The global Waste Management Market is estimated to be valued at US$ 2,008.7 Bn in 2022 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The waste management market deals with collection, transport, processing and disposal of waste materials. The waste materials include municipal solid waste, hazardous waste, medical waste etc. Proper waste management helps in effective disposal and recycling of waste which prevents environmental pollution.
Market key trends:
The rising urbanization is a key trend driving the growth of waste management market. Rapid urbanization has led to sizable increase in the waste generation across cities and municipalities. This has significantly raised the demand for cleanliness and proper waste management from urban local bodies. The governments across regions are investing heavily in developing waste management infrastructure to ensure hygienic living standards in urban areas. For instance, the “Clean India Mission” by Government of India aims at developing facilities for efficient waste management across towns and cities.
Segment Analysis
The global waste management market is segmented by type into municipal waste and industrial waste. Within municipal waste, the residential sub-segment dominates the market and accounts for over 60% share. Rising urbanization is resulting in increased generation of household waste across regions. Further, initiatives toward sustainable waste management practices are driving municipalities to effectively collect and process residential waste.
Key Takeaways
The global waste management market is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period, due to stringent regulations toward scientific waste disposal and recycling.
The Asia Pacific region is expected to witness the fastest growth in the waste management market, exhibiting a CAGR of over 6% during the forecast period. Rapid urbanization and industrialization in countries such as China and India are generating huge volumes of municipal and industrial waste in the region. Further, growing awareness about environmental protection and sustainable waste management are propelling market growth.
North America dominated the global waste management market in 2022, accounting for over 30% of the total share. Stringent regulations such as the Resource Conservation and Recovery Act (RCRA) have boosted waste collection and recycling activities across the US and Canada.
Key players operating in the waste management market are 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. Strategic partnerships and acquisitions remain key strategies adopted by these players to strengthen their market presence.
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