Waste Management Market to Reach USD 1.1 trillion by 2031, Expanding at a CAGR of 4.1%: Analysis Report by TMR
The increase in social and environmental issues is compelling governments of several countries to focus on improving their waste management systems by reusing, recycling wastes, and converting them into energy, driving the market demand.
Wilmington, Delaware, United States, Nov. 10, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global waste management market is projected to flourish at a CAGR of 4.1% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 1.1 trillion is anticipated for the market in 2031. As of 2023, the demand for waste management is expected to close at US$ 787.4 billion.
The growing urbanization is expected to drive the waste management market during the forecast period. Recognizing the potential health hazards associated with improper waste disposal has driven the need for better waste management practices.
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Growing awareness of environmental issues and the importance of sustainability has led to increased demand for responsible waste management practices, including recycling and waste-to-energy solutions.
The development of advanced technologies, such as waste sorting and recycling automation, waste-to-energy solutions, and intelligent waste management systems, has improved the efficiency and effectiveness of waste management processes. Several international bodies and the World Bank are providing funds to developing countries to improve their waste management systems.
Increasing government stringent regulations and policies to manage and reduce waste has driven the adoption of more sophisticated waste management practices.
The shift toward a circular economy, where products and materials are designed for reuse and recycling, promotes responsible waste management and resource efficiency.
The industrial and commercial sectors generate a significant amount of waste. As these sectors expand, so does the need for specialized waste management services tailored to their needs.
Recycling has become a significant focus for waste management companies and consumers. This trend is driven by environmental concerns, resource conservation, and government incentives to promote recycling.
Key Takeaways from the Market Study
- As of 2022, the waste management market was valued at US$ 756.4 billion
- Based on service, the collection segment dominated the global waste management market during the forecast period.
- By type, industrial waste segment to account for high revenue in the market
Waste Management Market: Key Trends and Opportunistic Frontiers
- Collaboration between public and private sectors has led to the development of innovative waste management models and the expansion of services.
- Economic growth drives the need for better waste management infrastructure and services.
Waste Management Market – Regional Analysis
- North America has a mature waste management market with well-established infrastructure and regulations. The United States and Canada have advanced waste collection, recycling, and disposal systems. Increased recycling efforts and waste-to-energy facilities are prominent in the region. Growing emphasis on sustainability and circular economy practices.
- Asia Pacific market for waste management is highly fragmented in nature and consistgenerated significant wasteternational players offering excellent waste management services. Rapid urbanization and industrialization in countries like China and India have led to significant waste generation. The waste management market is growing as governments invest in infrastructure and regulations. Recycling initiatives are on the rise in some regions, with a focus on reducing environmental impact.
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Key Developments in the Waste Management Market
- Veolia is a global environmental services company actively involved in the circular economy, emphasizing recycling and resource recovery. They are engaged in various waste-to-energy projects worldwide and provide water and waste services in several countries.
- SUEZ focuses on smart waste management solutions and optimizing resource use. They are involved in water and waste management services globally. They have invested in technologies for efficiently collecting, sorting, and recycling waste materials.
- Clean Harbors specializes in hazardous waste management and has a strong focus on environmental protection and compliance. They have expanded their capabilities in the disposal of hazardous materials and emergency response services.
- Stericycle specializes in the management of medical and hazardous waste and has a strong focus on safety and regulatory compliance. Their services have expanded to include pharmaceutical waste disposal and secure information destruction.
The global market for waste management is consolidated, with a small number of large-scale vendors collectively accounting for the majority of the market share. Several organizations are spending a significant amount on comprehensive research and development. Key players operating in the global market are –
- Cleanaway Waste Management Limited
- Daiseki Co. Ltd
- Waste Connections Inc.
- Clean Harbors
- Enviro-Hub group
- WM Intellectual Property Holdings L.L.C
- Augean Plc
- Reclay Group
Waste Management Market – Key Segments
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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