Waste Management Market is Estimated to Witness High Growth Owing to Opportunity in Waste Recycling

Author : Ashwini cmi | Published On : 17 Jan 2024

Waste management involves collection ,transport,processing,recycling or disposal of garbage and waste materials. It is a crucial service for maintaining healthy living environments and public health.Waste management practices aims to reduce the amount of waste produced,promote reuse and recycling followed by scientific disposal of waste.

The global Waste Management Market is estimated to be valued at US$ 2119.18 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
There is growing awareness among consumers,organizations and municipalities regarding importance of proper waste segregation at source and utilization of waste through recycling and reuse.This has led waste management companies to develop innovative collection,sorting and processing solutions to recover maximum amount of material from waste and promote Circular Economy.Focus on sustainable waste management in line with responsible consumption and production is one of the key trends gaining traction in the industry.
 
Segment Analysis
The global waste management market is dominated by the municipal solid waste segment. Most cities generate huge amounts of municipal solid waste on a daily basis that requires effective collection and processing. With rapid urbanization worldwide, the volumes of municipal solid waste are increasing steadily. Effective waste management is necessary to prevent pollution and keep cities clean. This makes municipal solid waste processing an important segment in the waste management industry.
 
Key Takeaways
The global waste management market is expected to witness high growth over the forecast period of 2023 to 2030. The increasing volumes of urban solid waste will drive more investments in waste collection and processing infrastructure. Strict government regulations regarding waste disposal are also boosting market opportunities. The global Waste Management Market is estimated to be valued at US$ 2119.18 Mn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030.
 
Regional analysis: 

North America currently dominates the global waste management market due to stringent regulatory policies and established recycling infrastructure in countries like the US and Canada. Europe is also an important regional market supported by initiatives like circular economy programs that promote waste reduction, reuse, and recycling. The Asia Pacific region is projected to experience the fastest growth in the coming years. Countries like China and India are facing massive waste management challenges due to rapid economic development and urbanization. Significant investments are being made in these countries to develop integrated waste management systems.

 
Key players: Key players operating in the waste management market include Fujifilm Holdings Corporation, Olympus Corporation, Hitachi Medical Corporation, Pentax Medical (Hoya Corporation), Boston Scientific Corporation, Cook Medical, Carl Zeiss Meditec AG, Medtronic plc, BARD Diagnostic Systems, Inc., and ACON Laboratories, Inc. The market is consolidated in nature with large players dominating the market. These companies are focusing on developing advanced waste collection vehicles and machinery as well as constructing large material recovery and waste-to-energy plants.

For More details on the topic:

https://www.marketwebjournal.com/waste-management-market-trends-size-and-share-analysis/