Incentives to implement sustainable manufacturing practices add impetus to market growth, finds Frost & Sullivan's Energy & Environment team
LONDON, Jan. 11, 2017 /PRNewswire/ -- Communication and semiconductor technologies such as global positioning systems (GPS) and radio frequency identification (RFID) are opening up vast revenue opportunities in the hazardous waste management services market in Europe. For instance, routing software is improving cost controls, enabling industry players to adopt an aggressive pricing strategy that is creating a more competitive market.
"The deployment of smart data solutions can significantly enhance the efficiency of the collection and the treatment of hazardous waste," said Frost & Sullivan Energy & Environment Research Analyst Akshaya Gomatam Ramachandran. "With effective waste minimisation at source, total hazardous waste volumes are anticipated to decrease from 72.8 million tonnes in 2016 to 66.9 million tonnes in 2021. However, the price per ton will increase with the rising investments in technology."
European Hazardous Waste Management Services Market is part of Frost & Sullivan's Environment & Water Growth Partnership Subscription. The study segments the treatment methods into recycling, thermal treatment, other hazardous waste treatment, and landfill. It highlights the latest trends, drivers and restraints that are influencing the market, while detailing the current amount of hazardous waste generated, collected and treated in all European countries. Related topics covered by the subscription include water and wastewater management, environmental services, water value chain, smart water meter and residential water softener solutions.
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Even though Central and Eastern European countries account for 13.7 per cent of the total European market, they lag behind their Western European counterparts due to inadequate investments in technologies or insufficient focus on waste treatment services. However, this gap is expected to close as EU regulations incentivize the recycling and recovery of resources, which, in turn, will benefit managed service providers.
"Circular Economy 2020 targets will be one of the biggest drivers behind the improved collection and source segregation of hazardous waste," noted Ramachandran. "It involves sustainable waste management practices and other inducements to improve the trackability of hazardous waste. This bodes well for participants all along the value chain, both from within and outside the market."
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