As per Market Research Future (MRFR), the smart waste management market is expected to reach a market value of USD 7,877 million at a CAGR of 18.6% from 2016 to 2023 (forecast period). The report gives a detailed and in-depth review of the impact of the COVID-19 pandemic on the global smart waste management industry, Also provide the complete outlook on the regional insights, competitive landscape. Drivers, Restraints,Smart Waste Management Market Size, share and Opportunity of market.
Smart waste management is the process of collecting, transporting, and efficiently disposing of waste materials with minimal environmental effects. The use of smart bins or smart trashes for the collection of waste materials and garbage monitoring systems support waste management authorities to manage waste material effectively.
Smart Waste Management Market Dynamics
Rapid urbanization, a growing economy, and evolving lifestyles are factors contributing to the growth of the global market for smart waste management. The growing number of smart city initiatives and the proliferation of sensor technology are factors contributing to the development of the market during the forecast period. However, the lack of efficient connectivity can limit the growth of the smart waste management market. The waste management network calls for extensive network coverage and high bandwidth.
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Smart Waste Management Market Key Players
- IBM Corporation (US)
- SAP SE (Germany)
- Enevo (Finland)
- Bigbelly, Inc. (US)
- Waste Management, Inc. (US)
- Ecube Labs Co., Ltd.(South Korea)
- Covanta (US)
- Pepperl+Fuchs Group (Germany)
- OnePlus Systems Inc(US)
- Urbiotica (Spain)
Impact of COVID-19 on the Smart Waste Management Market
Smart waste management is a process of collecting, transferring, and efficiently disposing of waste with minimal environmental effects. Smart waste management uses sensors mounted in waste containers to measure the amount of waste in waste bins and inform city garbage collection services when the waste bins are being emptied. The data collected by the sensors helps to recognize fill patterns, minimize operating costs, and optimize driver schedules and routes. The growing number of smart city initiatives and the proliferation of sensor technologies are key factors driving the market growth. In addition, smart garbage or smart bins are used to collect waste materials, and the waste monitoring system helps waste management officials handle waste materials effectively. The COVID-19 pandemic intensified the adoption of smart city technologies, such as smart bins. In India, an alumnus of IIT Kanpur has developed a smart container with a special coating on the surface of its mouth, helping to minimize the lifespan of the virus by up to 95%. This helps to minimize the risk of infection to other users and raises the level of safety in waste handling.
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During the COVID-19 pandemic, the smart bin system helps prevent the spread of the virus via waste generated in clinics, hospitals, quarantine zones, and public places. At the start of the COVID-19 pandemic, governments in various countries imposed lockdowns, which forced municipal waste operators and public authorities to immediately change their waste management systems and take steps like employee health and safety, waste management requirements, availability of staff and general procedures for the waste sector.
The COVID-19 virus can survive on the surface for days; hence, there is an urgent need to revamp the disposal and collection of waste. The use of waste management processes by means of smart bins helps to clear waste containers before they overflow. Waste collection, transfer, disposal, and recycling needs to be revamped rapidly. Technologies have a key role to play in this process. The waste management industry is predicted to suffer from a shortage of workers after the pandemic, as there will be fewer sanitation workers. Workers should also be equipped with more skills and techniques.
Smart Waste Management Market Segmentation
The global market for smart waste management has been segmented based on components, type of waste, method, and application.
Market by Type:
- Smart Collection
- Smart Processing
- Smart Disposal
- Smart Energy Recovery
Market by Component:
Solution:
- Fleet Management
- Remote Monitoring
- Data Analytics Advanced Reporting
- Network Management
- Asset Management
Services:
- Professional Services
- Managed Services
Market by Application:
- Residential Municipality
- Industrial
- Commercial
- Construction Demolition
- Energy
- Water Supply Sewage Treatment
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Smart Waste Management Market Regional Analysis
Regionally, the global smart waste management market has been segmented into the Asia Pacific, North America, Europe, Middle East Africa, and South America.
North America earned the highest market share in 2018, with a market value of USD 1,095.0 million. This area was one of the first to adopt the smart bin process, which is a crucial driver of market development. Various leading players in the area are investing in research and development of new technologies and advanced recovery facilities, which are also boosting the market growth in the region.
For the purpose of research, the market in Europe has been classified as Germany, the United Kingdom, France, and the rest of Europe. The demand in Europe is projected to hit the highest CAGR of 20.2% during the forecast period. Europe is predicted to be the fastest-growing market for smart waste management. The region has strong legislation policies on the part of governments in different countries, which are driving market development. In addition, growing awareness of e-waste recycling and government initiatives are some of the factors driving market development.
Smart Waste Management Market Report Overview:
The following report comprises of –
- Market overview
- Covid 19 Analysis
- Market Dynamic
- Drivers
- Opportunities
- Restraints
- Challenges
- Cumulative Growth Analysis
- Value Chain Analysis
- Segmentation Overview
- By Application
- By End-Users
- Regional Analysis
- Competitive landscape
Reasons for Buying This Report:
- It Provides A Forward-Looking Perspective on Different Factors Driving or Restraining Market Growth.
- It Provides Five-Year Forecast Assessed based on How the Market Is Predicted to Grow.
- It Helps in Understanding the Key Product Segments and Their Future.
- It Provides Pinpoint Analysis of Changing Competition Dynamics and Keeps You Ahead of Competitors.
- It Helps in Making Informed Business Decisions by Having Complete Insights of Market and By Making an In-Depth Analysis of Market Segments.
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