Advanced Materials and Chemicals

Waste Management Market Expected to Reach USD 657.55 Billion by 2031: Technological Advancements to Boost Growth

Jul 2024

Advanced Materials and Chemicals

As per the report published by Kings Research, the global Waste Management Market was valued at USD 449.81 billion in 2023. The market is projected to reach USD 657.55 billion by 2031, growing at a CAGR of 5.05% from 2024 to 2031.

Regulatory pressure for sustainable practices is a significant factor supporting the growth of the global waste management market. Governments and regulatory bodies worldwide are implementing stricter regulations aimed at reducing environmental impact, promoting resource conservation, and mitigating climate change. These regulations often mandate waste reduction, recycling, and proper disposal practices, imposing requirements on industries, municipalities, and waste management companies to comply with sustainability standards.

Additionally, extended producer responsibility (EPR) schemes and landfill taxes incentivize producers to design products for recyclability and invest in waste management infrastructure. The push for sustainable practices addresses environmental concerns and creates opportunities for innovation and investment in cleaner technologies and circular economy solutions.

Key Insights

  • Based on service type, the collection segment accounted for the largest market share of 64.93% in 2023
  • Based on waste type, the e-waste segment is estimated to register a CAGR of 6.40% between 2024 and 2031
  • On the basis of region, Asia-Pacific is anticipated to reach a valuation of USD 262.95 billion by 2031

EQT Infrastructure Acquires Majority Stake in Heritage Environmental Services

December 2023: EQT Infrastructure, a global investment firm, acquired a majority stake in Heritage Environmental Services, a prominent provider of industrial waste management solutions. The acquisition reflected EQT's strategic focus on sustainability and commitment to investing in essential infrastructure sectors.

Heritage Environmental Services' strong market presence and expertise in handling industrial waste make it a valuable addition to EQT's portfolio. The partnership aimed to drive growth and innovation in the industrial waste management sector, utilizing EQT's resources and Heritage Environmental Services' industry leadership to deliver sustainable solutions and expand market reach.

Rising Awareness of Environmental Concerns to Foster Waste Management Market Expansion

Rising awareness of environmental concerns is leading to significant changes in the global waste management landscape. With growing recognition of the detrimental effects of waste pollution on ecosystems, biodiversity, and human health, there is a pressing need to address environmental challenges. Increasing media coverage, educational campaigns, and advocacy efforts have raised public awareness regarding the importance of responsible waste management practices, including waste reduction, recycling, and proper disposal.

Given these considerations, consumers, businesses, and policymakers are increasingly prioritizing sustainability and preferring eco-friendlier solutions across the waste management sector. This shift in preference is influencing purchasing decisions, corporate strategies, and government policies, prompting investments in sustainable technologies, circular economy initiatives, and waste management infrastructure.

Technological Advancements in Waste Management to Boost Market Growth

Technological advancements in waste management are revolutionizing the industry, leading to improvements in efficiency, sustainability, and resource recovery. Innovative technologies such as sensor-based sorting systems, robotic arms, and artificial intelligence are transforming waste collection, sorting, and processing operations, enabling more accurate sorting of recyclables and reducing contamination rates.

Furthermore, advancements in waste-to-energy technologies, such as anaerobic digestion and gasification, are expanding the possibilities for converting waste into renewable energy sources, thereby reducing reliance on fossil fuels and mitigating greenhouse gas emissions.

Additionally, digitalization and data analytics tools are optimizing waste management processes, enabling real-time monitoring, predictive maintenance, and performance optimization. These technological innovations improve operational efficiency and reduce costs for waste management companies while contributing to environmental sustainability by minimizing waste sent to landfills and maximizing resource recovery.

Asia-Pacific is Set to Record a Staggering CAGR of 6.19% Over the Forecast Period

Based on region, the global waste management market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Asia-Pacific is poised to register the highest CAGR of 6.19% between 2024 and 2031. This growth is driven by rapid urbanization, industrialization, and increasing population. As urban populations expand and consumption patterns evolve, the volume of waste generated in the region is expected to surge, creating a strong demand for comprehensive waste management solutions.

Furthermore, governments in countries such as China, India, and Japan are prioritizing environmental sustainability and implementing regulations to promote waste reduction, recycling, and proper disposal practices. Investments in waste management infrastructure and technologies are increasing to effectively address the growing waste challenges. Moreover, rising public awareness regarding environmental issues and the importance of sustainable waste management practices are influencing consumer preferences and corporate strategies toward eco-friendly solutions.

Major Industry Players Ink Collaborative Deals to Strengthen Market Foothold

The global waste management market reveals a fragmented landscape featuring prominent companies including Waste Management, Inc., SUEZ, Veolia Environnement, Republic Services, Inc., Covanta Holding Corporation, Clean Harbors, Inc., Remondis Se & Co. Kg, Biffa Plc, Hitachi Zosen Corporation, Daiseki Co. Ltd, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.

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