Global Solid Waste Management Market: Snapshot
The global solid waste management market is anticipated to receive a good momentum for growth in future with the increasing need for efficiently managing municipal solid waste that could significantly contribute to problems related to public health, climate changes, and pollution. Rising levels of waste collected under formal municipal programs from institutions such as hospitals, commercial buildings, public places, streets, and residential societies could augment the demand for solid waste management in the coming years. Some of the primary factors propelling the growth of the market are prognosticated to be the elevating count of megacities and smart cities, rising gross domestic product (GDP) and population across the globe, and environmental impact.
Industry stakeholders such as public and private sectors could be bridged with the advancement of new technologies, surging requirement of restricting greenhouse gas emissions (GHGs), and clean energy policies. The value chain of the global solid waste management market is prophesied to be enriched by key factors such as the advent of novel technologies on the back of the need to curb operational expenses, changing waste types, and increase in waste volumes.
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Phenomena such as Not in My Backyard Phenomenon (NIMBY) and uncertainty in policies could restrict the demand for solid waste management. Investors are foreseen to be reluctant to invest their funds due to the capital-intensive practice of solid waste management and financing problems because of the uncertainty in policies. However, such restraints of market growth are expected to be temporary. Moreover, the advantages of implementing newer technologies such as radio-frequency identification (RFID) cannot be ignored. Furthermore, there could be opportunities arising from the employment of big data, digital applications, and internet of things (IoT) technologies.
Global Solid Waste Management Market: Overview
Solid waste management deals with management and recycling of organic material, newspaper, paper and paperboard, rubber, plastics, leather, wood, and, textiles. The increasing concerns due to large landfills is expected to encourage the growth of the global solid waste management market in the coming years. In addition, the growing need to manage the tremendously rising solid waste is estimated to boost the demand for solid waste management services across the globe.
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Furthermore, innovations and development of effective products are anticipated to generate promising growth opportunities for key players operating in the global solid waste management market in the next few years.
Global Solid Waste Management Market: Key Trends
The increasing demand for solid waste management across the globe and the rising expenditure by governments are the key factors that are estimated to fuel the growth of the global solid waste management market in the next few years. The increasing awareness among consumers and the stringent rules and regulations imposed by governments concerning waste management are projected to accelerate the growth of the overall market in the near future.
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On the flip side, the huge cost required for processing and the increasing recycling costs are anticipated to hamper the growth of the global solid waste management market in the near future, In addition, the availability of low priced substitute is likely to curtail the growth of the overall market in the near future.
Global Solid Waste Management Market: Market Potential
The initiatives taken by governments to create an awareness regarding the management of solid waste and the advantages of recycling are projected to supplement the growth of the overall market in the near future. In addition, the introduction of new products and effective management tactics is predicted to fuel the growth of the global solid waste management market in the coming years.
Global Solid Waste Management Market: Regional Outlook
The global market for solid waste management has been categorized on the basis of geography in order to offer a clear understanding of the market. The key factors encouraging the growth of the leading regional segments have been presented in the research study, along with the forecast statistics of the market. The rising demand for solid waste management is expected to encourage the growth of the overall market in the next few years.
According to the research study, Europe and North America are predicted to witness a strong growth throughout the forecast period. Asia Pacific, on the flip side, is estimated to register a progressive growth rate in the coming years. The high growth of this region can be attributed to the rising awareness among consumers regarding the importance of solid waste management and the associated benefits.
Global Solid Waste Management Market: Competitive Analysis
The solid waste management market is competitive in nature with a presence of several players operating in it across the globe. The leading players in the market are emphasizing on offering customized solutions to consumers, which is likely to boost the demand for solid waste management services in the next few years. In addition, the introduction of new services and products is expected to encourage the growth of the global solid waste management market in the forecast period.
As per the research report, the competition in the global market is predicted to get intense in the next few years. The leading players operating in the solid waste management market across the globe are Covanta Energy, Republic Services, Clean Harbors, Waste Connections, Recology, Schupan & Sons, Rumpke Consolidated Companies, Progressive, EnviroSolutions, Perma-Fix Environmental Services, Appliance Recycling Centers of America, and E. L. Harvey & Sons.