Smart waste management market is growing rapidly across the globe especially in urban regions. There has been a significance rise in waste management technology in the past few years in order to collect, dispose and manage the waste coming from various end-use industries. Further, growth in healthcare, manufacturing and retail sector are contributing massive amount of waste. In order to manage and dispose the waste, various smart techniques and waste management solutions are introduced in the global market. Smart waste management helps to reduce the overall transport and collection cost of waste management thus provides convenient methods and solutions to increase the rate of manage and disposal of waste. The large amount of waste from residential buildings, streets, public places and commercial sectors requires smart waste management in order to optimize the resources of waste management system to collect, manage and dispose the waste.
Market size and forecast
Global smart waste management market is expected to reach USD 2.8 Billion by 2023 from USD 0.85 Billion in 2015. Further, the market is anticipated to register a CAGR of 16.5% over the forecast period 2016-2023 on account of rising adoption of sustainable development and growing awareness towards recycling of waste for the energy sources. Globally, manufacturing sector is projected to contribute the highest revenue share during the forecast period on the back of rapid expansion of manufacturing industries in emerging economies across the globe and rising adoption of smart waste management ways in order to follow government regulations regarding disposal of hazardous waste.
Our in-depth analysis segmented the global smart waste management market in the following segments: By Technology Smart Collection RFID Technology (Radio Frequency Identification) GPS Routing Systems Vacuum Systems Fuel Switching
Growth Drivers and challenges
The economic advantages and fewer requirements of workforce benefits are anticipated to be the dynamic factor behind the rapid growth in smart waste management market in near future. Residential societies, industries, municipalities and various other waste management companies are shifting towards smart waste management in order to cut-down the cost of collection, managing and disposable of waste. The key factors such as easily recovery of useful entity, ease of recycling of waste, availability of numerous smart waste management solution according to the requirements and optimization of waste disposal resources, etc. are likely to swell the demand for smart waste management across the globe during the forecast period 2016-2023. Likewise, rapid growth in urbanization across the globe, set-up of smart cities with advanced technologies to provide better facilities to the population and growing volume of e-waste in emerging economies on account of adoption of new and advanced technology is one of the major driving factors for the growth of smart waste management market. The market of smart waste management is anticipated to grow on the back of technological advancements and rising focus of waste management from various chemical industries in order to dispose the hazardous waste which is harmful for the environmental health. Presence of stringent regulations from government bodies for disposal of waste and maximizing the renewable benefits from the waste are prompting the demand for smart waste management. Although, slow adoption in developing nation and lack of awareness in undeveloped region towards smart waste management are the key factors hampering the growth of smart waste management market. Moreover, high initial investment, requirement of huge infrastructure and less investment in smart waste management is expected to hinder the growth of smart waste management market in near future.
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