. Rising awareness pertaining to environmental hazards of poor waste management and shortage of land has fueled the growth of the smart waste management market in APAC regions.
The key players in global smart waste management include Global Smart Waste Management Market include Covanta Energy Suez Environment Republic Services Veolia North America big belly, Enerkem Harvest Power, Recycle Smart Solutions and Enevo.
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