- Increase in urban population, surge in the amount of waste generation, stringent government regulations, and rise in environmental awareness towards industrial waste recycling drive the growth of the global waste management equipment market
PORTLAND, Ore., Oct. 28, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Waste Management Equipment Market by Product Type, (Waste Disposal Equipment and Waste Recycling & Sorting Equipment), Waste Type (Hazardous and Non-hazardous), and Application (Industrial Waste, Municipal Waste, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global waste management equipment industry generated $ 45.75 billion in 2019, and is estimated to garner $55.63 billion by 2027, witnessing a CAGR of 4.1% from 2020 to 2027.
Prime determinants of growth
Increase in urban population, surge in the amount of waste generation, stringent government regulations, and rise in environmental awareness towards industrial waste recycling drive the growth of the global waste management equipment market. However, lack of awareness in developing countries and high initial capital investment restrain the market growth. On the other hand, high growth potential in the emerging countries is anticipated to create new opportunities in the coming years.
- Due to the COVID-19 pandemic, various companies in the global waste management equipment market have put their businesses on halt.
- The disturbances in operations have affected the sales of the waste management equipment globally.
- The disruptions in supply chain have resulted in the shortage of raw materials, thereby impacting the manufacturing processes of waste management equipment.
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The waste recycling & sorting equipment segment to maintain its dominant position by 2027
Based on product type, the waste recycling & sorting equipment segment accounted for the highest share in 2019, contributing to more than half of the global waste management equipment market, and is expected to maintain its dominant position based on revenue throughout the forecast period. In addition, the same segment is expected to witness the highest CAGR of 4.4% from 2020 to 2027. Rapid industrialization and shift of industrial production from developed to developing regions have augmented the segment growth. In addition, rise in environment related awareness towards industrial waste recycling, is another factor driving the growth of the segment.
The aerospace & defense segment to continue its highest contribution during the forecast period
Based on application, the industrial segment accounted for more than half of the global waste management equipment market in 2019, and is expected to continue its highest contribution during the forecast period. This is attributed to rise in industrialization and a shift of industrial manufacturing facilities from developed to emerging nations, and governments' implementation of stringent regulations to manage industrial and commercial waste. However, the municipal segment is estimated to portray the largest CAGR of 4.4% during the forecast period.
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Europe, followed by North America, to maintain its lead position during the forecast period
Based on region, Europe, followed by North America, accounted for more than one-third of the global waste management equipment market in 2019, and is expected to maintain its lead position during the forecast period. This is due to rise in awareness among people about sustainable waste treatment solutions in this province. However, region across LAMEA is expected to witness the highest CAGR of 4.8% from 2020 to 2027. Increase in focus of recycling waste in emerging countries such as India, Vietnam, China, Indonesia, and others is projected to fuel the market growth in this region.
Leading market players
- Recycling Equipment Manufacturing, Inc
- CP Manufacturing, Inc
- Dover Corporation
- Morita Holding Corporation
- Tomra Systems ASA
- Wastequip, LLC
- Blue Group
- KK Balers Ltd
- Shred-Tech Corporation
- McNeilus Truck and Manufacturing, Inc.
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