Smart Trash Bins Market Size

Smart Trash Bins Market Analysis

The Global Smart Trash Bins market is expected to register a CAGR of about 15% during the forecast period. Growing general awareness about waste management, supportive government regulations promoting effective waste materials management, and increasing investment in smart city infrastructures are among the factors driving the studied market growth.

• The amount of waste produced each year is greatly influenced by the rapid industrialization and urbanisation taking place in various parts of the world. According to the World Bank, about 2.01 billion tonnes of municipal solid waste is generated annually, with about 33% of that not being managed in an environmentally safe manner. As these waste materials create several environmental and health issues, the demand for effective waste management solutions has been increasing lately.
• The traditional ways of managing waste are no longer effective, considering the amount of workforce and time required. Many organizations have now started looking for innovative solutions to track and manage waste, creating a good market scenario for the growth of the studied market.
• Due to such trends and future market opportunities in this sector, several technology providers have started developing innovative solutions such as sensors, radio-frequency identification (RFID) tags, and analytical platforms to help the waste management industry stakeholders effectively carry out waste collection, processing, and disposal.
• Taking into account the essential procedures associated with waste management, smart trash bins are gaining significant popularity as they can provide various functionalities such as identification of the type of waste, their location, fill level of bins, temperature, etc., all at a single platform which a user can even access remotely, hence, making the waste management process smoother and effective.
• However, the factors such as low awareness, especially among the developing regions, along with lack of supporting infrastructure and the high cost involved bot in installing and managing smart bin infrastructure are among the major factors challenging the growth of the studied market.
• The global outbreak of COVID-19 has had a notable impact on the studied market's growth as increased awareness about maintaining hygiene and cleanliness in the surroundings increased demand for smart trash bins, especially in the residential and healthcare segment, as many organizations and individuals installed mask disposable smart trash bins. As a result of these trends, consumers' purchasing patterns are changing consistently, which is likely to have a beneficial long-term impact on the industry under study.