July 25, 2022 10:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, July 25, 2022 (GLOBE NEWSWIRE) -- The global smart waste management market is estimated to surpass sales of US$ 2 Bn in 2022, expanding at a 20% CAGR over the assessment period of 2022-2032. The surging development of smart cities across the world is expected to bolster sales in the market, pushing the market size to nearly US$ 5 Bn by 2032.
Rapid accumulation of solid waste has emerged as a burden on the global economy and the amount is expected to surge in the forthcoming years. Backed by these reasons, governments and concerned authorities around the world are investing heavily in the smart waste management market.
According to the World Bank estimations, nearly 2.01 billion tons of waste are generated every day in the world. More than 33% of this waste is not managed in an environmentally safe manner. The growing need for effective waste management in residential buildings, hospitals, commercial spaces, public places, and other institutions is expected to drive the market.
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Covanta Energy, Republic Services, Veolia North America, BRE SMART Waste, Harvest Power, and Recycle Smart Solutions are some of the key companies profiled in the full version of the report.
Key players operating in the market are integrating connective technologies such as RFID tags, sensors, and IoT-based equipment to improve their product portfolios. Players such as BRE SMART Waste and Covanta Energy are aiming to expand their operations in emerging economies to gain a competitive edge.
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More Insights into the Smart Waste Management Market
North America is expected to be seen as an attractive market for smart waste management systems because of the increasing establishment of smart cities across the U.S.
A systematic solution to reduce waste collection and disposal problems in the U.S. is anticipated to drive market sales.
Implementation of strict regulations to reduce carbon emissions across North America is anticipated to push sales in the market in the forthcoming years.
Effective network connectivity in various smart cities in the U.S. along with the presence of technology-based services providers will fuel the growth in the market over the forecast period.
The European smart waste management market is projected to have a positive influence on market sales due to strict regulations regarding waste management and sustainability across the U.K., France, and Germany will augment the growth in the market.
According to European Union estimations, over 5.2 million tons of waste were generated in 2018 and this number is expected to increase in the forthcoming years, which is resulting in high demand for smart waste management solutions.
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Key Segments Profiled in the Smart Waste Management Industry Survey
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3.6. PESTLE and Porter’s Analysis
4. Global Smart Waste Management Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032
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