Smart Waste Management Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The smart waste management market size has grown rapidly in recent years. It will grow from $2.26 billion in 2023 to $2.58 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to growth in population, increased awareness of environmental impact, increased investment in waste management, increased recycling initiatives, and increased public health concerns.
The smart waste management market size is expected to see rapid growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to increasing urbanization, growing focus on the circular economy, rise in smart city initiatives, rise in strict environmental regulations by countries, and rapid industrialization. Major trends in the forecast period include smart waste management using IoT, increasing acceptance of the Internet of Things (IoT), adoption of AI and machine learning, integration of robots equipped with AI, and smart compactors.
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Scope Of Smart Waste Management MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Waste Management Market Overview
Market Drivers -Rapid industrialization is expected to propel the growth of the smart waste management market going forward. Industrialization is the process of creating industries within a society or economy, which usually involves the mechanized production of goods and the expansion of metropolitan areas. The rapid growth of industrialization can be attributed to various factors, such as infrastructure development, urbanization, and economic growth. Smart waste management provides several advantages for industries, including higher output, better use of resources, cost savings, regulatory compliance, risk reduction, sustainability, data-driven decision-making, and improved brand recognition. For instance, in August 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, the industrial production of the EU increased by 8% in 2021 compared to 2020, and it has since maintained this upward trend, increasing by 5% in 2022 compared to 2021. Therefore, rapid industrialization is driving the growth of the smart waste management market.
Market Trends – Major companies operating in the smart waste management market are focusing on innovative technologies, such as artificial intelligence technology, to automate tasks that traditionally require human intelligence and gain a competitive edge in the market. Artificial intelligence in smart waste management optimizes garbage collection and recycling operations by analyzing data and increasing efficiency and sustainability. For instance, in February 2024, ZenRobotics Ltd., a Finland-based robotics company, unveiled ZenRobotics 4.0, the company’s latest generation of robots for sorting waste. The fourth-generation robots are designed for seamless integration into existing waste management infrastructure, offering scalability and flexibility for diverse applications. With their ability to improve recycling rates, reduce contamination, and increase operational efficiency, these next-generation waste sorting robots mark a significant advancement in sustainable waste management practices.
The smart waste management market covered in this report is segmented –
1) By Type: Smart Collection, Smart Processing, Smart Disposal, Smart Energy Recovery
2) By Waste Type: Solid Waste, Special Waste, Electronic Waste (E-Waste)
3) By Application: Residential And Municipality, Industrial, Commercial, Construction And Demolition, Energy, Water Supply And Sewage Treatment
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Regional Insights – North America was the largest region in the smart waste management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the smart waste management market are International Business Machines Corporation, Veolia Environnement SA, Republic Services Inc., Waste Management Holdings Inc., TOMRA Sorting Solutions, Pepperl+Fuchs SE, Averda International LLC, AMCS Group Limited, Pellenc Selective Technologies, Harvest Power LLC, Faststream Technologies, Recycle Smart Solutions LLC, Compology Inc., Geminor AS, FleetMind Solutions Inc., Big Belly Solar LLC, Ecube Labs Co. Ltd., Otto Waste Systems Pvt. Ltd., WAVIoT LLC, SUEZ Smart Solutions, Allvy Software Solutions Private Limited, CleanRobotics Inc., Enevo Inc., Evreka Yazılım ve Tasarım A.Ş.
Table of Contents 1. Executive Summary2. Smart Waste Management Market Report Structure3. Smart Waste Management Market Trends And Strategies4. Smart Waste Management Market – Macro Economic Scenario5. Smart Waste Management Market Size And Growth…..27. Smart Waste Management Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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