Global Waste Management Market is expected to Reach USD 1387.63 Billion by 2030
The impact of rapid urbanization and population growth, along with the environmental regulations to address waste management, are driving the growth of the waste management industry.
According to a new research report by Next Move Strategy Consulting, the Global Waste Management Market size was valued at USD 1009.17 billion in 2023, and is expected to reach USD 1387.63 billion by 2030, with a CAGR of 4.7% during the forecast period, 2024–2030.
Stringent environmental regulations imposed by governments present a significant driving force behind the global growth of the waste management market. Governments worldwide enact and enforce strict rules and standards to address waste disposal and recycling practices. These regulations set clear guidelines for managing waste to minimize environmental impact and promote sustainability.
In response to these laws, businesses and communities are compelled to adopt more responsible waste management practices, leading to increased demand for professional waste management services and advanced technologies.
As governments prioritize environmental protection, the waste management sector sees a steady rise in opportunities for growth and innovation, as it plays a crucial role in ensuring compliance with these stringent regulations while safeguarding the environment.
Moreover, the rapid increase in e-waste generation, as highlighted by The Roundup Organization's estimate of 57.4 million metric tons in 2021 and the annual increase of 2 million metric tons, underscores the urgent need for a comprehensive response in the waste management sector.
With over 347 million metric tons of unrecycled e-waste burdening the planet in 2023, it is necessary to address this growing concern. Countries such as China, the U.S., and India are among the leading contributors to this burgeoning issue.
This surge in e-waste presents a unique opportunity for the waste management market to expand and innovate its services, ranging from collection and recycling to regulatory compliance and public education.
The industry's proactive role in responsibly managing electronic waste is essential in mitigating the environmental and health risks associated with improper disposal, ultimately contributing to a sustainable and cleaner future.
Furthermore, the rapid rate of urbanization and population growth plays a pivotal role in propelling the waste management market growth. With urban areas expanding at an unprecedented pace and the population rising, there is a substantial increase in waste generation.
In 2022, as per the World Bank, approximately 56% of the global population resided in urban centers. Forecasts suggest that the urban population will double its size by 2050, with nearly 70% of the world's inhabitants living in cities. This surge necessitates robust waste management solutions to handle the mounting quantities of waste produced.
Moreover, the need to address environmental concerns, ensure public health and sanitation, and comply with evolving regulations prompts governments and private entities to invest in waste management infrastructure and innovation.
Urbanization raises the challenges and presents opportunities for the waste management sector to develop sustainable and technologically advanced solutions, making it a pivotal force in the transition toward responsible and eco-friendly urban waste practices.
However, the financial burden associated with waste management facilities significantly restrain the growth of the waste management market, impacting both the expansion of existing facilities and the development of new & more sustainable waste management solutions.
On the other hand, several public and private organizations are developing tech innovations to tackle the challenges of increasing waste. They focus on eco-design to make products more sustainable than before by using recycled materials and designing them for easy repair and disassembly. Introducing waste-to-energy technology reduces emissions and reliance on fossil fuels. These innovations aim to establish a circular economy for waste, promoting reuse & recycling and presenting opportunities for the waste management market.
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According to the report, leading players operating in the waste management market include Biffa Group, Clean Harbors, Inc., Covanta Holding Corporation, Hitachi Zosen Corporation, Waste Management, Inc., Veolia Environment S.A., Suez Group, Remondis SE & Co. Kg, Republic Services, Inc., Waste Connections, Inc., and others.
Key Insights from the Waste management Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the waste management market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of the players in the global waste management market along with their competitive analysis are provided in the report.