Smart Waste Management Market Value to Surpass USD 7,877 Million by 2025 With 18.6% CAGR - Report by Market Research Future (MRFR)

New York, US, June 30, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Smart Waste Management Market information by Type of waste, by Method, by Application and Region – forecast to 2027” the market is expected to expand at 18.6% CAGR to reach a market value of 7,877 Million by 2025.

Market Scope:
Smart waste management, simply put, is the process of collecting, transporting, and disposing of waste material in an efficient way with little environmental effects. The usage of smart bins or smart trashes to collect waste materials coupled with a garbage monitoring system helps waste management authorities to effectively manage waste material.

Smart waste management is an affordable solution to effectively manage waste lifecycles in order to augment public health and environment. It is the combination of innovative strategies and advanced technologies which help in the effective recycling, sorting, and disposal of a huge amount of waste in a well-organized and smooth manner. Owing to its alluring features and benefits, it has wide applications in residential, food and retail, healthcare, construction, industrial and manufacturing, and other industries.

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Dominant Key Players on Smart Waste Management Market Covered Are:

  • Enevo (Finland)
  • SAP SE (Germany)
  • IBM Corportaion (US)
  • Urbiotica (Spain)
  • OnePlus Systems Inc (US)
  • Pepperl+Fuchs Group (Germany)
  • Covanta (US)
  • Ecube Labs Co. Ltd.(South Korea)
  • Waste Management . (US)
  • Bigbelly Inc. (US)

Market USP exclusively encompassed:
Market Drivers
As per the MRFR report, there are numerous factors that are propelling the smart waste management system market growth. These include rapid urbanization, evolving lifestyles, a growing economy, rise in smart city initiatives, the proliferation of sensor technology, technological developments, increasing interest of companies in waste management to maximize the renewable perks of waste, increase in consumer’s purchasing power, and growing e-waste. Additional factors propelling the growth of the market include the increasing concern over the environmental impact of human society, constantly rising waste volume, the rising trend towards smart technology adoption, economic perks of smart waste management, and the adoption of technologies such as pneumatic tubes, fuel switching, RFID, and GPS in smart forms of waste disposal.

On the flip side, the soaring cost, and poor connectivity infrastructure in most underdeveloped and developing economies, may impede the smart waste management market growth over the forecast period.

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Segmentation of Market covered in the research:
The Market Research Future report offers an inclusive analysis of the smart waste management market based on application, method, type of waste, and component.

By component, the smart waste management market is segmented into services, solution, and hardware. The solution segment is further segmented into network management, fleet management, asset management, remote device monitoring, data analytics & reporting solution, and others. Of these, the hardware segment will lead the market over the forecast period.

By type of waste, the smart waste management market is segmented into e-waste, special, and solid. Of these, the solid segment will dominate the market over the forecast period.

By method, the smart waste management market is segmented into smart energy recovery, smart processing, smart disposal, and smart collection. Of these, the smart collection segment will spearhead the market over the forecast period.

By application, the smart waste management market is segmented into residential, food and retail, healthcare, construction, industrial and manufacturing, and others. Of these, the industrial and manufacturing segment will have the lion’s share in the market over the forecast period.

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Regional Analysis
North America to Rule Smart Waste Management Market
By region, the global smart waste management market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, South America, and the Middle East and Africa (MEA). Of these, North America will rule the market over the forecast period. It is likely to grow at a 17.8% CAGR by 2025. Growing investments and developments associated with waste management technology, early adoption of wireless technology for waste management in the US, presence of a rising number of smart cities, extensive R&D, and growing investments to create innovative and novel ways to manage waste is adding to the global smart waste management market growth in the region.

In Europe, the global smart waste management market is predicted to hold the second-largest share over the forecast period. Stringent rules and regulations for recycling coupled with the reuse of electronic waste are adding to the global smart waste management market growth in the region. Germany has the utmost market share.

In the APAC region, the global smart waste management market is predicted to have healthy growth over the forecast period. Progress of WTF and WTE sectors, growing awareness related to environmental hazards of poor waste management, shortage of land, quick growth in different industries such as packaging, food and beverage, construction, healthcare, consumer electronics, automotive, and others, increasing population, economic growth, the demand for smart waste management technologies, and increasing adoption of smart city initiatives are adding to the global smart waste management market growth in the region.

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Industry News
February 2021- New Town in Kolkata will soon have hi-tech smart bins to beautify the area.
February 2021- Two smart bins that are solar-powered have been installed in Hollingworth Lake to help reduce greenhouse gas emissions, decrease the waste collection frequency, and reduce litter.

COVID-19 Impact on the Global Smart Waste Management Market
The COVID-19 crisis had a positive impact on the smart waste management market. This outbreak has intensified the use of smart city technologies like smart bins. For instance, an alumnus in IIT Kanpur, India, has come up with a smart container having a special coating on its mouth surface to reduce the virus’s lifespan by up to 95%. This will cut down the peril of infection to other users and increase the safety level in waste handling. During the outbreak, the demand for smart bins has gone up to prevent the virus from spreading through waste generated in public places, quarantine zones, hospitals, and clinics. At the time of the government-imposed lockdown, public authorities and waste operators were forced to change their waste management systems immediately and take steps to consider factors like waste management needs, the accessibility of general procedures and staff, and employee safety and health.

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