As per Market Research Future (MRFR), the Global Smart Waste Management Market size is projected to grow at a compound annual growth rate (CAGR) of 18.6 percent, reaching a market size of $7,877 million by 2025. The report gives a detailed and in-depth review of the impact of the COVID-19 pandemic on the global smart waste management industry.
The aim of the report is to get premium insights, quality data figures, and information in relation to aspects such as smart waste management share, size, scope, and segments such as Application, end users, SWOT Analysis, and forecast with expert review.
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.
Smart Waste Management Market 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).
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Smart Waste Management 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.
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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.
Smart Waste Management 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.
Impact of COVID-19 on the Global Smart Waste Management Market at: https://www.marketresearchfuture.com/report/covid-19-impact-smart-waste-management-market
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.
Smart Waste Management Market 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.
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Table Of Content
1 Executive Summary
2 Market Introduction
2.1 Definition 15
2.2 Scope Of The Study 15
2.3 Market Structure 15
3 Research Methodology
4 Market Insights
5 Market Dynamics
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