May 20, 2020
As per the report titled ‘Global Smart Waste Management Market Size study, by Solution (Asset Management, Analytics & Reporting, Optimization Solutions, Network Management, Others), by Service( Professional Services, Managed Services), by Application (Manufacturing and Industrial, Food and Retail, Municipalities, Construction, Healthcare, Colleges and Universities) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global smart waste management market was valued at USD 1.7 billion in 2019 and is projected to expand with a CAGR of 16.9% over 2020-2026.
Smart waste management is a procedure which involves collection of waste, recycling or recovering of potentially useful entities, processing it, and finally, efficient dumping of waste in a way that has least possible impact on the environment. These rationales are encouraging municipalities, industrial establishments, and other waste management companies to adopt smart waste management methods.
Increasing adoption of innovative and effective waste management technologies such as smart bins and smart waste monitoring systems, along with growing availability of consumer-centric affordable solutions is a major growth driver for the industry. For instance, in 2018, SenRa partnered with SmartEnds, a hardware design company, for developing low cost smart waste bin solution to collect, accurately monitor, and efficiently dispose waste materials. Likewise, in 2017, OTTO Waste Systems Pvt. Ltd., partnered with M1, Singaporean operator for implementing the first intelligent waste management system in Singapore by incorporating Narrowband Internet of Things (NB-IoT) technology as an essential part of the system to efficiently dispose waste.
Burgeoning investment in smart city initiatives and increasing integration of Internet of Things (IoT) and Smart Technology are expected to expand the business landscape in the coming years. However, high initial investment cost may hinder the market growth during the forecast period.
As per the regional analysis, the market is divided into North America, Asia Pacific, Europe, Latin America, and Rest of the World. North America smart waste management market will witness a positive growth trend in the approaching years owing to favorable government regulatory norms and policies regarding waste treatment and management.
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Meanwhile, smart waste management industry in Asia Pacific is expected to witness robust growth over the forecast period, primarily driven by rising awareness regarding the environmental hazards of poor waste management and depletion of land.
Key players in global smart waste management market are SAP SE, IBM Corporation, Waste Management, Inc., Bigbelly Solar, Inc., Enevo OY, Smartbin (OnePlus Systems Inc.), Urbiótica, S.L, Ecube Labs Co., Ltd., Pepperl+Fuchs, and WavIoT.