Smart Waste Management Market Overview:
According to the reports, the Global Smart Waste Management Market size is projected to grow at a compound annual growth rate (CAGR) of 24.38 percent, reaching a market size of USD 1.75 billion by 2030. Smart waste management is the process of collecting, transporting, and properly disposing of trash in a manner that has the least amount of environmental impact. It is possible to implement smart waste management by incorporating sensors into trash containers, which may be used to monitor the amount of waste in waste bins and inform the municipal garbage collection services when the bins need to be emptied. The information gathered by the sensors is used to detect fill trends, decrease operating expenses, and improve driver timetables and routes, amongst other things.
Rapid urbanization, a rising economy, and shifting lifestyles are just a few of the reasons contributing to the development of the worldwide smart waste management market growth in recent years. A smart waste management system is a process that collects, transports, and disposes of waste products in an efficient way with the least amount of negative effect on the environment possible. Using smart bins for waste collection and a trash surveillance system to keep track of waste enables waste management agencies to manage waste more efficiently. In addition to the growing number of smart city projects, there has been a proliferation of sensing devices, which has contributed to the development of the market during the projected period. In contrast, a lack of effective connection may limit the expansion of the smart waste management industry. The waste management system requires broad network coverage as well as high data transfer rates. Structural and process, on the other hand, are built on LTE advanced networks, which do not have the capacity to support the high data rates and minute coverage required by IoT sensors in the future.
This report contains all the information on the global Smart Waste Management Market it’s strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global Smart Waste Management Market forecast for 2025 is also included in the report.
Smart Waste Management Market Covid 19 Analysis:
During the COVID-19 pandemic, the implementation of smart city technology, such as smart bins, was expedited, as was the use of smart bins. In India, an alumni of the Indian Institute of Technology (IIT) Kanpur has developed a smart container that has a unique layer on the surface of its opening that reduces the lifetime of the virus by up to 95 percent. This assists in reducing the danger of contamination to other customers as well as increasing the degree of safety while dealing with trash.
Smart Waste Management Market Dynamic:
An increase in the number of connected devices being used, as well as an increase in the need for cost-effective sophisticated network infrastructure, are driving the development of smart waste management solutions. It is necessary to integrate creative waste management solutions to conduct a variety of activities, including performance and performance monitoring, configuration, and accounting, in order to improve performance while simultaneously reducing time and operating costs.
Increasing acceptance of technology advances such as the Internet of Things (IoT) for trash collection, as well as an increase in the number of people using them in developing nations, are expected to provide profitable opportunities for market participants over the forecast timeframe.
Cumulative Growth Analysis:
Advanced techniques such as radio frequency (RFID), the Internet of Things (IoT), and global positioning systems (GPS), among others, are extremely popular for cost-effective smart trash-collecting techniques that are both efficient and environmentally friendly. As a result of this tendency, which is particularly apparent in urban areas to offer a better environment and public health, smart waste management technologies are being adopted by urban societies at an increasing rate. For example, at Shanghai's Zhangjiang High-Tech Park, artificial intelligence-powered smart garbage bins have been placed (China). Another 2,000 artificial intelligence-enabled smart trash bins are expected to be installed by the end of 2019 and will be provided by Alpheus, an AIoT (artificial intelligence + IoT) technology firm that specializes in waste management.
Value Chain Analysis:
According to the reports, the worldwide smart waste management market has been categorized based on the element used, the kind of trash generated, the technique used, the application used, and the region used. The smart waste management market has been divided into three categories based on the component used: hardware, solution, and services. Further, the solution sector has been subdivided into data analytics and reporting solution, remote device monitoring solution, asset tracking, network monitoring, asset management, and other categories of solutions.
The smart waste management market has been divided into three categories based on the kind of trash generated: solid waste, special waste, and e-waste. The smart waste management market has been segmented into four categories based on the manner of collection: smart collection, smart processing, smart disposal, and smart energy recovery. The smart waste management market has been divided into many categories based on application, including industrial and commercial, healthcare, food and retail, building, domestic, and others.
Smart Waste Management Market Segmentation Overview:
The market is segmented on the basis of the element used, the kind of trash generated, the technique used, the application used, and the region used. The global smart waste management market trends are expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into industrial and commercial, healthcare, food and retail, building, domestic, and others.
Based on the propulsion types, the market is segmented into solid waste, special waste, and e-waste.
Smart Waste Management Market Regional Analysis:
According to the reports, On the basis of geography, the worldwide smart waste management market has been divided into the following regions: Asia-Pacific; North America; Europe; the Middle East & Africa; and South America. North America had the biggest smart waste management market share of the market in 2018, accounting for USD 1,095.0 million in total market value. In this area, the smart bin process has been one of the most widely used, which is a key driver driving the market's expansion. In the area, there are many major players that are investing in the research & technological development and improved recovery capabilities, which is also contributing to the market's continued expansion.
For the sake of this study, the European market has been divided into four categories: Germany, the United Kingdom, France, and the rest of Europe. During the projection period, the market in Europe is projected to grow at the fastest rate, with a compound annual growth rate (CAGR) of 20.2 percent. Europe is expected to have the quickest smart waste management industry, according to forecasts. The area features effective legislative policies implemented by governments in a number of nations, which is fueling the market's expansion. Furthermore, rising public awareness of e-waste recycling and government efforts are some of the factors contributing to the market's expansion and development.
Smart Waste Management Market Competitive Landscape:
When it comes to expanding their customer services, several rivals in the smart waste management industry have turned to agreements, partnerships, and acquisitions as their primary growth methods. For example, in August 2020, Collaboration, Republic Services Inc inked a partnership agreement with Aria Energy, a renewable energy management business headquartered in the United States. The collaboration intended to convert landfill methane into renewable natural gas.
The Metropolitan Atlanta Rapid Transit Authority (MARTA) has launched a new portfolio of Internet of Things (IoT) solutions that combine both sophisticated analytics and artificial intelligence to assist companies such as MARTA in improving their maintenance plans. Companies in asset-intensive sectors such as chemicals, oil and gas, energy and utilities, manufacturing, and transportation will find these solutions to be very beneficial.
|Market Size||USD 1.75 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, method|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||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)|
|Key Market Opportunities||Increasing acceptance of technology advances such as the Internet of Things (IoT) for trash collection, as well as an increase in the number of people using them in developing nations, are expected to provide profitable opportunities for market participants over the forecast timeframe.|
|Key Market Drivers||An increase in the number of connected devices being used, as well as an increase in the need for cost-effective sophisticated network infrastructure, are driving the development of smart waste management solutions.|
The global smart waste management market is anticipated to account for a substantial revenue generation of more than USD 7.8 billion by 2025, expanding at a moderate CAGR of 24.38% over the review period.
The major market players operating in the global smart waste management market include SAP SE (Germany), IBM Corportaion (US), Enevo (Finland), Waste Management, Inc. (US), Bigbelly, Inc. (US), Ecube Labs Co., Ltd.(South Korea), Covanta (US), OnePlus Systems Inc(US), Pepperl+Fuchs Group (Germany), and Urbiotica (Spain).
The global smart waste management market segmentation is conducted based on components, method, waste type, and applications.
The geographical analysis of the global smart waste management market is conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (including the Middle East, and Africa, and Latin America).
The North American region in the global smart waste management market is slated to lead the market share over the review period, while the report projects the fastest growth in the Asia Pacific.