- Need for sustainable industrial waste management drives adoption of smart collection and sorting services
LONDON, Sept. 17, 2014 /PRNewswire/ -- Regulations that facilitate a shift away from landfill towards more value-adding segments such as recycling are lending momentum to the global industrial waste management services market. Adoption of industrial waste management solutions will remain strongest in developed economies that have successfully introduced laws and implemented frameworks for industrial waste treatment.
New analysis from Frost & Sullivan, Global Industrial Waste Management Services Market, finds that the market earned revenues of $387.40 billion in 2013 and estimates this to reach $750.09 billion in 2020.
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Smart industrial waste management is becoming a defining factor in modern economies as primary materials become expensive, transportation costs increase, and waste handling and disposal costs escalate. Focus has turned to: lowering refuse generation as well as reducing carbon and water footprint.
"The benefits of a circular economy based on sustainable industrial waste management has prompted companies to establish efficient collection and processing systems, therefore fuelling market revenues," said Frost & Sullivan Energy & Environmental Research Analyst Monika Chrusciak. "Preference for advanced waste treatment such as smart collection and sorting, recycling and incineration with energy recovery adds to market growth."
Smart collection and processing are particularly important in a scenario where mixed material industrial waste presents low economic value, and requires excessive work and time to fulfil certain parameters. Moreover, the long-term cost savings associated with internal reduction of waste and recovery of valuable secondary resources will prove to be a boon in the long run.
Although developing countries have established preliminary regulatory structures for sustainable industrial waste management, the lack of consistency in governmental roadmaps poses a considerable risk for investors. Developing countries also base their waste management on cheap landfill sites, as new waste processing technologies involve high costs and specific skills for effective operation. Nevertheless, rapid industrialisation in these regions will lead to a large generation of waste and push industries as well as governments to deploy efficient waste processing platforms and infrastructure.
"In fact, developing markets will account for nearly half of market revenues in the global industrial waste management services space," ascertained Chrusciak. "Asia-Pacific, and China especially, will offer a multitude of market opportunities for participants as waste treatment practices evolve."
Global Industrial Waste Management Services Market is part of the Environmental Growth Partnership Service program. Frost & Sullivan's related studies include: Global Residential and Light Commercial Water Treatment Equipment Market, Global Municipal Solid Waste Management Services Market, European Construction and Demolition Recycling Services Market, and North American Sludge Treatment Equipment Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan