Global smart waste management market is expected to flourish at a CAGR of 16.5% over the forecast period. Moreover, the global smart waste management market is anticipated to garner USD 2.8 Billion by the end of 2023. Growing focus on government agencies on waste management and setup of smart cities in various nations are expected to spearhead current and future market growth of smart waste management during the forecast period.
The global smart waste management market is segmented into technology such as smart collection, smart processing, smart disposal and smart energy recovery. Among these segments, smart collection segment is expected to occupy the largest market share in smart waste management market during the forecast period. Factors such as rapid urbanization, increasing investment on environment technologies and favorable government initiatives are expected to impel the demand for smart waste management in the upcoming years. On the other hand, continuous enhancement and development of new smart collection products and technologies is anticipated to positively impact the growth of the smart collection market.
North America captured highest percentage of market share in overall smart waste management market in 2016. Further, North America is expected to continue its dominance over the forecast period on the account of high environmental concerns in the region. U.S. is the major contributor to the growth of the Smart Waste Management Market. Apart from this, increasing penetration of advanced smart waste management technologies in the region is set to fuel the growth of U.S smart waste management market in the years ahead. Asia Pacific is anticipated to showcase lucrative growth over the forecast period. Factors such as increasing production of municipal solid waste and smart cities initiatives in various countries i.e. China, Japan, India and othersare believed to positively impact the growth of the Asia Pacific smart waste management market.
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Rapid Pace in Urbanization
Increasing infrastructure development across the globe is likely to positively impact the growth of the smart waste management market. Moreover, with rising urbanization and urban population, municipal solid waste is also believed to increase in the upcoming years. This factor is envisioned to bolster the growth of global smart waste management market.
Favorable Government Initiatives
Initiatives by government authorities to efficiently manage waste are anticipated to drive the growth of the smart waste management market. Furthermore, government of various nations are setting up and increasing their spending on smart cities. For instance, in 2015, Indian Ministry of Urban Development launched smart cities program.
The report titled “Smart Waste Management Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global smart waste management market in terms of market segmentation by technology, by solution, by services, by end user and by region.
Although, factors such as high initial investment, sluggish adoption rate in developing and undeveloped nations are expected to pent-up the growth of the global smart waste management market in the near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global smart waste management market which includes company profiling of Bigbelly, Inc., IBM Corporation, Pepperl-Fuchs GmbH, Waste Management, Inc., Smartbin, SAP SE, Smart Waste, Ecube Labs, Enevo Inc. and Nebulae. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart waste management market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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