The solid waste management market is estimated to register a robust CAGR during the forecast period, between 2021 and 2028. Solid waste management involves collecting and disposing of solid waste resulting from various industrial, municipal, and cooperative activities. Solid waste management contributes to economic development and improves quality of life while reducing or eliminating adverse environmental and health impacts.
Monitoring, collection, transport, processing, recycling, and disposal are some of the processes that are involved in managing municipal waste. Solid waste management is driven by increasing global population, rapid urbanization, industrial boom, environmental impact, and infrastructure development activities throughout the world.
Furthermore, the government's increasing efforts to control solid waste throughout the forecast period is expected to drive the solid waste management market. Waste that is not collected properly and disposed can pose a risk to the environment as poorly managed waste can pollute surface waters and groundwater with leachate. In warmer climate, waste disposed in large quantities can cause a fire risk.
Market Trends, Drivers, Restraints, and Opportunities:
- Rapid industrialization is the key factor propelling the solid waste management market growth.
- The advent of the new technological trends, such as smart waste management, is expected to spur the market.
- Managing solid waste is a long and tedious task and requires high capital and operational cost in terms of waste collection bins, vehicles, and processing equipment. Thus, such factors can restrain the market growth.
- The high requirement of manual labor is also set to hamper the market growth.
- The Government of India’s ‘Swachh Bharat Mission,’ which was launched on October 2, 2014, has brought the municipal solid waste management sector to the forefront of governance.
Scope of the report
The report on solid waste management market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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Solid Waste Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Waste (Municipal Solid Waste and Industrial Solid Waste), Treatments (Open Dumping and Disposal [Landfill, Recycling, Incineration/Combustion, and Composting/Anaerobic Digestion]), Materials (Paper & Paperboard, Metals, Plastics, Food, Glass, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Biffa Group, Green Conversions, Amec Foster Wheeler, Xcel Energy, Recology, Hitachi Zosen, Covanta, and Keppel Segher
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Solid Waste Management Market Segment Insights:
Municipal solid waste segment is projected to hold significant market share
In the terms of waste, the solid waste management market can be bifurcated into municipal solid waste and industrial solid waste. The municipal solid waste segment is projected to hold significant market share. This segment refers to the management of solid waste from residential buildings and societies, public places, streets, commercial buildings, and other institutions.
Municipal solid waste accounts for a large part of universal waste and thus proper management of the same is of paramount importance. Various challenges are associated with municipal solid waste management. These includes unfavorable investment norms and lack of monetary incentives.
Disposal segment is anticipated to account for a substantial share
Based on treatments, the solid waste management market can be bifurcated into open dumping and disposal. The disposal segment can be further divided into landfill, recycling, incineration/combustion, and composting/anaerobic digestion. The latter segment is estimated to grow at a rapid pace due to increasing demand for cost-effective solutions.
Plastics segment is anticipated to grow at a significant pace in the near future
On the basis of materials, the solid waste management market can be segmented into paper & paperboard, metals, plastics, food, glass and others. The plastics segment is estimated to grow at a significant pace in the near future. Solid waste generated by industrial and municipal sources contains a large percentage of plastics. Plastic waste disposal and incineration causes soil erosion, water leaching, and air pollution. Hence, recycling of such materials is becoming the only necessary option to ease the harmful environmental effects, which is estimated to enhance the solid waste management market growth.
Asia Pacific is expected to account a major market share
In terms of regions, the solid waste management market can be classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market due to rising adoption of medieval solid waste management technologies and practices. The World Bank reports, for instance, that in 2016, open dumping and landfilling accounted for over 54% of all treated wastes throughout East Asia.
Many of these companies are deploying advanced waste treatment technologies, such as waste recycling and resource recovery, to expand their solid waste management networks throughout the region.
Segments
By Waste
- Municipal Solid Waste
- Industrial Solid Waste
By Treatments
- Landfill
- Recycling
- Incineration/Combustion
- Composting/Anaerobic Digestion
By Materials
- Paper & Paperboard
- Metals
- Plastics
- Food
- Glass
- Others
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
By Key Players
- Biffa Group
- Green Conversions
- Amec Foster Wheeler
- Xcel Energy
- Recology
- Hitachi Zosen
- Covanta
- Keppel Segher
Competitive Landscape
Key players in the solid waste management market are Biffa Group, Green Conversions, Amec Foster Wheeler, Xcel Energy, Recology, Hitachi Zosen, Covanta, and Keppel Segher. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.