Smart Waste Management Market Size
|Market Size (2023)||USD 3.12 Billion|
|Market Size (2028)||USD 6.49 Billion|
|CAGR (2023 - 2028)||15.81 %|
|Fastest Growing Market||Europe|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Smart Waste Management Market Analysis
The Smart Waste Management Market size is expected to grow from USD 3.12 billion in 2023 to USD 6.49 billion by 2028, at a CAGR of 15.81% during the forecast period (2023-2028).
According to the World Bank, across the globe, about 1.3 billion metric tons of waste is generated every year. This increase can be attributed to rapid urbanization and industrialization across regions.
- The Smart Waste Management Market is becoming more appealing, supporting market expansion. The development of the smart waste management market has been aided by products like disposable tags, containers, and vacuum cleaners that include real-time waste management systems. The rising use of waste management systems also results from growing environmental concerns.
- Smart waste management is a key aspect in developing smart cities (along with water management, energy management, traffic management, etc.) to provide improved lifestyles in urban areas. The increasing adoption of smart city initiatives across regions supports the growth of the smart waste management market.
- The waste management industry involves various activities, such as collection, transportation, disposal, and recycling. The industry has been facing efficiency issues at different stages of waste management. Precisely, the operational costs correspond to the collection and transport of the waste, thereby leading to the increasing adoption of smart waste management.
- The growing complexity in the logistics of waste collection and the need to comply with regulations pertaining to waste processing demand better waste management solutions, which are made possible by using technologies such as IoT sensors, RFID, GPS, etc. Although the smart waste management market is at a nascent phase, it is expected to witness healthy growth, owing to the availability of commercially viable technologies and operational benefits.
- Due to the tight lockdowns and social isolation necessary to stop the virus's transmission, COVID-19 had a detrimental effect on the market for smart waste management. The demand for equipment and instruments used in conjunction with smart waste management technologies was influenced by the uncertain economic climate, the partial corporate shutdown, and poor consumer confidence. During the epidemic, the supply chain was impeded along with logistics operations. However, due to the government's ongoing measures and relaxation of the regulations, the smart waste management industry is anticipated to pick up steam in the post-pandemic environment.
Smart Waste Management Market Trends
This section covers the major market trends shaping the Smart Waste Management Market according to our research experts:
Smart Waste Collection Through IoT to Contribute to the Market Growth
- One of the key factors propelling the smart waste management market is the rise in demand for smart waste management due to the creation of smart cities that offer a better quality of life in urban areas—additionally, the market benefits from adopting smart city initiatives across regions.
- In the smart collection segment, the emergence of IoT has revolutionized and addressed operational costs for waste-handling companies. The companies that offer smart solutions for waste collection primarily focus on three solutions - intelligent monitoring, route optimization, and analytics. By deploying sensors, network infrastructure, and data visualization platforms, waste management companies have been able to generate actionable insights, to make informed decisions.
- By using fill-level sensors (sometimes also cameras) near the trash bins, companies have been able to plan the fleet trucks following the volume of trash in bins, thus reducing unnecessary fleet fuel consumption and contributing to reducing carbon emissions in cities. Also, fleet operations may be more productive than ever using IoT. For instance, a Fleet Management Solution backed by IoT is Evreka's Fleet Management Software. Additionally, this approach will give managers and workers a structured environment.
- The municipalities of a few cities across the United States, United Arab Emirates, United Kingdom, etc., in collaboration with smart waste management innovators (such as Enevo, Smartbin, Bigbelly, etc.), are saving around 30% of waste collection costs. Due to the presence of commercially available technology providers, coupled with smart city initiatives and decreasing cost of IoT sensors, the market is being pushed toward robust growth.
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North America to Account for the Largest Market Share
- Smart waste management solutions are being used more frequently by smart cities in the U.S. to solve issues with waste collection and disposal, which is anticipated to boost market sales. Additionally, strict rules governing reducing carbon emissions across North America are expected to drive market sales in the following years. The government's increasing efforts to promote sustainability and achieve net-zero waste will keep driving up demand in the area.
- Approximately 22% of the cities in the United States and Canada have already been implementing strategic programs, compared to just 7% of cities worldwide. The United States alone contributes the majority of the annual waste produced, with approximately 230 million metric tons of trash, a significant chunk of which is handled by private entities. Owing to government initiatives that promote sustainability, to achieve zero waste by 2020, and the penetration of smart city initiatives across the high urban concentration region, North America is expected to account for the lion's share in the Smart Waste Management Market.
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Smart Waste Management Industry Overview
The Smart Waste Management Market is consolidated due to a few players having a major market share. Moreover, the need for more awareness among the people is making it challenging for the players to enter the market. Some of the key players in the market are Suez Environmental Services, Veolia Environmental Services, Enevo, Pepperl+Fuchs GmbH, Smartbin (OnePlus Systems Inc.), IBM Corporation, Bigbelly Inc., Covanta Holding Corporation, among others.
- February 2022 - The public-private relationship between Covanta, a sustainable waste and energy solutions provider, and the Lee County Solid Waste Resource Recovery Facility will last until 2031.
- September 2022 - Smarter Sorting start-up teams up with Republic Services, Inc. to enter the waste management market and increase the sustainability of its products. The waste is sorted correctly and classified based on its category using a database. Consequently, the time and money required for further waste management are reduced.
Smart Waste Management Market Leaders
Veolia Environmental Services
Suez Environmental Services
*Disclaimer: Major Players sorted in no particular order
Smart Waste Management Market News
- October 2022: 'Biologic,' a California-based environmental management company offering comprehensive waste management services, has been acquired by Covanta, a provider of environmental services for businesses and communities across North America. This latest acquisition by Covanta, which has made a number of them since being bought by the EQT Infrastructure V fund, broadens the company's geographic reach into California markets and serves as yet another important milestone in the ongoing transformation of its business.
- May 2022: To reach an average of 30% recycled content by 2025, Veolia and Faurecia, a member of the Group FORVIA, have signed a Cooperation and Research Agreement to work together to develop novel compounds for automotive interior modules. Through this agreement, the two businesses will quicken the introduction of ground-breaking sustainable interior solutions used in center consoles, door panels, and instrument panels throughout Europe. In 2023, Veolia will begin producing these secondary raw materials at its current recycling facilities in France.
Smart Waste Management Market Report - Table of Contents
1.1 Market Definition and Scope
1.2 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Stakeholder Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Volumes Of Waste to boost the market
5.1.2 Rising Adoption of Smart Cities to flourish the market
5.2 Market Challenges
5.2.1 High Costs of Implementation
5.3 Impact of Covid-19 on overall global smart waste management market
6. Technology Snapshot
6.1 Technology Overview
6.2 Smart Waste Management Stages
6.2.1 Smart Collection
6.2.2 Smart Processing
6.2.3 Smart Energy Recovery
6.2.4 Smart Disposal
7. MARKET SEGMENTATION
7.1 By Solution
7.1.1 Fleet Management
7.1.2 Remote Monitoring
7.2 By Waste Type
7.2.1 Industrial Waste
7.2.2 Residential Waste
7.3.1 North America
220.127.116.11 United States
18.104.22.168 Rest of Europe
7.3.3 Asia Pacific
22.214.171.124 Rest of Asia-Pacific
7.3.4 Rest of the World
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 Suez Environmental Services
8.1.2 Veolia Environmental Services
8.1.4 Smartbin (OnePlus Systems Inc.)
8.1.5 Bigbelly Inc.
8.1.6 Covanta Holding Corporation
8.1.8 Pepperl+Fuchs GmbH
8.1.9 IBM Corporation
- *List Not Exhaustive
9. INVESTMENT ANALYSIS
10. MARKET OPPORTUNITIES AND FUTURE TRENDS
Smart Waste Management Market Research FAQs
How big is the Smart Waste Management Market?
The Smart Waste Management Market size is expected to reach USD 3.12 billion in 2023 and grow at a CAGR of 15.81% to reach USD 6.49 billion by 2028.
What is the current Smart Waste Management Market size?
In 2023, the Smart Waste Management Market size is expected to reach USD 3.12 billion.
Who are the key players in Smart Waste Management Market?
Enevo, Veolia Environmental Services, Suez Environmental Services, Pepperl+Fuchs GmbH and Bigbelly Inc. are the major companies operating in the Smart Waste Management Market.
Which is the fastest growing region in Smart Waste Management Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Smart Waste Management Market?
In 2023, the North America accounts for the largest market share in the Smart Waste Management Market.
Smart Waste Management Industry Report
Statistics for the 2023 Smart Waste Management market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Smart Waste Management analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.