Smart Waste Management Market

Smart Waste Management Market Overview (2022 to 2032)

Total sales in the global smart waste management market are anticipated to surpass a valuation of USD 2 Billion in 2022, expanding at a 20% CAGR over the assessment period. Increasing development of smart cities across the globe is expected to complement the growth in the market, pushing the market size to nearly USD 5 Billion by 2032.

Report Attribute	Details
Expected Market Value (2022)	USD 2 Billion
Anticipated Forecast Value (2032)	USD 5 Billion
Projected Growth Rate (2022 to 2032)	20% CAGR

Increasing solid waste generation in various parts of the world has emerged as a burden on the global economy. The World Bank has estimated that nearly 2.01 Billion Tons of waste is generated every day in the world. More than 33% of this waste is not managed in an environmentally safe manner.

This number is expected to surge in the forthcoming years, which in turn is compelling governments and authorities in various countries to invest in smart waste management. Growing need for effective waste management in residential buildings, hospitals, commercial spaces, public places, and other institutions is expected to drive the market.

Smart waste management can potentially reduce the overall collection and transportation costs by 50%. They also reduce fuel and service costs. Backed by these factors, sales in the smart waste management market are forecast to increase at a prolific pace over the forecast period.

Further, increasing adoption of connective-technology-based products in smart waste management is expected to bode well for the market. Technologies such as radio frequency identification (RFID) tags, sensor-based containers, vacuum containers, and disposal tags provide real-time management and tracking of solid municipal waste.

What are the Opportunities in the Smart Waste Management Market?

Players operating in the smart waste management market are deploying connective technology-based products to improve waste collection, transportation, and disposal operations. Increasing complexity in the logistics of waste collection, along with stringent regulations pertaining to waste management solutions is compelling manufacturers to launch innovative products in the smart waste management market.

The emergence of IoT is helping manufacturers in minimizing operational costs and streamlining waste collection logistics. Companies are offering RFID tags and sensors as smart solutions to enable local waste collection authorities to leverage intelligent monitoring, analytics, and route optimization.

The deployment of sensors and cameras near trash collection bins allows companies to collect actionable insights through data visualization platforms to make informed decisions. It also enables companies to plan the fleet trucks according to the waste volume in bins, thereby reducing unnecessary fleet deployment and carbon emissions.

Further, due to the presence of commercially available technology service providers, demand in the smart waste management market is projected to increase at a considerable pace over the forecast period. The expansion of the smart city infrastructure across developing economies will continue augmenting the growth in the market in the forthcoming years.

What Are The Challenges In The Smart Waste Management Market?

Lack of awareness regarding proper waste management in emerging economies is expected to dampen sales prospects in the smart waste management market, opines FMI. Most of the solid waste is still being collected manually in underdeveloped countries across the globe, which is a restricting factor.

Further, high capital investments in the deployment of smart waste collectors and disposers, along with inefficient connectivity in emerging economies will hamper the growth in the market. The deployment of smart waste management products involves proper connectivity for tracking and disposal, which is expected to hamper sales in the market.

Why is the North America Smart Waste Management Market Considered Lucrative?

Increasing establishment of smart cities across the region is expected to place North America as an attractive market over the forecast period. Smart cities in the USA are increasingly employing smart waste management solutions to reduce waste collection and disposal problems, which is expected to drive sales in the market. In addition to this, stringent regulations regarding the reduction of carbon emissions across North America are expected to push sales in the market in the forthcoming years. Rising initiatives by the government to promote sustainability, and to achieve net-zero waste will continue spurring demand in the region.

Besides this, the presence of technology-based services providers, along with effective network connectivity in numerous cities and towns in North America will fuel the growth in the market over the forecast period.

What is the Europe Smart Waste Management Market Outlook?

Demand in the Europe smart waste management market is projected to remain high over the forecast period, as per FMI. As per Eurostat, over 5.2 million tons of waste was generated per European Union inhabitant in 2018. This number is expected to increase in the forthcoming years, which is resulting in high demand for smart waste management solutions.

Further, expansion of the tourism sector, rapid development of residential projects such as smart cities, and stringent regulations regarding waste management and sustainability across the UK, France, and Germany will augment the growth in the market.

Market Competition

Some of the leading players present in the global smart waste management market include Covanta Energy, Republic Services, Veolia North America, BRE SMART Waste, Harvest Power and Recycle Smart Solutions.

Key players operating in the market are integrating connective technologies such as RFID tags, sensors, and IoT-based equipment to improve their product portfolios. Players such as BRE SMART Waste and Covanta Energy are aiming to expand their operations in emerging economies to gain a competitive edge.

Report Of Scope

Report Attribute	Details
Growth Rate	CAGR of 20% from 2022 to 2032
Base Year for Estimation	2021
Historical Data	2015 to 2020
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Million, Volume in Kilotons and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Smart Collection, Smart Processing, Smart Energy Recovery, Smart Disposal, Region
Regions Covered	North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa
Key Countries Profiled	USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa
Key Companies Profiled	Covanta Energy; Republic Services; Veolia North America; BRE SMART Waste; Harvest Power; Recycle Smart Solutions
Customization	Available Upon Request

Key Segments Profiled in the Smart Waste Management Industry Survey

By Smart Collection:

• RFID Technology (Radio Frequency Identification)
• GPS Routing Systems
• Vacuum Systems
• Fuel Switching

By Smart Processing:

• Advanced MRFs
• Mechanical Biological Treatment
• RDF Facilities

By Smart Energy Recovery:

• Waste to Energy (WTE)
• Incineration
• Incineration Variants
• Advanced Thermal Recycling
• Biological Treatment
• Direct Use
• Electricity Generation
• Vehicular Use
• Advanced Thermal Treatment
• Gasification
• Pyrolysis
• Plasma Arc Gasification
• Waste to Fuel (W2F)

By Smart Disposal:

• Sanitary Landfills
• Bioreactor landfills
• Landfill and Solar Integration

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa

Frequently Asked Questions

What is the projected size of the smart waste management market in 2032?

FMI projects the global smart waste management market to expand at a 20% CAGR, reaching USD 5 Billion by 2032.

Which region is forecast to be the most lucrative for smart waste management market growth?

Asia Pacific is expected to be the most opportunistic smart waste management market, accounting for the maximum share of the global smart waste management market.

Which are some prominent smart waste management manufacturers?

Covanta Energy, Republic Services, Veolia North America, BRE SMART Waste, Harvest Power, and Recycle Smart Solutions are some prominent smart waste management manufacturers.