The Waste Management Market is projected to reach $703.9 billion by 2030, at a CAGR of 4.9% from 2023 to 2030. The growth of this market is driven by government regulations for waste management, increased consumer awareness about environmental protection, and the growing adoption of smart waste management technology. Furthermore, technological advancements in waste management devices and initiatives for E-waste management are expected to create market growth opportunities.
However, the requirement of a huge capital investment restrains the growth of this market. Additionally, the lack of a proper disposable/dumping system in ASEAN markets and the high cost of recycling E-devices pose major challenges for the players in this market. Furthermore, advancements in waste-to-energy technology and the adoption of intelligent waste management solutions are the key trends observed in the waste management market.
Government Regulations for Waste Management to Drive Market Growth
There has been a rise in government initiatives for environmental protection in recent years, positively impacting the environmental remediation market. Governments worldwide have implemented various policies, standards, and regulations to protect the environment and reduce pollution, including laws related to waste management, groundwater treatment, and contamination. For instance, in March 2020, the U.S. Department of Energy announced that environmental management workers started upgrading aging radiological wastewater treatment infrastructure essential to Oak Ridge National Laboratory (ORNL) operations by installing a new zeolite treatment system, designed to remove cesium and strontium from wastewater.
Furthermore, environment protection acts such as the Environment Protection Act, 1986; The Water (Prevention and Control of Pollution) Act, 1974; and The National Green Tribunal Act, 2010, have increased funding for environmental remediation projects and demand for remediation services.
In India, waste management industry is governed by multiple sub-ordinate Regulations and the Ministry of Environment, Forest and Climate Change, Government of India (MoEF) with the Central Pollution Control Board (CPCB) and State Pollution Control Boards of different states (SPCB). For disposal of cases, enforcement of any legal right, or giving relief and compensation for damages to persons and property relating to the environment, the National Green Tribunal (NGT) was established in 2010.
In addition to government initiatives, increasing awareness about the importance of environmental protection among the general public has also positively impacted the environmental remediation market. These factors are expected to boost the growth of the waste management market during the forecast period.
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Key Findings in the Waste Management Market Study:
The E-waste Segment to Register the Highest CAGR During the Forecast Period
Based on waste type, the waste management industry is segmented into hazardous waste, industrial waste, municipal solid waste, e-waste, plastic waste, biomedical waste, and other waste. The E-waste segment is projected to register the highest CAGR during the forecast period. Rapid technological advancements have resulted in new electronic products and upgraded versions of existing products, reducing their shelf life and increasing e-waste generation. These factors are expected to drive the growth of this segment.
The Recycling Segment to Register the Highest CAGR During the Forecast Period
Based on waste management method, the waste management industry is segmented into landfilling, recycling, incineration, biological reprocessing, waste-to-energy, and other waste management methods. The recycling segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing focus on environmental protection and the numerous benefits of recycling waste. Recycling reduces the need to grow, harvest, or extract new raw materials, leading to the conservation of natural resources. Additionally, it plays a crucial role in reducing carbon dioxide and other greenhouse gases emitted into the atmosphere.
The Residential Segment to Register the Highest CAGR During the Forecast Period
Based on source, the waste management market is segmented into residential, commercial, municipal, and industrial. The industrial segment is further sub-segmented into food & beverage, automotive, semiconductor & electronics, BFSI, aerospace & defense, machinery & metal, pharmaceutical, and other industries. The residential segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by population growth, rural and urban development, lifestyle changes, and the consequent change in household consumption patterns.
Asia-Pacific to be the Fastest-growing Regional Market
Based on geography, the waste management market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this market is driven by rapid technological advancements in waste management and government initiatives toward the zero waste plan in several Asia-Pacific countries. These initiatives are likely to boost awareness regarding waste management and have a positive impact on the market growth in the region.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market players. The key players operating in the waste management market are Advanced Disposal Services, Inc. (U.S.), Biffa Group (U.K.), Clean Harbors, Inc. (U.S.), Covanta Holding Corporation (U.S.), Hitachi Zosen Corporation (Japan), Remondis AG & Co. Kg (Germany), Suez Environment S.A (France), Veolia Environment S.A (France), Waste Management Inc. (U.S.), Republic Services, Inc. (U.S.), Waste Connections, Inc. (U.S.), GFL Environmental Inc. (U.S.), Stericycle, Inc. (U.S.), Casella Waste Systems, Inc. (U.S.), and Bingo Industries Limited (Australia).
Scope of the report:
Waste Management Market Assessment, by Waste Type
- Hazardous Waste
- Industrial Waste
- Municipal Solid Waste
- E-waste
- Plastic Waste
- Biomedical Waste
- Other Waste
Waste Management Market Assessment, by Waste Management Method
- Landfilling
- Recycling
- Incineration
- Biological Reprocessing
- Waste-to-energy
- Other Waste Management Methods
Waste Management Market Assessment, by Source
- Residential
- Commercial
- Municipal
- Industrial
- Food & Beverage
- Automotive
- Semiconductor & Electronics
- BFSI
- Aerospace and Defense
- Machinery & Metal
- Pharmaceutical
- Other Industries
Waste Management Market Assessment, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
Key questions answered in the report: