Smart Waste Collection Market Size, Share & Analysis | 2031

Report Description

Smart Waste Collection Market Outlook 2031: 

The global smart waste collection market size was valued at USD 3.31 Billion in 2022 and is projected to reach USD 6.19 Billion by 2031, expanding at a CAGR of 7.2% during the forecast period 2023 - 2031. The market growth is attributed to the rising smart city projects and increasing adoption of data analytics solutions for waste collection companies. 

Smart waste collection is utilizing technological advances such as sensors, monitoring, data analysis, and the Internet of Things (IoT), among others to efficiently manage overall waste collection operations. Smart waste collection systems are generally intended to efficiently manage the waste collection process in cities and towns. For smart city initiatives, smart collection and management systems are a highly essential requirement.

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Sensors are placed on waste bins or receptacles to alert the local authorities when they are full and need to be emptied. Moreover, the data generated by sensors and monitoring systems can be further used for the efficient management of the waste collection. The patterns of waste containers reaching their full capacity can be predicted from the data analysis.

In addition, the data analysis on the transportation of waste, such as route, time taken, capacity, and other factors enable local authorities in speeding up the process as well as help in optimizing the operational costs. Smart waste collection is ideal for keeping cities cleaner and also reduces the complexities involved in waste collection and transportation processes.

Smart garbage disposal systems can help in identifying recyclable material in waste containers, for recycling maximum waste. For instance, converting waste to energy can be accomplished through the implementation of smart processing technology solutions on waste materials. Smart energy recovery from waste creates a sustainable and cost-effective energy supply solution for smart cities. In addition, Citizens can be directed with audiovisual guidelines to support authorities in keeping the city clean.

COVID-19 Impact on Smart Waste Collection Market

The market report finds that the COVID-19 pandemic affected the growth of the market, owing to the slowdown caused by the lockdown measures. The worldwide spread of the pandemic halted manufacturing and supply chain operations. The manufacturing of sensors and other equipment required for the smart waste collection was slowed down.

Additionally, the supply chain slowdown reduced the demand for smart waste collection tools and devices. Factors such as economic uncertainty, lack of confidence from consumers and businesses, and public movement restrictions due to lockdowns hampered the market growth. However, the resumption of industrial operations and business activities post-COVID-19 is expected to help the global market growth.

Smart Waste Collection Market Dynamics

The research report presents a complete market overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global smart waste collection market report has up-to-date insights about market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.

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Key Trends

The various government across the globe are increasingly taking efforts toward creating smart cities and smart management systems for daily operations. Municipalities and other concerned public offices in order to keep a city clean are adopting various waste management technology solutions.

Intelligent waste collection systems can provide timely alerts to the concerned officials, give data insights & patterns for efficient management, and help in optimizing operational costs. The trend to create smart city management with technological advancements is expected to boost the global market in the coming years.

Drivers

Increasing Demand for Rapid Waste Management in Urban Areas

The increasing demand for rapid and efficient waste management solutions in urban areas is expected to drive the global smart waste collection market during the projection period. The waste material collected from the residential and commercial units can be better sorted and handled with the help of smart technology such as artificial intelligence, machine learning, and waste management IoT devices.

Worldwide urban population is rising, and with it, the generation of waste is also growing faster. The manual handling of operations takes time and additional resources, owing to which pollution is rising across the towns. Smart waste management solutions are expected to play a key role in the efficient management of waste collection operations in urban areas in near future, driving global market growth in the coming years.

Growing Demand for Data Analytics Solutions in Waste Management Operations

The growing demand for data analytics solutions for effective waste management and cost optimization is expected to drive market growth during the forecast period. Data analytics solutions help local authorities or organizations to accurately predict patterns and other key insights on waste generation in cities, which are helpful in the timely handling of waste collection, sorting and transportation operations.

Restraints

The implementation of Intelligent waste collection and management solutions across the cities is a costly process. Though there are long-term based costs and other benefits, initial installation requires higher costs. The smart garbage disposal systems require more smart bins at every place to separately collect dry and wet waste items. The costs required for smart garbage disposal bins are higher as compared to regular ones, owing to which initial investment also goes up.

Moreover, the training and development of the workforce for efficient maintenance of smart waste management systems also further add to the cost. The high cost associated with implementation and maintenance is anticipated to affect the market growth during the projection period.

Opportunities

Smart city initiatives require smart devices that can reduce dependency on manual waste management. As per the strategic market growth analysis, the development of smart technology machines and devices is expected to create lucrative growth opportunities for the global smart waste collection market.

The key players in the global smart waste management market are taking advantage of technologies such as cloud computing, the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) to create advanced gadgets and equipment.

The development of advanced devices and machinery can further optimize waste collection and management operations and resource use, which is expected to generate growth opportunities for the major companies in the global market.

Scope of Smart Waste Collection Market Report

The global smart waste collection market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Smart Waste Collection Market Segment Insights

Based on waste type, the global smart waste collection market is divided into solid waste, e-waste, and special waste. The solid-waste segment is expected to expand at a rapid pace during the projected period. The solid waste segment growth is attributed to the rising industrialization and urban population growth in emerging economies such as India and China.

The generation of solid waste such as household waste, commercial waste, and industrial waste is rapidly rising, owing to the increased industrial activities and high population in urban areas. Solid waste items hold a large share of waste collected by the municipalities, owing to which Intelligent waste collection, management, and smart processing have wide applications in solid-waste management.

The special waste segment is also expected to grow at a considerable CAGR, owing to the growth of industrialization and urbanization across the world. The growing production activities to fulfill rising consumer demands for various products are resulting in an increase in the volume of the special waste generated on a daily basis. Special waste needs to be handled carefully, owing to which smart waste collection solutions are expected to have wide application in special waste management.

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On the basis of the system, the global market is segregated into the smart waste bin collection system, smart waste recycling system, smart fleet management & logistic solution, and cloud computing (IoT) interface.

The smart waste bin collection system segment held a large share of the market in 2021 and is projected to register a considerable CAGR during the forecast period. The growth is attributed to the rising demand for smart tracking and disposal of generated waste in smart cities.

Smart bin collection systems are beneficial to organizations as data analytics features in smart bins enable them to keep track of waste generation. Moreover, these systems send notifications when waste bins are full and need to be emptied. Smart waste bins add to the efforts of creating sustainable and eco-friendly measures for organizations.

The smart fleet management & logistic solution segment is also expected to grow at a fast pace owing to the need for optimizing the time and resources required for the collection and transport of waste. Smart fleet management and logistics involve smart scheduling and data analysis to get insights into waste generation patterns in every locality. Through analysis of past data records, it is possible to understand where the discrepancies are happening and then optimize it further.

On the basis of application, the global smart waste collection market is segmented into residential buildings, hospitals, industrial & manufacturing, public buildings, retail, and others. The industrial & manufacturing segment is anticipated to grow at a considerable during the forecast period.

The rising use of smart technology to optimize and recycle waste is expected to boost the industrial and manufacturing segment during the forecast period. Industrial waste is usually in large volumes and can be hazardous to humans. The waste generated through manufacturing and other industrial processes needs to be handled carefully. Utilizing smart waste management technology enables firms to minimize risk factors and optimize costs.

The residential buildings segment is also expected to grow at a significant pace owing to the rising urban population in emerging economies such as India and China. Urban residential building management, using smart waste collection solutions can efficiently handle the garbage produced by families living in the buildings. The smart collection of waste generated by the residential building is expected to aid local authorities to reduce time and manpower requirements.

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In terms of region, the global smart waste collection market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market size of North America is expected to dominate the market during the projected period, owing to the increasing implementation of smart city initiatives by the various local government in the region. Additionally, the high willingness to the adoption of advanced waste management technology solutions for effective waste management is expected to fuel the global market growth.

Asia Pacific is anticipated to witness the second fastest growth in the global smart waste collection market owing to the rising investment in waste management IoT solutions in the region. In addition, the governments in the region are implementing stricter regulatory measures to minimize pollution, owing to which companies in various sectors are adopting smart waste management to reduce the environmental impact.

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