Waste Management Industry Growth to Soar with Rising Demand for Recycling Services - Grand View Research, Inc.
SAN FRANCISCO, April 11, 2023 /PRNewswire/ -- The global waste management industry size was valued at USD 1.24 trillion in 2021 and will witness an upward growth trajectory during the forecast period 2023 – 2030, according to the "Waste Management Industry Data Book, 2023 – 2030," published by Grand View Research. Concerted efforts to minimize the impact of waste on the environment, health and community have gained ground. Amidst the surge in food-, plastic-, liquid- and drilling -waste due to urbanization and the burgeoning population, the need for robust waste collection, treatment and disposal has become paramount. According to the World Bank, around 2.01 billion tons of municipal solid waste is generated annually, the number could rise to 3.40 billion tons by 2050.
Smart waste management has emerged as a promising technology to divert trash from landfills, reduce collection costs and enhance efficiency in an environmentally friendly and cost-effective manner. Predominantly, waste level sensors have gained ground to store and collate data on fill levels and forecast how bins need to be emptied. Additionally, the trend for AI-powered smart waste bins has become noticeable to lower waste management costs and make material processing easier and faster for recycling facilities.
Waste recycling services have provided a fillip to recycling centers to minimize the volume of landfills, reduce energy usage, cut GHG emissions, lessen water and air pollution and protect natural resources. Besides minimizing carbon footprint, recycling has become paramount to prevent the consumption of fresh raw materials. With the waste recycling services market share poised to witness an uptick, stakeholders are likely to up their geographical expansion strategies and invest in state-of-the-art technologies. For instance, in November 2022, AMP Robotics raised USD 91 million in corporate equity in Series A financing to boost recycling efficiency.
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An exponential rise in food waste has put the spotlight on its management as food security concerns become pervasive. Oxfam projected that 745 million people lived in extreme poverty by 2021. The expanding food service and tourism sector have spurred the need for food waste management by, including but not limited to, providing training to employees for inventory management, using smart waste technology, joining forces with local farmers to reduce food waste sources and turning waste into animal feed. The adoption of bespoke solutions will bring a paradigm shift in the food waste management marketplace.
Trends that are likely to have an overarching influence on the global outlook are elucidated below:
- E-waste recycling kiosks and recycling apps have gained prominence across emerging and advanced economies. For instance, the latter can provide users with inputs on recycling rates and help determine recyclable items.
- Surging plastic waste against the backdrop of the demand for PPE in the healthcare sector and plastic consumption across consumer goods, food processing and manufacturing industries have spurred the footprint of waste management.
- The Asia Pacific market will witness investment abound following the need for smart waste management across industry verticals. For instance, China has spearheaded the use of IoT, cloud computing and big data to streamline waste management.
Stakeholders expect the U.S. and Canada to provide buoyant waste management policies and programs to minimize solid waste. According to the latest figure from the U.S. EPA, the U.S. generated 292.4 million tons of municipal solid waste in 2018 alone. Moreover, the U.S. Department of Agriculture cited data alluding to around 4% of the U.S. greenhouse gas emissions linked to uneaten food. In February 2023, the USDA announced pouring USD 9.4 million to minimize and divert food waste from landfills. The food waste reduction project will help build strong food waste reduction solutions and food recovery networks, thereby underpinning North America waste management industry growth.
The competitive landscape suggests forward-looking companies could inject funds into organic and inorganic strategies to bolster their footfall and tap into the global market. Key players will likely emphasize geographical expansion, technological advancements, innovation, R&D activities, partnerships and mergers & acquisitions. To illustrate, in December 2022, Honeywell announced that GE Technology would use its advanced plastic recycling technology in South Korea. The plant can transform mixed waste plastics into Honeywell Recycled Polymer Feedstock (RPF) to create new plastics.
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