Smart Waste Management Market 2022 | Present Scenario and Growth Prospects 2032

Total sales in the global smart waste management market are anticipated to surpass a valuation of US$ 2 Bn 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 US$ 5 Bn by 2032.

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.

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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.

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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.

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Key Segments Profiled in the Smart Waste Management Industry Survey