The global smart trash bin market size was USD 341.5 Mn in 2022 and is likely to reach USD 1028 Mn by 2031, expanding at a CAGR of 13.69% during the forecast period, 2023–2031. The growth of the market is attributed to the rising consciousness about waste management and the expansion of investments in smart city infrastructure.
Smart trash bins are waste containers with smart automated sensors that allow users to track the waste management procedure. It helps in time management with wireless ultrasonic fill level sensors that can identify the level of the bin. The data collected from its waste management system is sent to the cloud-computing system to analyze and help in reducing human efforts.
The COVID-19 pandemic had a positive impact on the smart trash bin market, owing to the demand for maintaining sanitation and cleanness in the environment to make the surroundings healthy and reduce the risk of disease. Smart trash bins were used at the time of the pandemic in hospitals, public zones, and clinics. An IIT Kanpur alumnus from India came up with a smart container having a unique feature containing a special feature on the surface of its mouth that helps in reducing the time limit of the virus by 95%. This method is helpful in minimizing the risk of infection and increasing the safety level at the time of safe handling.
Smart Trash Bin Market Dynamics
Key Trends
Smart trash bins are deployed with different types of sensors with special functions. The fill level sensor notifies waste collection teams to clean up the bins as they are already reached 70% capacity. This helps the waste collection team to clear the bins in due time. Nowadays, smart cities are having sewage drain covers with sensors that can detect when the sewage fluid is overflowing thus alerting the related teams. Smart waste bins reduce maintenance, infrastructure, and operating expenses by 30%. Smart trash bins help to maintain the surroundings clean and free from bad odors of garbage and keep the city beautiful. The reduction of manpower to handle the waste collection is expected to boost the demand for the smart trash bin market.
Major Drivers
Smart trash bins are touchless and prevent cross-contamination. Smart trash bins are highly adopted by consumers owing to the convenience and ease of control through mobile applications. In order to meet smart city projects, emerging economies are promoting their major cities with smart technology, which is likely to gain demand for the smart trash bin. In commercial places including hospitals, hotels, and restaurants the spread of germs is a common issue. The waste management of smart bins benefits lot in such places, thereby driving the market growth.
Existing Restraints
Easy use and low cost of traditional trash bins across the globe are expected to hinder the growth of the smart trash bin market. Wireless technologies used in smart trash bins have lower data speeds and a shorter range, which is inconvenient. It diminishes manpower requirements which impact the employment of unskilled individuals. The smart trash bins need sensor nodes for their operation which have a shorter memory size. It requires high-cost maintenance and the cost of training the employees is restraining the smart trash bin market growth.
Emerging Opportunities
The need for proper waste management in the major economies is creating opportunities for the smart trash bin market. Improvements in waste disposal are a great concern for households as well as the commercial sector, rising the demand for smart trash bins in the market. The contributions of different government policies such as Gramin Swachh Bharat Mission and Swachh Bharat Abhiyan are helping the government to complete clean India initiatives which are also fueling the demand for the smart trash bin market.
Scope of Smart Trash Bin Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Trash Bin Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Capacity (8 to 13 gallons, 14 to 23 gallons, and above 23 gallons), Sales Channel (Online and Offline), and End-user (Commercial and Residential)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Smart Trash Bin Market Size and Analysis, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Ausko Pte Ltd; iTouchless Housewares and Products Inc.; Ecube Labs; EKO-NORTH-AMERICA; Enevo, Inc.; Home Depot.; honeycando.com; simplehuman.; and Spectrum Brands, Inc.
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Smart Trash Bin Market Segment Insights
In terms of capacity, the smart trash bin market is classified into 8 to 13 gallons, 14 to 23 gallons, and above 23 gallons. The 8 to 13-gallon segment is anticipated to dominate the market during the forecast period.
The 8 to 13-gallon capacity smart trash bins are made specifically for residential use, which is to be used in homes, a given household produces limited waste as compared to commercial and industrial segments, and the capacity of 8 to 13 gallons perfectly satisfies the need of a residence.
In terms of sales channel, the smart trash bin market is bifurcated into online and offline. The online segment holds the major market share and continues to dominate the market during the forecast period. The online segment is a great way to sell any product, smart trash bins are no different, online platforms provide more options for the customers to look at and select their desired type of smart trash bin. Moreover, secure payment options and free home delivery options are projected to drive the demand for the smart trash bin market.
Based on end-user, the smart trash bin market is bifurcated into commercial and residential. The residential segment continues to be the key market for smart trash bins during the forecast period. Factors like the development of smart cities and the need for smart waste management have led to growth in the smart trash bin market. The factors like the price of the smart trash bin and extra maintenance cost as compared to the minimal price and almost zero maintenance cost have impacted the commercial market for smart trash bins.
In terms of region, the global smart trash bin market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is estimated to hold a major market share during the forecast period. Increasing demand for smart products need for proper waste management, and increasing government initiatives are the factors projected to boost the market.
Segments
The global smart trash bin market has been segmented on the basis of
Capacity
- 8 to 13 gallons
- 14 to 23 gallons
- above 23 gallons
Sales Channel
End-user
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the market are Ausko Pte Ltd, iTouchless Housewares and Products Inc., Ecube Labs, EKO-NORTH-AMERICA, Enevo, Inc., Home Depot., honeycando.com, simplehuman., and Spectrum Brands, Inc.
- In April 2021, Ecube labs, CleanCUBE a solar-powered trash compactor with a press. It is able to read the filling level of the waste container in real time with the help of ultrasonic sensors and thus triggers the automatic compression action. This increases the capacity of the waste container up to 5-8 times. The built-in safety sensor detects movement and stops the compaction of the waste after detection. The data of the waste bind is then forwarded to the company analysis and cloud platform CleanCityNetworks for analysis.
- In January 2022, The New Town Kolkata Development Authority (NKDA) declared that it had started deploying smart waste bins in cities. These smart trash bins are installed with (AI)-based sensors to avoid the overflowing of waste if they are full. According to NKDA, around 50 bins are installed in different locations in town.
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