How waste management market size has grown and evolved over the last few years

How waste management market size has grown and evolved over the last few years

Waste management is when solid waste is treated with different solutions in order to recycle different recyclable items. Waste management further includes the final removal, collection, disposal as well as transportation of the waste. Few of the major players in the industry include Advanced Disposal Services, Biffa Group, and Veolia Environment S.A.

Major Factors Responsible For The Growth In The Waste Management Industry

There is a rampant increase in environmental awareness, issues related to population surge and the sustainability of the end-consumer products. This has lead to a rise in the global consciousness of waste management. In addition to this, stringent and harsh geopolitical regulations alongside an increase in global urbanization is also an important factor in the expansion of the global waste management market size. Governments across the globe are making sure that there are sustainable and greener ways of waste disposal so that the environment is not affected as well as the dumping grounds such as water bodies and tanks bear minimum amounts of toxins. This is pushing industrialists to come up with innovative and ground-breaking waste management techniques.

There is an incidence of plenty of uncollected waste as well as dumping which is directly or indirectly impacting the health of people. This is expected to increase the demand for waste management services in developing economies which are producing tons of electronic and inorganic waste. There is a lack of technology and skillset in developing economies because of which there are additional low investments in the waste management sector. The restraining factors are however negligible in the presence of the growth factors because of which the industry is foreseeing a positive rate of growth in the coming years. Emerging and developing countries of the Asia Pacific region and Latin America are increasingly focusing on adopting solutions for solid waste management through the spreading awareness and increasing the utility of these systems in the near future.

Segmentation Of The Waste Management Industry

The market for waste management can be segmented on the basis of waste type, service, and region. On the basis of the type of waste, the industry can be further segmented as the municipal waste and the waste excreted from the industry effluent. Up till now, the municipal waste management dominated the industry dynamics, however, with more industries and urban space coming up, the industrial waste management is grabbing more attention among the major players.

On the basis of services, waste management can be categorized into the collection services which include collection, transportation, handling and the storage of waste. According to experts, the segment dealing with waste disposal in the form of landfills and anaerobic digestion will dominate the market scenario.

As per region, North America, Europe, and APAC are leading grounds for upcoming waste management conglomerates. Innovations and technology alongside biochemical inventions are taking over the waste management plants and are directly deciding the operative strategies of the companies.

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