Smart Waste Management Market
The global smart waste management market can expect growth by an impressive 18.6% % CAGR during the forecast period by 2025. With this, the market’s valuation can scale a valuation of USD 7,877 Million by 2025, asserts Market Research Future (MRFR) in a detailed study.
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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.
On the flip side, the factor of lack of efficient connectivity can easily restrain the growth of the smart waste management market. The waste management network hence requires an extensive network coverage and high bandwidth to meet the required data rates and minute coverage needed by IoT sensors of the future.
The global smart waste management market has been segmented on the basis of component, type of waste, method, application, and region.
Based on component, the smart waste management market has been segmented into hardware, software, and services. The hardware segment held the highest market share, with a market value of USD 1,121.3 million in 2018. The hardware used for smart waste management includes sensors such as Radio Frequency Identification Reader (RFID) sensors and ultrasonic sensors. These sensors are installed in smart bins to gather real-time data related to the waste bins. However, the services segment is expected to reach the highest CAGR during the forecast period. This is due to the increasing demand for various organizations to comply with different rules and regulations implemented by the government for smart waste management.
Based on type of waste, the smart waste management market has been categorized into solid, special, and e-waste. The solid segment accounted for the largest market share in 2018. Rapid urbanization, increasing economic growth, and increasing population have resulted in high solid waste generation. The use of smart waste management system for solid waste will help waste management authorities to manage the waste efficiently. However, the e-waste segment is expected to register the highest CAGR during the forecast period. Rapid technology advancements, declining prices, and growing economy have resulted in a surplus of electronic waste globally. These are the major factors responsible for the growth of the market during the forecast period.
Smart Waste Management System Market to Achieve Considerable Profits in Near Future
Market Research Future (MRFR), a firm that is experiencing an expeditious expansion in the market research industry, conducted a study on the global smart waste management market. Growing awareness of the significant increase in waste products across the globe and urgency in strategizing waste management to achieve remarkable outcomes are leading to the growing adoption of smart waste management solutions across industries. These are factors that are likely to cause the global smart waste management market to expand at 18.6% CAGR across the forecast period (2016 to 2025). The proper execution of waste management requires befitting infrastructure and strong connectivity. Technological disruptions are observed to lay the groundwork for different smart waste management providers to gain a global foothold. MRFR estimated the worldwide smart waste management market worth USD 7,887 million by 2025. The smart waste management market size can be largely impacted by key players tweaking initiatives to meet rising local waste management requirements.
Disruptive Technology to Dissolve Complexity of Waste Management
Internet of things (IoT) technology is observed to contribute largely to the waste management of water. IoT is also observed to aid in smart irrigation, thus preventing the overuse of water. Energy consumption and price reduction can be achieved with the assistance of IoT. Predictive analytics is used to get an estimate of a city’s use of water. This information enables suppliers to keep the optimum level of water in the city reservoir, thereby avoiding wastage of water. Big data technology is helping in estimating the volume of waste a region can produce and then strategize measures for effective waste disposal. Artificial intelligence and robotics are aiding in the sorting of waste materials and also in the identification of illegal landfills. Thus, modern technologies are largely backing the global smart waste management worth in the foreseeable future.
The prominent players operating in the smart waste management market are Bigbelly, Inc. (US), Waste Management, Inc.(US), Ecube Labs Co., Ltd.(South Korea), Covanta (US), Pepperl+Fuchs Group (Germany), OnePlus Systems Inc(US), Urbiotica (Spain), IBM Corportaion (US), SAP SE (Germany), and Enevo (Finland).
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