Apr 27, 2020   SOURCE: BusinessWire

Smart Waste Management Market by Type, Component, Application, and Region - Global Forecast to 2026 - ResearchAndMarkets.com

The "Smart Waste Management Market by Type (Smart Collection, Processing, Disposal), Component (Fleet Management, Remote Monitoring, Asset Management), Application (Residential, Industrial, Commercial, Construction, Energy), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

This report provides in-depth analysis of the overall smart waste management market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2026. The global smart waste management market is expected to grow at a CAGR of 16.9% from 2019 to reach $4.66 billion by 2026.

The growth in the smart waste management market is primarily driven by the factors such as growing urbanization of societies across the globe, growing concern over the environmental impact of human society, consistently increasing waste volume, and the increasing trend towards adoption of smart technologies in different aspects of life. A consistent increase in the number of smart city initiatives across the globe is also encouraging the demand for various smart waste management technologies, thereby supporting the market growth.

The global smart waste management market is mainly segmented by type (smart collection, and smart disposal,), component (solution, and services), application (residential & municipality, industrial, commercial, construction & demolition, energy, and water supply & sewage treatment), and geography. The study also evaluates industry competitors and analyzes the market at country level.

On the basis of type, the smart disposal solutions segment accounted for the largest share of the overall smart waste management market in 2019. The large share of this segment is attributed to the growing adoption of smart disposal methods for sanitary waste, bioreactor landfilling, and solar integration that allows efficient waste management and healthy environment. On the other hand, the smart energy recovery solutions segment is expected to grow at the fastest CAGR over the coming years.

Based on component, the smart waste management solutions segment accounted for the largest share of the overall smart waste management market in 2019, owing to the consistently rising demand for economic monitoring of waste and waste management systems that can assist in improving the overall efficiency of waste management along with operational cost optimization. In addition, growing adoption of advanced technology which allow efficient waste management to enhance customer experience is expected to contribute to the growth of this market over the forecast period.

Geographically, North America commanded the largest share of the global smart waste management market in 2019. However, Asia Pacific region is anticipated to grow at the fastest CAGR during the forecast period owing to rapidly increasing urbanization along with economic growth, and increasing government interest towards minimizing environmental impact of waste management. Further, the increasing number of smart city initiatives in this region are also expected to contribute to the overall growth of the smart waste management market in the Asia-Pacific region during the forecast period.

Some of the major players operating in the global smart waste management market are Suez Environmental Services (France), Veolia Environmental Services (France), Enevo (Finland), Smartbin (OnePlus Systems Inc.) (U.S.), IBM Corporation (U.S.), Waste Management, Inc. (U.S.), Bigbelly Inc. (U.S.), Covanta Holding Corporation (U.S.), Pepperl+Fuchs GmbH (Germany), BIN-e (Poland), Evoeco (U.S.), Ecube Labs Co Ltd. (South Korea), Republic Services (U.S.), Sensoneo (Slovakia), and Evreka (Turkey), among others.

Market Dynamics

Drivers

  • Growing Adoption of Smart Waste Management Technology
  • Growing Concern Over the Environmental Impact of Waste Management

Restraints

  • High Cost of Connected Network Infrastructure in the Developing Nation

Opportunities

  • Growing Adoption of Smart City Initiatives across the Globe
  • Use of Technological Advancements in Waste Management Devices

Trends

  • Growing Usage of Connected Devices

Companies Profiled

  • Suez Environmental Services
  • Veolia Environmental S.A.
  • Enevo
  • Oneplus Systems, Inc.
  • IBM Corporation
  • Waste Management, Inc.
  • Bigbelly, Inc.
  • Covanta Holding Corporation
  • Bin-E
  • Ecube Labs Co., Ltd.
  • Republic Services, Inc.
  • Sensoneo
  • Evreka
  • Averda
  • Sap SE

For more information about this report visit https://www.researchandmarkets.com/r/hbec7y