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.
Market
Segmentation
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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