The demand for Waste Management is witnessing an uptick on account of urbanization and industrialization of developing countries. The Waste Management market is expected to grow with a significant CAGR in the coming years. Founded in 1971, Waste Management Inc. is a comprehensive waste and environmental services company headquartered in Houston, Texas. The company is serving 20 million customers in the United States, Canada and Puerto Rico and has become one of the largest waste management companies around the world. An operating revenue of US$ 10 billion was invested in the collection services by the company in 2020. Out of this, the commercial collection services of the company generated US$ 4.1 billion. The total operating revenue of Waste Management Inc. amounted to US$ 15.2 billion in December 2020. This was a slight decline from the previous year due to the coronavirus pandemic.
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Key factors influencing the growth of the waste management market are the growing population around the world, industrialization in developing economies and increased awareness about waste management and recycling around the world. With the increasing population and rapid urbanization in most countries, the waste generated all over the world is increasing. The world generated 2.01 billion tons of solid waste in 2016, this number is expected to rise by 70% by 2050 producing 3.40 billion tons of waste in that year. All this waste needs to be properly treated to avoid pollution which can lead to health and economic problems. Additionally, the increased awareness about recycling and sustainability is also encouraging governments to invest in better waste management treatments. Effective waste management include segregating different types of waste and recycling as much of it as possible. This method however is costly and remains a challenge for many developing countries to be able to afford. Effective waste management usually comprises 20-50% of the total municipal budget. This may be the main constraint on the waste management market i.e., the affordability of effective waste treatment by low- and middle-income countries.
According to ‘UnivDatos Market Insights (UMI)’ research report “Waste Management Market Analysis, 2020”, the Waste Management market is projected to grow at a CAGR of XX% during 2021-27F. Increasing population and increasing per person garbage generation is one of the prominent reasons which is driving the market of the Waste Management. For Instance: According to world bank, 2.01 billion tons of solid waste is generated per year globally. At least 33% of this waste is not managed in an environmentally safe manner.
Based on the Waste Type, the market is fragmented into Municipal Solid Waste, Hazardous Waste, E-waste, Plastic Waste, and Bio-medical Waste. Municipal Solid Waste segment accounted for the largest share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. Municipal solid waste (MSW) is trash or garbage and consists of everyday items that we use and throw away, like product packaging, furniture, glass clippings, food scraps, clothing, food scraps, appliances, newspapers, batteries, and paint.
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Recycling Segment to Witness Robust growth
Based on Disposable Methods, the market is fragmented into Landfill, Incineration, Dismantling, and Recycling. Recycling segment had the highest revenue and CAGR growth in the analyzed period. Recycling is the reusing of used products like used clothing and functioning parts removed from used vehicles and material recycling which causes the recovery of raw materials from waste e.g., production of new glass from fragments, the melting of scrap iron and the production of recycled building materials from construction waste.
Based on the End-User, the market is fragmented into Residential, Commercial, and Industrial. Industrial segment accounted for the largest share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. The residential waste that is generated from buildings, small businesses, institutions, houses, yards, companies etc. account for less than 5% of the total waste generated in a country.
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Europe to Grab Lion’s Share, and witnessed Explicit Growth
Based on the Region, Europe dominated the Waste Management market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the growing industrialization and per person garbage generation. For example, Germany has the highest recycling rate in the world since 2016. In 2019 it recycled 56.1% of all the waste produced. Europe is expected to skyrocket with a CAGR of XX% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Waste Management Market Analysis, 2020”.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Waste Management Market are Biffa Plc, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd., Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services, Inc., Suez, Veolia Environment, and Waste Management Inc. among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.
- In May 2021, Biffa PLC has agreed to buy the waste collections business and some recycling assets from Viridor Waste Management Ltd for £126mln.
- In August 2021, Clean Harbors, Inc. today announced it has entered into a definitive agreement to acquire HydroChemPSC (HPC), from an affiliate of Littlejohn & Co., LLC, for $1.25 billion in an all-cash transaction.
- In August 2021, Besix, a leading Belgian infrastructure group with a major regional presence, said work is in full swing at Dubai's waste-to-energy project site with the first structural steel elements being put in place of the plant's main building, with the help of a 500TE mobile crane.
“Waste Management Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Waste Management providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Waste Type (Municipal Solid Waste, Hazardous Waste, E-waste, Plastic Waste, Bio-medical Waste)
- By Disposable Methods (Landfill, Incineration, Dismantling, Recycling)
- By End-User (Residential, Commercial, Industrial)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Biffa Plc, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd., Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services, Inc., Suez, Veolia Environment, Waste Management Inc., etc.)
Key questions answered in the study:
- What are the current and future trends of the Waste Management industry?
- How the industry has been evolving in terms of end-user demand and application areas?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Waste Management industry?
- What is the customer orientation, purchase behavior, and expectations from the Waste Management firms across various regions?