PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1465226
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1465226
The global Waste Management Market is projected to reach USD 1598.1 billion by 2029 from an estimated USD 1219.6 billion in 2024, at a CAGR of 5.6% during the forecast period. Advancements in waste treatment and disposal technologies, such as waste-to-energy conversion, recycling technologies, and advanced landfill management techniques, are revolutionizing the waste management sector, making it more efficient and environmentally friendly.
Scope of the Report | |
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Years Considered for the Study | 2019-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) |
Segments | Waste management Market by Waste type, Disposal method, Source and Region. |
Regions covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
" Open dumping: The second fastest growing segment of the Waste management market, by disposal method "
Based on the Disposal method, the waste management market is segmented into six categories: Open Dumping, Incineration/Combustion, Landfill, Recycling, Composting & Anaerobic Digestion. Open dumping is the second fastest segment by disposal method in the forecast period. Because of historical habits and the issues it presents, open dumping is a key sector of trash management. Open dumping is the practice of disposing of rubbish in an unprotected way, which poses a number of environmental and health hazards. Despite the negative consequences, open dumping has long been employed as a cost-effective waste management method, particularly when it helped keep rubbish away from populated areas, minimizing exposure to illness and odors. It also entails dumping garbage into water bodies. It has resulted in the damage or degradation of critical habitats for aquatic animals, coastal erosion, pollution, and harm to marine life due to entanglement or ingestion of plastic waste.
"By waste type, Construction & Demolition segment is expected to be the second largest segment during the forecast period."
Based on wasete type, the waste management market is categorized into six categories: Hazardous Waste, E-Waste, Municipal Solid Waste, Medical Waste, Construction & Demolition, Non-Hazardous Industrial waste. The Construction & Demolition waste is expected to be the second largest segment by waste type. Concrete, steel, wood goods, bricks, and masonry are all examples of construction and demolition trash. The rise in building and demolition waste is a major environmental concern, caused by factors such as urbanization, infrastructural expansion, and population growth. The market for building and demolition waste management is predicted to expand steadily, with an emphasis on sustainable waste management practices, material reclamation, and green construction standards to reduce the environmental impact of this waste stream.
"By Source, Industrial segment is expected to be the fastest growing segment during the forecast period."
Based on the source, the Waste management market is segmented into Residential, Commercial, Industrial. The Industrial segment is expected to be the fastest-growing segment by source of the Waste management market during the forecast period. The industrial waste management market is expanding rapidly as a result of the variables described in the aforementioned sources. The growing number of industries worldwide, driven by urbanization and industrialization trends, is a major factor for the industrial waste segment's rapid rise. As enterprises grow and diversify, there is a greater need for effective waste management solutions that can handle a wide range of waste, including hazardous materials, solid waste, and wastewater. This growth in industrial activity causes a commensurate increase in the volume and complexity of industrial waste output, demanding more advanced waste management strategies and technology to meet the multiple waste streams produced by various industries.
"Asia Pacific is expected to be the fastest growing region in the Waste management market."
Asia Pacific is expected to be the fastest growing region in the Waste management market during the forecast period. The Asia Pacific area is witnessing rapid expansion in the waste management business as a result of numerous main causes described in the sources. One key driver is the region's growing environmental awareness, which has led to a greater emphasis on erasing carbon footprints, decreasing pollution, and implementing sustainable waste management procedures. The shift towards a circular economy model, which emphasizes recycling, waste reduction, and sustainable practices, is encouraging businesses to design products with recyclability in mind and implement efficient recycling processes, thus driving the demand for advanced and eco-friendly waste management solutions.
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 25%, Director Level- 20%, and Others- 55%
By Region: North America- 55%, Europe- 10%, Asia Pacific- 33%, South America- 1.1%, Middle East & Africa - 1.0%
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The Waste Management market is dominated by a few major players that have a wide regional presence. Some of the major players in the waste management market are WM Intellectual Property Holdings, L.L.C. (US), Suez (France), Veolia (France), Republic Services (US) & Waste Connections (US) are the market leaders in the Waste management market. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.
The report defines, describes, and forecasts the global Waste management market by, by waste type, disposal method, source and Region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the Waste management market.
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