The global wet waste management is expected to be valued at over USD 130 billion by 2022. The market is expected to witness a CAGR of over 5% from 2015 to 2022. Stringent waste management regulations by regional bodies such as EPA and European Commission are expected to drive the wet waste management demand over the forecast period.
Industrialization in emerging economies, mainly Asia Pacific countries such as India, China, Japan, Taiwan, and South Korea, is not only leading to the development of chemical, healthcare, oil & gas, food, medical, and automobile industries but is also emerging as a major source of noxious wet waste generation.
Increase in job opportunities in urban areas is shifting the population from rural and remote locations towards industrialized and urban locations. Therefore, with the rise in the urban population, global wet waste management industry growth is also expected to drive in the future.
Government initiatives to spread waste management awareness through various programs, advertisements, and social networking sites is also an important factor, which is gaining importance globally and is expected to enhance the overall wet waste management market over the forecast period.
Developing waste-to-energy solutions are expected to further enhance the global industry demand by simplifying the process implementation. Lack of participation from industry participants and other sectors such as commercial, healthcare, and food is expected to restrain overall industry growth over the forecast period.
Very few treatment plants are present for wet waste processing as compared to the amount of waste being generated globally. This waste amount is expected to drastically increase over the forecast period. Therefore, there is a need for high number of treatment plants to match the waste amount.
Such a factor is expected to hinder the overall industry demand in the future. In addition, the lack of landfill sites is another factor, which is expected to establish as a major market challenge over the forecast period
The global wet waste management market is segmented on the basis of service, process, type, and source. The service segment includes disposal & landfill, sorting, collection & transportation, processing, and storage. Sorting is further segmented into sorting equipment, which includes balers, compactors, and shredders.
Collection and transportation consist of equipment such as garbage trucks. Processing also includes processing & disposal equipment such as precipitator, crusher, scrubber, gas storage equipment, combustor, digester, separator, and sludging machine.
On the basis of process, the wet waste management market is segmented into incineration, recycling, and dumpsites/landfill treatment. Recycling further includes anaerobic digestion. The type segment includes agricultural waste, food scrap, shredded paper, meat & bones, medical waste, and others.
Source segment consists of industrial waste, household & municipal waste, healthcare & medical waste, commercial waste, and others. Asia Pacific dominated the global wet waste management market owing to the waste management technology development coupled with increasing regulations.
The region is expected to witness highest growth over the forecast period owing to developments in China, India, and Taiwan. The regional demand was followed by Europe. Strict regulations by European Commission coupled with high waste generation from medical and industrial sectors are expected to drive the regional demand in the future.
North America is expected to experience high growth over the forecast period. Central & South America is expected to have high growth in the future owing to huge waste from commercial, industrial, and healthcare sectors. Middle East & Africa is also expected to witness a significant growth owing to industrialization in the region.
Global wet waste management industry is expected to witness entry of significant mid-sized industry participants. In addition, multinationals are expected to focus on technological solutions development and increasing treatment plant, mainly in Asia Pacific and Europe.
Major companies are Republic Services Inc., Clean Harbors Inc., REMONDIS SE & Co. KG, Waste Management Inc., Covanta, Republic Services, Inc., Advanced Disposal, Veolia Environment S.A., Stericycle, Suez Environment, and Progressive Waste Solution Ltd.
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