Global Smart Waste Management Market – Overview
Global Smart Waste Management Market Growth is projected to grow at a compound annual growth rate (CAGR) of 24.38 percent, reaching a market size of USD 1.75 billion by 2030.
Other smart waste management solutions might include the use of AI and machine learning algorithms to improve waste sorting and recycling efforts 23. By analyzing data on waste composition and disposal patterns, smart systems can identify opportunities for reducing waste and increasing recycling rates. Smart waste management solutions can benefit businesses 23, cities, and countries by helping them to manage their waste more efficiently and sustainably.
This has led to a growing demand for smart waste management technologies and procedures that don’t hurt the environment. This is likely to be a major driver for the global smart waste management market over the forecast period, as the environmental impact of waste products can be quite high. Gases generated in waste can cause significant greenhouse warming and can also be toxic. This has driven the demand for solutions that can prevent the ill-effects of waste on the environment. This is likely to be a major driver for the global smart waste management market over the forecast period.
The growing use of smart waste bins for monitoring and management of waste disposal is also likely to be a major driver for the global smart waste management market.
Competitive Leaderboard:
Leading players in the global smart waste management market include Urbiotica, OnePlus Systems Inc., Pepperl+Fuchs Group, Covanta, Ecube Labs Co. Ltd., Waste Management Inc., Bigbelly Inc., Enevo, SAP SE, and IBM Corporation.
In February 2019, IBM announced a new portfolio of IoT solutions that combine team advanced analytics and AI to help organizations such as the Metropolitan Atlanta Rapid Transit Authority (MARTA) to improve their maintenance strategies. These solutions will be helpful for organizations in asset-intensive industries such as chemicals, oil & gas, energy & utility, manufacturing, and transportation.
In May 2018, SAP introduced an innovation kit that helps minimize waste to maximum margin with SAP Leonardo. SAP Leonardo uses machine learning capabilities to reduce waste significantly and move closer to the goal of zero waste
In May 2018, Bigbelly Inc. partnered with Future Street Ltd. to support the growth of Bigbelly smart waste and recycling system. It has signed a multi-region license agreement with Future Street Ltd. to invest in sales and marketing programs, regional event participation, business development initiatives, and localized strategic operational support for developing its business across the Middle East and Europe.
In February 2018, Enevo expanded its business waste and recycling services in the UK. It has provided its services to the UK McDonald’s franchise with seven locations and helped them to reduce their waste collection costs by 12% in six months.
Segmentation:
By component, the global smart waste management market is segmented into hardware, solutions, and services.
By type of waste, the global smart waste management market is segmented into solid, special, and e-waste.
By method, the market is segmented into smart collection, smart processing, smart energy recovery, and smart disposal.
By application, the global smart waste management market is segmented into healthcare, industrial and manufacturing, construction, food and retail, residential, and others.
Regional Analysis
Regionally, the global smart waste management market has been segmented into the Asia Pacific, North America, Europe, Middle East & Africa, and South America.
North America earned the highest market share in 2018, with a market value of USD 1,095.0 million. This area was one of the first to adopt the smart bin process, which is a crucial driver of market development. Various leading players in the area are investing in research and development of new technologies and advanced recovery facilities, which are also boosting the market growth in the region.
For the purpose of research, the market in Europe has been classified as Germany, the United Kingdom, France, and the rest of Europe. The demand in Europe is projected to hit the highest CAGR of 20.2% during the forecast period. Europe is predicted to be the fastest-growing market for smart waste management. The region has strong legislation policies on the part of governments in different countries, which are driving market development. In addition, growing awareness of e-waste recycling and government initiatives are some of the factors driving market development.
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