The Waste Management Market is estimated to be valued at US$ 2,008.7 Bn in 2022 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Waste management includes collecting, transporting, processing or disposing of waste materials produced by industrial and residential properties. Waste management helps in disposal of everyday items that are no longer in use to maintain hygiene and public health. It involves collection, transportation and treatment or disposal of waste materials created by human activities, in an effective and responsible manner.
Market key trends:
Growing environmental concerns related to improper waste disposal are fuelling the growth of waste management market. Improper waste disposal causes pollution of land, air and water bodies. Degrading environmental conditions pose risk to human health in the form of diseases. Rising population levels are increasing the waste volumes being generated. Governments across various countries are promoting effective waste management practices and recycling to reduce pollution. Stringent government regulations regarding waste disposal are compelling industries and municipalities to adopt sustainable waste management services. Initiatives towards circular economy also facilitate waste reduction at source and its reuse, helping drive the growth of waste management market.
Threat of new entrants: Low capital requirement and expertise barrier, new players can enter the market easily.
Bargaining power of buyers: Buyers have high bargaining power considering the availability of substitute and recycling services. They can negotiate on price and service quality.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material suppliers and dependency of waste management companies on waste generation.
Threat of new substitutes: Recycling and zero waste initiatives are gaining traction posing threat to traditional waste collection and disposal services.
Competitive rivalry: Intense competition exists among existing players due to large number of regional and global players offering similar services.
Strength: Established infrastructure and economical of scale. Growing awareness about environmental protection and stringent regulations supporting market growth.
Weakness: High initial investment requirement. Dependence on macroeconomic and environmental regulations.
Opportunity: Emerging trends like industrial waste recycling, bioenergy production and municipal solid waste to energy plants. Growth in developing nations due to rising urbanization and industrialization.
Threats: Competition from informal waste collectors. Volatile recycled material prices impacted by demand-supply dynamics.
The Global Waste Management Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing environmental regulations regarding proper waste disposal. North America dominates the market currently due to stringent laws and growing expenditure on waste management infrastructure in the region. Asia Pacific is expected to witness fastest growth due to increasing waste generation from the expanding industrial and construction activities in the developing countries such as China and India.
Regional analysis Asia Pacific market is expected to grow at highest CAGR during the forecast period. Countries such as India and China experiencing rapid industrialization, infrastructure growth and urbanization are generating massive amount of waste. Governments in the region are undertaking initiatives to properly manage the waste and recyclable materials.
Key players operating in the Waste Management market are Biffa Plc, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd, Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services, Inc., Suez, Veolia Environment, and Waste Management Inc.