Waste Management Market Growth Accelerated by Digital Advancements

 

Waste Management Market

Waste management involves collection, transportation, and disposal of garbage, sewage and other waste materials. It also includes activities such as composting, material recovery and emission control. The generated waste comes from residential, industrial and commercial sectors. Residential waste constitutes food waste, garden waste, paper, cardboard, plastic bottles and containers. The industrial waste consists of by-products, obsolete raw materials and packaging materials. The global waste management industry has been observing increasing concerns over sustainable waste treatment amid a rising global population which generates more waste.

 

The global waste management market is estimated to be valued at US$ 2441.3 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

 

One of the key drivers for the growth of global waste management market is rising population. According to estimates by the United Nations, the global population is expected to reach 8.5 billion people by 2030 from the current 7.9 billion people. As populations swell, so does the amount of waste. Every person generates around 0.74 kilograms of municipal waste per day. This rising waste generation has pressured governments across the globe to strengthen their waste management infrastructure and implement sustainable practices.

 

The other driver for the market is implementation of stringent environmental regulations. Governments are increasingly focusing on proper waste treatment and disposal through regulatory frameworks to reduce pollution and promote recycling. For instance, European Union published revised directive in 2018 focusing on waste prevention, recycling targets and landfill restrictions. Federal and local authorities in developing nations are also tightening norms to handle the waste issues. This has boosted investments in modern waste management systems.

 

SWOT Analysis

 

Strength: The waste management market has witnessed substantial growth over the past few years due to rapid industrialization and urbanization. Stringent environmental regulations requiring scientific disposal and recycling of waste have boosted demand for efficient waste management services. Furthermore, increasing awareness among individuals and industries regarding environment protection has accelerated the adoption of waste management solutions.

 

Weakness: Improper waste collection and segregation at source leads to inefficiencies in the waste management system. Lack of awareness in underdeveloped regions regarding different types of waste and their proper disposal methods acts as a challenge. Additionally, high operational costs associated with managing, transporting and processing large volumes of waste restrict market growth.

 

Opportunity: Growing focus on attaining sustainability goals and reducing carbon footprint of nations presents significant growth prospects. Rising need for biofuels production from organic waste fractions also opens up new revenue streams. Moreover, advancements in waste recycling technologies help recover more resources and improve efficiencies.

 

Threats: Limited funding and infrastructure in emerging countries hampers effective waste management practices. Volatility in recycled product prices due to oversupply poses threats. Additionally, public resistance towards waste treatment facilities due to pollution concerns acts as a hurdle.

 

Key Takeaways

 

The Global Waste Management Market Share is expected to witness high growth.

Regional analysis: Asia Pacific region is currently the fastest growing market for waste management. factors attributing to its dominant position include rapid economic development, rising urbanization, and government initiatives to tackle the waste management crisis in densely populated countries of India, China, and others.

 

Key players operating in the waste management market are Fujifilm Holdings Corporation, Olympus Corporation, Hitachi Medical Corporation, Pentax Medical (Hoya Corporation), Boston Scientific Corporation, Cook Medical, Carl Zeiss Meditec AG, Medtronic plc,BARD Diagnostic Systems, Inc.,ACON Laboratories, Inc.


Get More Insights Here

https://captionssky.com/bottled-water-industry-in-united-states-an-ever-growing-segment/

https://www.pressreleasebulletin.com/waste-management-market-size-share-growth-outlook-2023/

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