Smart Waste Management: Global Market Scenario, Trends, Opportunity, Growth and Forecast, 2020-2030

Market Definition

An innovative method of processing and collecting waste is smart waste management. Smart waste management, which is based on Internet of Things (IoT) technology, offers information on the behaviour and patterns of trash generation.

Market Insights

The global smart waste management systems market stood at $463.89 billion in 2022 and expected to grow at a CAGR of 8.4% during the forecast period of 2023-2030. The creation of garbage has increased as the world’s population continues to grow, making it difficult for cities, nations, and municipalities to keep up with the demand for its efficient disposal. A good waste management system protects everyone’s health by preventing the spread of fatal diseases. IoT-based waste management solutions have been adopted in smart cities all around the world to improve waste disposal. Increased hazardous pollution levels, whether due to improper waste management or unlawful disposal, have a negative effect on society as a whole. Governments all across the world have strict guidelines and requirements for handling trash properly. For instance, the Clean Air Act of 1963, enacted by the American government, set forth a variety of policies. The incineration of various waste types and techniques are covered in these acts under section 129.

Similar to this, EU leaders in Europe have implemented strict procedures to treat all sorts of garbage. By 2025, 2030, and 2035, the EU countries had pledged to recycle at least 55%, 60%, and 65% of their municipal garbage, respectively. In order to address the landfill problem, it has been decided to reduce it by 10% by 2035. As a follow-up to these actions, they have also established stringent rules for the separation of biowaste and chosen to charge extra for the treatment of this particular kind of waste.

Emerging economies in the Asia-Pacific are anticipated to produce more than 50% of the trash volume in the region. Examples include China and India. Globally, the rising amount of e-waste is of great concern. The market for Indian Waste Management Systems in developed economies is being driven by planned and effective waste management technologies including cloud management structures, RFID, and the careful gasification of hazardous compounds. However, the high cost of setup, servicing, and maintenance in developing countries like China and India would provide a hindrance to the market’s expansion throughout the anticipated time.

Market Dynamics: Drivers

Increasing Environmental Awareness

An organized IWMS system maintains a clean, fresh environment. Because wastes are processed or disposed of according to their type in a systematic manner, these approved waste disposal units contribute to the creation of a disease-free environment. Other advantages of IWMS include trash recycling, energy conservation, and a reduction in the amount of garbage dumped in landfills.

The use of effective information channels, including news, on-board announcements, and others, has greatly contributed to raising awareness of the use of renewable products. As a result, managing overall CO2 emissions across many end-user industries has benefited greatly. As a result, new businesses or established companies are making the necessary efforts to reduce CO2 emissions and recycle green waste into suitable alternative final products. This in addition also helps in reducing pollution and environmental hazards.

Market Dynamics: Challenges

Unawareness Pertaining to Effective Methods

The implementation of smart waste management is gradual in poor countries, and there is a lack of knowledge in impoverished areas. Technologies like IoT and others are making their way into the garbage and recycling sector. Companies all across the world are using innovative technologies to better manage garbage and recycling, from offering easier solutions and operational insights to lowering expenses. But in some underdeveloped areas, there is still a lack of technology understanding, making it difficult for intelligent waste management systems to function.

Market Segmentation

• Based on Waste Type, the Global Smart Waste Management market is segmented into
  • Solid waste
  • Recyclable waste
  • Liquid waste
  • Organic waste
  • Hazardous waste
• Based on Source of Waste, the Global Smart Waste Management market is segmented into
  • Domestic
  • Healthcare
  • Hospitality
  • Electronics
  • Industrial
  • Others
• Based on Type of Treatment, the Global Smart Waste Management market is segmented into
  • Biological Treatment
  • Landfill
  • Chemical treatment
  • Others
• Based on Business Segment, the Global Smart Waste Management market is segmented into
  • Hardware
    • Bins
    • Machinery
    • Sensors
  • Software
    • Waste notification software
    • Fleet monitoring software
    • Waste separation software
    • DBMS
  • Based on Application, the Global Smart Waste Management market is segmented into
    • Waste-to-energy
    • Waste-to-fuel
    • Landfill gas-to-energy
  • Based on Geography, the Global Smart Waste Management market is segmented into
    • Asia-Pacific
    • North America
    • Europe
    • Latin America
    • Middle East & Africa
  • All market revenue has been given in US Dollar.

Historical Year: 2020-2021

Base Year: 2022

Estimated: 2023

Forecast- 2024-2030

Key Questions this Study will Answer

• What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Market Size-By Volume, Forecast Numbers, Market Segmentation, Market Shares) of Global Smart Waste Management Market?
• What is the region wise industry size, growth drivers and challenges key market trends?
• What are the key innovations, opportunities, current and future trends and regulations in the Global Smart Waste Management Market?
• Who are the key competitors, what are their key strength and weakness and how they perform in Global Smart Waste Management Market based on competitive benchmarking matrix?
• What are the key results derived from the market surveys conducted during Global Smart Waste Management Market study?