Waste Management Holds Huge Potential in Reducing the Garbage Load. Europe to Witness the Highest Growth
Waste Management Market is expected to exceed the market valuation of more than US$ XX million by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). According to world bank, 2.01 billion tons of solid waste is generated per year globally. At least 33% of this waste is not managed in an environmentally safe manner. The waste generated per person per day, worldwide averages 0.74 kilogram, ranges widely from 0.11 to 4.54 kilograms. High income countries, even after being only 16% of the world’s population generate 34% of the total waste i.e., 683 million tons of the world’s waste. In the coming years, the world bank predicts that the global waste generated will grow to 3.40 billion tons by 2050, which is more than double the population growth at the same time. This is because of the positive correlation between waste generation and income level. The waste generation projection in high income countries is 19% by 2020 and on the other hand, that of low- and middle-income countries is expected to increase approximately by 40% or more.
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Solid waste management is the one thing that all country governments need to provide for its residents. However, the service level, costs and environmental impacts vary dramatically. It is very important manage municipal waste and is a prerequisite to all the other municipal actions. There is a difference in waste composition across income levels because of the different patterns of consumption. There is relatively less food and green waste in high income countries, they generate more dry waste that could be recycled like paper, plastic, glass, metal, cardboard etc. which accounts for 51% of the waste. Middle- and low-income countries generate 53% and 57% of food and green waste respectively. In low-income countries only 20% of the waste generated is recyclable.
The covid-19 pandemic led to the increase in healthcare waste all over the world. It is estimated that the waste generation in Bangkok during the pandemic increase to 160 metric tons per day as compared to 26 metric tons earlier. This is a daily increase of almost 500%. The main reason for the dramatic rise in waste during the pandemic is because of the increased use of disposable personal protective equipment (PPE), such as masks. The increase in production of waste generation was not the same in different communities. However, the rate of medical and hospital waste generation increased in all communities around the world mostly due to the increase in the number of patients admitted in hospitals.
Based on waste type, the waste management market is segmented into Municipal Solid Waste, Hazardous Waste, E-waste, Plastic Waste, and Bio-medical Waste. Amongst waste type, the Municipal Solid Waste segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027. Municipal solid waste (MSW) is trash or garbage and consists of everyday items that we use and throw away, like product packaging, furniture, glass clippings, food scraps, clothing, food scraps, appliances, newspapers, batteries, and paint. This usually comes from hospitals, schools, businesses, and homes.
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Based on Disposable Methods, the Waste Management market is segmented into Landfill, Incineration, Dismantling, and Recycling. Amongst disposable methods, recycling segment accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analyzed period. Recycling is the reusing of used products like used clothing and functioning parts removed from used vehicles and material recycling which causes the recovery of raw materials from waste e.g., production of new glass from fragments, the melting of scrap iron and the production of recycled building materials from construction waste.
Based on end-user, the waste management market is segmented into Residential, Commercial, and Industrial. The industrial segment generated revenue of US$ XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX million by 2027F. The residential waste that is generated from buildings, small businesses, institutions, houses, yards, companies etc. account for less than 5% of the total waste generated in a country. In most developed countries between 30-35% of the waste generated is from the industrial sector attributing to construction sites, demolition processes, renovation etc. according to EU statistical data.
Additionally, the report provides detailed initiatives that are being taken in the field of Waste Management, globally. The report provides a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. Europe dominated the market in 2020, with XX% share.
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Biffa Plc, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd., Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services, Inc., Suez, Veolia Environment, and Waste Management Inc. are some of the prominent players operating in the Waste Management market. Several M&As along with partnerships have been undertaken by these players to make Waste Management as cost-effective and as widely available as possible.
Waste Management Market Segmentation
Market Insight, by Waste Type
- Municipal Solid Waste
- Hazardous Waste
- Plastic Waste
- Bio-medical Waste
Market Insight, by Disposable Methods
Market Insight, by End-User
Market Insight, by Region
- North America Waste Management Market
- United States
- Rest of North America
- Europe Waste Management Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Waste Management Market
- Rest of Asia-Pacific
- Rest of World Waste Management Market
Top Company Profiles
- Biffa Plc
- Clean Harbors, Inc.
- Covanta Holding Corporation
- Daiseki Co., Ltd.
- Hitachi Zosen Corporation
- Remondis Se & Co. Kg
- Republic Services, Inc.
- Veolia Environment
- Waste Management Inc.