Smart Waste Management Market to Be Worth $12.6 Billion by 2031 - Exclusive Report by Meticulous Research®

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May 28, 2024, 10:01 ET

REDDING, Calif., May 28, 2024 /PRNewswire/ -- According to a new market research report titled, 'Smart Waste Management Market by Offering (Solutions, Services), Function (Smart Collection, Processing, Disposal), Application (Residential & Municipality, Industrial, Commercial, Construction & Demolition), and Geography—Global Forecast to 2031,' global smart waste management market is projected to reach $12.6 billion by 2031, at a CAGR of 17.3% from 2024–2031.

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Smart waste management is the process of handling and collecting waste. With the integration of IoT technology, smart waste management provides data on waste generation patterns and behavior. Smart waste management systems empower municipalities, cities, and waste collectors to optimize their waste operations to be more sustainable and make more intelligent business decisions. Smart waste management solutions provide real-time insights on waste fill levels, collection routes, and bin movements and locations. They provide overall functions of waste collection, processing, disposal, and waste to energy recovery. Smart waste management systems are used in various application areas such as residential & municipal, industrial, commercial, construction, energy, and water supply and sewage treatment.

The growth of the smart waste management market is driven by the growing adoption of smart bins and integration of IoT and increasing concern over the environmental impact of waste management. However, the high cost of connected network infrastructure in developing nations restrain the growth of this market. Moreover, the growing adoption of smart city initiatives across the globe and technological advancements in waste management devices are expected to generate market growth opportunities. However, non-uniform waste distribution of waste in bins is a major challenge for market stakeholders. Additionally, the growing adoption of data analytics and machine learning in waste management are prominent trends in this market.

The global smart waste management market is segmented by offering (solutions [fleet management, network management, data analytics & advanced reporting, remote monitoring, and asset management] and services [professional services and managed services]), function (smart waste collection, smart waste processing, smart waste disposal, and smart waste to energy recovery), and application (residential & municipality, industrial, commercial, construction & demolition, energy, and water supply & sewage treatment). The study also evaluates industry competitors and analyzes the market at geographical levels.

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Based on offering, in 2024, the solutions segment is expected to account for the larger share of the global smart waste management market. The large market share of this segment is attributed to the increasing focus on developing smart waste management technology to enhance customer experience and the growing demand for low-cost monitoring and management devices in waste management practices in order to enhance performance and reduce overall operational costs. Also, this segment is projected to register a higher CAGR during the forecast period.

Based on function, in 2024, the smart waste disposal segment is expected to account for the largest share of the global smart waste management market. The large market share of this segment is attributed to the rising use of smart waste disposal to avoid unnecessary trips, save costs, and limit emissions and the increasing adoption of smart waste disposal to reduce the quantity and number of greenhouse gasses emitted from landfills and incinerators.

However, the smart waste to energy recovery segment is expected to register the highest CAGR during the forecast period due to the rising use of smart waste to energy to utilize by-products as fertilizers and develop the nutrient content of the soil and the growing need to reduce greenhouse gas emissions.

Based on application, in 2024, the residential & municipality segment is expected to account for the largest share of the global smart waste management market. The large market share of this segment is attributed to the increasing need to reduce infrastructure, operating, and maintenance costs, the increasing concern over the environmental impact of waste management, and the increasing volume of waste from households, parks, hospitals, and government organizations. Additionally, this segment is expected to register the highest CAGR during the forecast period.

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Based on geography, in 2024, North America is expected to account for the largest share of the global smart waste management market. The growing adoption of data analytics and machine learning in waste management, the growing government initiatives for smart cities, and the rising use of smart technologies in waste management devices support the growth of this regional market.

However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period due to the growing adoption of real-time monitoring and analytics to enable better planning and resource allocation for waste management, the growing population with economic growth and increasing urbanization, and the rising adoption of waste sorting and recycling to reduce the amount of waste in landfills and incinerators.

The key players operating in the smart waste management market are SUEZ Smart Solutions (France), Veolia Environnement SA (France), Enevo, Inc. (U.S.), Waste Management Holdings, Inc. (U.S.), Big Belly Solar, LLC. (U.S.), Covanta Holding Corporation (U.S.), Bine sp. z o. o. (Poland), Ecube Labs Co., Ltd. (South Korea), Republic Services, Inc. (U.S.), SENSONEO j. s. a. (Slovakia), Allvy Software Solutions Private Limited (India), DVERTEX INFO SYSTEM PRIVATE LIMITED (India), Faststream Technologies (U.S.), Evreka (Turkey), and Averda (U.K.).

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Scope of the Report:

Smart Waste Management Market Assessment—by Offering

Solutions
- Fleet Management
- Network Management
- Data Analytics & Advanced Reporting
- Remote Monitoring
- Asset Management
Services
- Professional Services
- Managed Services

Smart Waste Management Market Assessment—by Function

Smart Waste Collection
Smart Waste Processing
Smart Waste Disposal
Smart Waste to Energy Recovery

Smart Waste Management Market Assessment—by Application

Residential & Municipality
Industrial
Commercial
Construction & Demolition
Energy
Water Supply & Sewage Treatment

Smart Waste Management Market Assessment—by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
Latin America
Middle East & Africa

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Waste Management Market by Waste Type (Hazardous Waste, Industrial Waste, E-waste), Waste Management Method (Land Filling, Recycling, Incineration), and Source (Residential, Commercial, Municipal, and Industrial) - Global Forecast to 2030

Smart Cities Market by Solution (Smart Citizen Services, Smart Environment, Smart Buildings, Smart Transportation, Smart Utilities, Other Smart Solutions), Component (Hardware, Software, Services), Technology, Geography - Global Forecast to 2030

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