- The smart trash collection market is projected to expand owing to advancements made in solar-powered trash compactors. These new compactors are replacing conventional non-compacting bins.
- North America holds a major share of the smart waste collection market in terms of revenue and is anticipated to dominate the smart waste collection market
ALBANY, N.Y., July 14, 2021 /PRNewswire/ -- Smart waste management solutions enable consumers to save money while also making trash pickup more technologically advanced. The OnePlus Corporation, for example, has come up with the OnePlus Metro to its product range. This product is an ultrasonic trash can sensor that is capable of informing the customers when a trash bin is full. Businesses in the smart trash collection industry are putting more and more efforts into constructing systems that allow customers to quickly check garbage container's capacity. These innovations are projected to support growth of smart waste collection market in the years to come.
Data analytics are being used in conjunction with smart waste collection systems to assist organisations and businesses track their waste generation. The use of IoT technology for smart trash collection across smart cities, which has been pushed by governments, has sparked expansion in the global smart waste collection market in the years to come. North America is likely to lead the smart trash collection business during the projected period, from 2019 to 2027. North America is estimated to be followed by Europe and Asia Pacific in the global smart waste collection market in the near future.
The global smart waste collection market is predicted to be worth around US$ 4.5 Bn through 2027. In terms of revenue, the smart trash collection market is expected to grow at 7% CAGR over the analysis timeline, from 2019 to 2027.
Key Findings of Market Report
Rapid Urbanization and Emergence of Smart Cities to Support Increased Demand in the Market
In the next few years, a huge percentage of the world's growing population is expected to reside in smart cities. This phenomenon is being fuelled by the growing use of IoT in municipal trash transfer and garbage disposal utilizing smart waste management systems (SWMS). Due to the integration of present technological breakthroughs in smart cities, the smart waste collection market is undergoing a transformation. Ongoing design suggestions and concepts involving smart trash collection are expected to provide firms with value-grab possibilities. These factors are likely to bolster growth of the global Smart Waste Collection Market in the years to come.
Increasing Use of IoT to Drive Innovation in the Waste Collection Market in Near Future
With the advent of IoT, large-scale expenditures, stringent laws, and increasing government efforts have transformed and addressed operating expenses for smart trash collection management and systems across several smart cities. In addition to that, the smart trash collection market is expected to benefit from the growing use of IoT technology, which links a variety of devices and smart sensors to regulate and automate operations pertaining to city waste management.
Besides, sensor-based technologies are essential for the development and implementation of smart trash collection and management solutions. To enhance the solid waste management process, authorities in smart cities are making investments in sophisticated technologies such as smart bins, smart trucks, tracking sensors, and navigation systems. The trash collection process is getting better as more IoT incorporated sensors are adopted, which is likely to boost expansion of the global smart waste collection market over the projection period from 2019 to 2027.
The implementation of IoT has addressed as well as revolutionised operating expenses for smart trash collection systems and their handling throughout smart cities around the world, resulting in large-scale expenditures, increased government efforts and rigorous laws.
Waste management companies that use data analytics improve their performance by making timely data-driven decisions on waste management. Furthermore, increased data analytics usage aids in the acquisition of real-time information regarding trash production based on waste collection and management in various places.
TMR has a track record to provide ace market research solutions that has earned us the trust of our clients for their business intelligence needs. Serving 13 industry verticals with a database of over 1,000 reports and 1 million + data points, our expanse to provide market research solutions is exceptional. We deep dive for a thorough understanding of the subject, gather precise information, and then analyze it to present solutions that are par excellence.