May 27, 2024
Waste Management Market

Waste Management Market Is Expected To Witness High Growth Driven By Rising Environmental Concerns

Waste management involves the collection, transportation, processing or disposal, managing and monitoring of waste materials. The global waste management market includes activities such as collection, transportation and disposal of waste into landfills, recycling or combustion facilities. Waste management is an essential service that protects public health and the environment. Improper waste management can lead to the spread of diseases, pollution of water resources and emission of greenhouse gases.

The global waste management market is estimated to be valued at US$ 2441.3 billion in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the waste management market are Fujifilm Holdings Corporation, Olympus Corporation, Hitachi Medical Corporation, Pentax Medical (Hoya Corporation), Boston Scientific Corporation, Cook Medical, Carl Zeiss Meditec AG, Medtronic plc, BARD Diagnostic Systems, Inc., ACON Laboratories, Inc. The key players are focusing on developing new technologies for efficient waste management. For instance, in 2021, Fujifilm launched FPD Insight AI, an AI-based technology for detecting polyps during colonoscopy exams to enhance medical waste management practices.

The Waste Management Market Trends rising awareness regarding health hazards of poor waste management and stringent government regulations present huge growth opportunities for players in the market. Globally, there is growing focus on circular economy models to reuse waste as a resource. Countries like China, India, and Brazil offer lucrative opportunities for waste management companies due to rapid industrialization and urbanization. European countries are investing heavily in advanced waste-to-energy technologies to meet renewable energy targets.

The rising population and rapid urbanization in emerging economies are major market drivers as they lead to increased waste generation. Population growth leads to more generation of domestic, industrial and healthcare waste. According to the UN, 68% of the world population is projected to live in urban areas by 2050. This urbanization trend creates demand for organized waste management services across municipalities.

However, high initial investments and maintaining infrastructure are major challenges in the waste management market. Advanced waste treatment technologies require huge capital expenditures and have high operating costs which restrains market growth. Lack of public awareness about waste segregation and limited access to collection services in rural areas also hampers market potential. Improper disposal of electronic and industrial waste leads to environmental pollution.

Market drivers and restrain:

The rising environmental concerns about pollution from improper waste disposal is a major market driver. Improving standards of living are increasing per capita waste generation globally. Limited natural resources and focus on sustainability have boosted adoption of waste-to-energy technologies to produce energy from waste. However, high operational costs associated with waste management is a major restraint. Advanced collection, transfer and treatment infrastructure require significant capital investments which hampers market potential. Limited awareness about waste segregation and lack of access to formal waste management services in underdeveloped regions also restrain market growth.

Segment Analysis

Residential segment is dominating the waste management market. This is because of increasing waste generation at household levels due to growing population and changing consumption patterns. Residential waste accounts for around 50% of total waste generated globally. Recycling and collection services are majorly demanded for managing residential waste.
Commercial waste management segment is also emerging due to growth in commercial establishments like retail, offices, healthcare facilities etc. Stringent regulations to ensure proper waste disposal are boosting commercial waste collection and recycling services adoption. Healthcare waste management sub segment growth is backed by increasing medical waste from hospitals and clinics. Stringent norms make appropriate disposal mandatory for this hazardous waste.

Global Analysis

North America is fastest growing region in waste management market. The US is major revenue generator having early adoption of advanced waste management solutions. Stringent environmental regulations and take back programs mandate proper recycling and disposal. Europe also has significant share led by countries like Germany and UK with emphasis on circular economy. Asia Pacific region is emerging rapidly led by China, India due to large population and focus on developing waste management infrastructure. Latin America and Middle East & Africa are other lucrative regions with demand expected to increase over forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.