Smart Waste Management Market Size

Smart Waste Management Market Analysis

The Smart Waste Management Market size is estimated at USD 3.08 billion in 2024, and is expected to reach USD 6.21 billion by 2029, growing at a CAGR of 15.08% during the forecast period (2024-2029).

Smart waste management directs the use of sensors in waste to observe the real-time status of municipal waste collection services and decide when bins should be emptied or filled. It also maintains track of past information collected by sensors and databases that can be utilized to pinpoint and enhance driver routes, fill patterns, and lower operating costs. Effective waste collection is more functional with remote monitoring and IoT-based waste bins. Urbanization and rapid industrialization are the two main drivers of the smart waste management market. Therefore, the volume of waste from the municipal and industrial sectors has grown. The routine collection and disposal of waste have risen due to rising environmental awareness.

• Smart waste management is crucial in developing smart cities (along with water management, traffic management, energy management, etc.) to improve lifestyles in urban areas. The increasing adoption of innovative city initiatives across regions helps the smart waste management market’s growth. The waste management industry involves diverse activities, such as collection, disposal, transportation, and recycling. The industry has been facing efficiency problems at different stages of waste management. The operational costs equal the collection and transport of the waste, thereby increasing the adoption of smart waste management.
• In recent years, owing to the growing population and urbanization, the global demand for waste management and the demand to address the cost implications of maintaining an aging infrastructure have been among the primary motivating factors for the smart waste management market’s growth.
• Moreover, the development of the smart waste management market has been assisted by products like disposable tags, containers, and vacuum cleaners that contain real-time waste management systems. The rising usage of waste management systems also results from growing environmental concerns.
• However, the lack of skilled laborers worldwide is expected to increase maintenance costs as most of them have to travel down to the service areas and resolve issues. Nevertheless, the growing focus on remote management may reduce the cost burden during the forecast period.
• The COVID-19 pandemic accelerated investment in automated and sustainable building systems, further driving the market studied. COVID-19 has further revved the pace of smart city development, creating opportunities for the market studied. IoT-enabled Smart City platforms allowed end users to gain seamless access to data across the numerous siloes of functionality that existed in their cities. Smart city platforms provide a single stage for managing data from all applications and systems. They can take the large amounts of data generated by these systems and turn them into actionable data to address specific issues within the city.