Strong Growth In Smart Waste Management Market Can be Expected with Rapid Urbanization in Various Industries
Waste can be tagged as “the second generation of pollution,” unless treated or disposed of sensibly. The production of waste across different sectors is an inevitable phenomenon. However, industries adopting strategic waste management solutions can reduce the negative impacts of waste on the environment. In different countries, a surge in waste volume is observed to strain smart waste management deployment across diverse sectors. The rapid expansion of the global population is resulting in increased consumption. It is identified as the leading cause of augmented waste generation. Currently, the need to recover and effectively dispose of solid waste are significant and the role of smart waste management lies herein. A suitable approach can convert waste streams into scope for revenue generation for the renowned players operating in the smart waste management market.
Right Pick for Waste Handling Can Volarize Waste Management Solutions
Plastics waste, automotive tires disposal, and electronic discards are essentially attracting attention to deal with. Polyethylene terephthalate plastic products are being used extensively. They are gaining popularity as packaging material for food and beverages, and consumer goods. Thus, PET waste generated, on incineration does not efficiently cause energy recovery. While bottle-to-bottle recycling can generate considerable economic yield. The demand for automobiles is surging. The increased rate of vehicle production is automatically resulting in the production of waste. In addition, a high amount of automobiles reach scrapyard due to the growing inclination of people towards luxurious cars and need to possess the latest models to maintain social status. Metal recovery can be achieved by burning tires. On the advanced recovery level, tired-derived fuel can be obtained. Crumbling of tires will aid in value extraction. Hence, smart waste management solution applications can cause significant positive socio-economic impact. Smelters are used for electronic waste (e-waste) recovery that prevents labors from industrial hazards.
Market Key Trends & Challenges
Factors such as rapid urbanization, growing economy, and changing lifestyles have been responsible for the growth of the global smart waste management market. As it is known that smart waste management is the process where collecting, transporting, and disposing of is included and the waste material is smartly handled efficiently with minimum impact on the environment. The use of smart bins or smart trashes for the collection of waste material and garbage monitoring system helps waste management authorities to manage waste material effectively. Therefore, the mounting number of smart city initiatives and the proliferation of sensor technology are yet other substantial factors responsible for the growth of the market during the forecast period.
Other factors, such as the cumulative sales of electric vehicles, have almost reached 50% of the total sales. Along with these initiatives, such as to reduce air pollution and consumption of fossil fuels, there is an ever-increasing requirement for lowering and better managing the overall waste production especially in a smart city.
On the other hand, landfilling and waste incineration activities have been the main methods of waste disposal in cities in the recent. The smart waste management products, such as IoT-based smart bins, facilitate sorting waste into biodegradable and non-biodegradable waste in a superior manner through the smart waste segregation process, which is driving the market, is a positive way. Smart cities are also feasible to be connected through sensors and high-speed data connectivity.
Key Market Players
The high-flying players operating in the smart waste management market are listed as Waste Management, Inc.(US), IBM Corporation (US), Urbiotica (Spain), Bigbelly, Inc. (US), Pepperl+Fuchs Group (Germany), OnePlus Systems Inc(US), Covanta (US), Ecube Labs Co., Ltd.(South Korea), SAP SE (Germany), and Enevo (Finland).
More Information@
Smart Waste Management Market by Component, Growth and Analysis – 2025 | MRFR
Smart Waste Management Market is required to expand at 18.6% CAGR to reach a market value of 7,877…
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