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Global Smart Waste Collection Technology Market Size to grow USD 4357.7 million in 2028

The Global Smart Waste Collection Technology Market Size was valued at USD 1937.1 million in 2021. The market is projected to grow USD 4357.7 million in 2028, at a CAGR of 15.1%.

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Smart waste management is a combination of advanced technologies and creative tactics that aid in the efficient sorting, recycling, and disposal of large amounts of waste in a timely and orderly manner. Factors such as growing urbanization of societies around the world, growing concern about human society's environmental impact, consistently increasing waste volume, and the increasing trend toward adoption of smart technologies in various aspects of life are all driving the growth of smart waste management. A steady rise in the number of smart city initiatives around the world is also boosting demand for smart waste management technology, which is driving market expansion.


COVID-19 is an unprecedented global public health crisis that has affected practically every business, and its long-term effect is expected to have an influence on industry growth during the forecast period. The market study is enhancing our research approach to guarantee that fundamental COVID-19 concerns and potential solutions are included. The research examines COVID-19 in light of changes in consumer behavior and demand, purchasing patterns, supply chain re-routing, market dynamics, and government involvement. The updated study considers the impact of COVID-19 on the market and provides insights, analysis, projections, and forecasts.

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The benefit of smart waste management is that it allows for sustainable waste management and waste handling through the use of Internet of Things (IoT), sensors, and data analytics. Rapid urbanization and industrialization are predicted to generate massive amounts of garbage, which would necessitate the use of smart waste management systems, which is expected to drive market expansion. Furthermore, the expansion of the smart waste management market is expected to be fueled by an increase in smart city initiatives. For instance, the government of Canada invested $65 million in 2017 on smart cities in cities like Toronto and Vancouver. The market is growing due to an increase in environmental consciousness toward sustainable waste management.


Stringent Government Laws for Waste Management Boost Market Growth


Customers' purchasing power is increasing, and e-waste is increasing, all of which contribute to the market's growth. Government laws for waste management are becoming more stringent around the world, which has resulted in a rise in the use of smart waste management systems. Mechanical and biological treatments, as well as refuse-derived fuel production facilities and advanced recovery facilities, are now used in smart waste management. Moreover, growing number of smart city projects, as well as increased R&D in waste management around the world, which is boosting the market growth.


North America presently dominates the smart waste collection technology market and is expected to quadruple its market share with a double CAGR due to increased investment in smart cities and the use of smart bins and novel waste management solutions. However, due to increased infrastructure, expanding urban populations, large industrialization, and a boom in waste management, the Asia Pacific area is predicted to grow significantly between 2021 and 2027, with significant investment in R&D.

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Europe is predicted to be the fastest-growing smart waste collection technology market, as several nations in the area have appropriate government legislation, as well as increased awareness of e-waste management and government initiatives, all of which will contribute to market growth in the future.


KEY INDUSTRY DEVELOPMENTS:


In February 2018, IBM brought IoT technology to waste management collection with its business partner GreenQ. The main goal was to develop the Internet of Things (IoT) architecture for a smart waste management system, dubbed the Internet of Garbage (IoG), in order to bring sensors and Big Data analytics to residential garbage routes. GreenQ also wants to use IBM cloud features to construct a solid waste management solution that can track and analyse waste management skills.


In November 2019, Big Belly Solar, Inc. launched the Talking Trash bin in Vasteras, Sweden. To improve the popularity of the talking gadget among users, the company is developing and deploying advanced solutions in smart garbage collecting equipment.


In May 2021, Veolia and SUEZ announced in April 2021 that they had achieved an agreement on a merger, which is likely to take place.


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