Global Smart Waste Management Market – Overview
As per Market
Research Future (MRFR), the global Smart
Waste Management Market is expected to
reach a market value of USD 7,877 million at a CAGR of 18.6% from 2016 to 2023
(forecast period). The report gives a detailed and in-depth review of the
impact of the COVID-19 pandemic on the global smart waste management industry.
Smart waste
management is the process of collecting, transporting, and efficiently
disposing of waste materials with minimal environmental effects. The use of
smart bins or smart trashes for the collection of waste materials and garbage
monitoring systems support waste management authorities to manage waste
material effectively.
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Market Dynamics
Rapid urbanization,
a growing economy, and evolving lifestyles are factors contributing to the
growth of the global market for smart waste management. The growing number of
smart city initiatives and the proliferation of sensor technology are factors
contributing to the development of the market during the forecast period.
However, the lack of efficient connectivity can limit the growth of the smart
waste management market. The waste management network calls for extensive
network coverage and high bandwidth.
Impact of
COVID-19 on the Global Smart Waste Management Market
Smart waste
management is a process of collecting, transferring, and efficiently disposing
of waste with minimal environmental effects. Smart waste management uses
sensors mounted in waste containers to measure the amount of waste in waste
bins and inform city garbage collection services when the waste bins are being
emptied. The data collected by the sensors helps to recognize fill patterns,
minimize operating costs, and optimize driver schedules and routes. The growing
number of smart city initiatives and the proliferation of sensor technologies
are key factors driving the market growth. In addition, smart garbage or smart
bins are used to collect waste materials, and the waste monitoring system helps
waste management officials handle waste materials effectively. The COVID-19
pandemic intensified the adoption of smart city technologies, such as smart
bins. In India, an alumnus of IIT Kanpur has developed a smart container with a
special coating on the surface of its mouth, helping to minimize the lifespan
of the virus by up to 95%. This helps to minimize the risk of infection to
other users and raises the level of safety in waste handling.
During the COVID-19
pandemic, the smart bin system helps prevent the spread of the virus via waste
generated in clinics, hospitals, quarantine zones, and public places. At the
start of the COVID-19 pandemic, governments in various countries imposed
lockdowns, which forced municipal waste operators and public authorities to
immediately change their waste management systems and take steps like employee
health and safety, waste management requirements, availability of staff and
general procedures for the waste sector.
The COVID-19 virus
can survive on the surface for days; hence, there is an urgent need to revamp
the disposal and collection of waste. The use of waste management processes by
means of smart bins helps to clear waste containers before they overflow. Waste
collection, transfer, disposal, and recycling needs to be revamped rapidly.
Technologies have a key role to play in this process. The waste management
industry is predicted to suffer from a shortage of workers after the pandemic,
as there will be fewer sanitation workers. Workers should also be equipped with
more skills and techniques.
Impact of COVID-19 on the Global Smart Waste Management
Market at: https://www.marketresearchfuture.com/report/covid-19-impact-smart-waste-management-market
Market
Segmentation
The global market
for smart waste management has been segmented based on components, type of
waste, method, and application.
Based on the
component, the global smart waste management market has been segmented into
hardware, solution, and services. The solution segment has been further
categorized as data analytics and reporting solution, asset management, remote
device monitoring, fleet management, network management, and others.
Based on the type
of waste, the global smart waste management market has been segmented into
solid, special, and e-waste.
Based on the
method, the global smart waste management market has been segmented into smart
processing, smart collection, smart disposal, and smart energy recovery.
By application, the
global smart waste management market has been segmented into industrial and
manufacturing, residential, healthcare, food and retail, construction, and
others.
Regional
Analysis
Regionally, the
global smart waste management market has been segmented into the Asia Pacific,
North America, Europe, Middle East & Africa, and South America.
North America
earned the highest market share in 2018, with a market value of USD 1,095.0
million. This area was one of the first to adopt the smart bin process, which
is a crucial driver of market development. Various leading players in the area
are investing in research and development of new technologies and advanced
recovery facilities, which are also boosting the market growth in the region.
For the purpose of
research, the market in Europe has been classified as Germany, the United
Kingdom, France, and the rest of Europe. The demand in Europe is projected to
hit the highest CAGR of 20.2% during the forecast period. Europe is predicted
to be the fastest-growing market for smart waste management. The region has
strong legislation policies on the part of governments in different countries,
which are driving market development. In addition, growing awareness of e-waste
recycling and government initiatives are some of the factors driving market
development.
Key Players
Notable players in
the global Smart Waste Management market are IBM Corportaion (US), SAP SE
(Germany), Ecube Labs Co., Ltd. (South Korea), Enevo (Finland), Bigbelly, Inc.
(US), Pepperl+Fuchs Group (Germany), Waste Management, Inc. (US), Covanta (US),
OnePlus Systems Inc (US), and Urbiotica (Spain).
driving market
development.
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