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The Waste Management market size is estimated to grow at a CAGR of 7.25% between 2022 and 2027 and the size of the market is forecast to increase by USD 167.1 billion. The growth of the market depends on several factors such as laws in Europe for recycling waste, the increase in industrial activities globally, and the growing adoption of construction and demolition (C&D) materials in urban areas with the rising number of construction projects.
This report extensively covers market segmentation by end-user (residential, commercial, and industrial), service type (landfill, open dumping, incineration, recycling, and composting and anaerobic digestion), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Waste Management Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The European market is a leader in composite recycling due to stringent environmental rules implemented by governments in this region and the Horizon 2020 project. In fact, EU citizens have the benefit of being among the best in the world when it comes to environmental standards. The European Union's (EU) ecological regulations safeguard Europe's air, water, and land. Additionally, there are other events that drive the trend toward adopting sustainable composite recycling solutions, including the first major wave of composite wind turbines approaching their end-of-life (EoL) and getting decommissioned.
Moreover, the adoption of composites in the automobile industry is also increasing. There is a sociotechnical pressure that emphasizes limiting and banning the usage of landfill options and replacing them with composites. For reducing environmental consequences and meeting the demand, the role of composite material recycling is vital, especially in the wind energy sector and the aerospace, automotive, construction, and marine industries. Hence such factors will boost the growth of the market during the forecast period.
Several industrial processes require hazardous chemicals and complex processes for their production and manufacturing process. Cleaning service-providing companies require several chemicals for waste management to clean spills in the industries, disinfectants, and much more. These chemicals could be harmful to health and also have a negative impact on the environment. emphasizing the importance and scope of renewable or green cleaning.
Processes like activated water cleaning, high-flow fluid extraction, and steam vapor technology are used in the green cleaning industry. They offer the benefits of being environmentally friendly while not compromising on the quality of performance. They help improve health and safety inside an industrial building, reduce costs, and also provide the convenience of usage and cleaning operations. Hence such factors are predicted to propel market growth during the forecast period.
The effective waste management of biomedical waste as it comprises various infectious, toxic, and radioactive materials and sharp hypodermic needles, knives, and scalpels. In fact, out of the approximately 16 billion injections administered annually, not all needles and syringes are properly disposed of afterward. As per the WHO, 30% of healthcare facilities were not equipped to handle existing waste loads produced in 2020. Effective biomedical waste treatment requires a high-quality waste treatment unit, and management facility, along with recruiting a separate, dedicated, and skilled workforce, and high capital investment.
Moreover, there is the usage of incarnation for efficient waste management and the safe removal of any microorganisms. However major disadvantages of this segment include high capital investment for the waste management setup, the problem of odor surrounding the machine, and a high chance of leakage of microwave energy. Hence such factors will limit the growth of the market during the forecast period.
The residential segment will account for a major share of the market's growth during the forecast period. Households and individuals generate waste commonly referred to as residential waste or municipal solid waste (MSW) which includes a wide range of materials and products that are used and discarded daily. These include food waste, packaging materials, paper, plastics, glass, textiles, and non-hazardous household items in large volumes. Moreover, with the existing prevalence of consumerism, increasing urbanization, and increasing consumer disposable income, residential waste will increase further. For example, annually there are more than 2.01 billion metric tons of residential waste and this is predicted to rise to 4.3 billion metric tons by 2050.
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The residential segment was valued at USD 122.41 billion in 2017 and continued to grow until 2021. The global population is projected to reach 10 billion by 2050 as per UN statistics which further emphasizes the importance of effective waste management strategies to ensure proper collection, transportation, and disposal or recycling of residential waste. Moreover, several countries follow a waste collection system where residential waste is separated into different categories, such as recyclables, organics, and non-recyclables. This helps to enable efficient sorting and subsequent treatment of the waste streams. Hence such factors will contribute to market growth of this segment of the market during the forecast period.
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APAC is estimated to contribute 33% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In the APAC region, China and India are the largest markets due to them investing massively in new industrial projects which have also increased appeal for various companies to invest in them. Growing demand for automotive, healthcare, chemical, and electrical and electronic industries goods and services are resulting in numerous companies from these industries setting up bases in this region. All these industries require cost-effective and efficient waste management services that can serve a vast number of industries in this region and are one of the major drivers of the waste management market in the region during the forecast period.
Moreover, factors such as India and China being global manufacturing hubs and the increasing adoption of robots and augmented reality devices will also have a positive impact on the market. Hence such factors are predicted to boost the market growth of the region during the forecast period.
The COVID-19 outbreak negatively impacted the regional waste management market due to limited demand from end-user industries and businesses that ceased their operations due to lockdown restrictions. However, the requirement for effective waste management became further emphasized due to increased biomedical waste primarily generated from healthcare facilities. This resulted in greater demand for waste management facilities and highlighted the requirement for managed landfills and waste disposal sites for biomedical wastes. Additionally, after large-scale vaccination drives, businesses resumed their operations which further increased demand for waste management services. Hence such factors are predicted to contribute to regional market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bertin Technologies SAS - The company offers medical waste management processing systems such as Sterilwave 250, Sterilwave 440, and Sterilwave 100.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Biffa Plc, Clean Harbors Inc., Covanta Holding Corp., Daiseki Co. Ltd., FCC SA, Republic Services Inc., RETHMANN SE and Co. KG, SAAHAS WASTE MANAGEMENT Pvt. Ltd., Stericycle Inc., SUEZ SA, Veolia Environnement SA, Waste Connections Inc., Waste Management Inc., GEPIL, Hasiru Dala Innovations Pvt. Ltd., HFCL Ltd., Hitachi Zosen Corp., URBASER SA, and Valicor Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The waste management market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Waste Management Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.25% |
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Market growth 2023-2027 |
USD 167.1 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.97 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 33% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bertin Technologies SAS, Biffa Plc, Clean Harbors Inc., Covanta Holding Corp., Daiseki Co. Ltd., FCC SA, Republic Services Inc., RETHMANN SE and Co. KG, SAAHAS WASTE MANAGEMENT Pvt. Ltd., Stericycle Inc., SUEZ SA, Veolia Environnement SA, Waste Connections Inc., Waste Management Inc., GEPIL, Hasiru Dala Innovations Pvt. Ltd., HFCL Ltd., Hitachi Zosen Corp., URBASER SA, and Valicor Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Service Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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