Smart Waste Management - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Smart Waste Management Market size is estimated at USD 3.61 billion in 2024, and is expected to reach USD 7.52 billion by 2029, growing at a CAGR of 15.81% during the forecast period (2024-2029).

According to the World Bank, across the globe, about 1.3 billion metric tons of waste is generated every year. This increase can be attributed to rapid urbanization and industrialization across regions.

Key Highlights

• The Smart Waste Management Market is becoming more appealing, supporting market expansion. The development of the smart waste management market has been aided by products like disposable tags, containers, and vacuum cleaners that include real-time waste management systems. The rising use of waste management systems also results from growing environmental concerns.
• Smart waste management is a key aspect in developing smart cities (along with water management, energy management, traffic management, etc.) to provide improved lifestyles in urban areas. The increasing adoption of smart city initiatives across regions supports the growth of the smart waste management market.
• The waste management industry involves various activities, such as collection, transportation, disposal, and recycling. The industry has been facing efficiency issues at different stages of waste management. Precisely, the operational costs correspond to the collection and transport of the waste, thereby leading to the increasing adoption of smart waste management.
• The growing complexity in the logistics of waste collection and the need to comply with regulations pertaining to waste processing demand better waste management solutions, which are made possible by using technologies such as IoT sensors, RFID, GPS, etc. Although the smart waste management market is at a nascent phase, it is expected to witness healthy growth, owing to the availability of commercially viable technologies and operational benefits.
• Due to the tight lockdowns and social isolation necessary to stop the virus's transmission, COVID-19 had a detrimental effect on the market for smart waste management. The demand for equipment and instruments used in conjunction with smart waste management technologies was influenced by the uncertain economic climate, the partial corporate shutdown, and poor consumer confidence. During the epidemic, the supply chain was impeded along with logistics operations. However, due to the government's ongoing measures and relaxation of the regulations, the smart waste management industry is anticipated to pick up steam in the post-pandemic environment.

Smart Waste Management Market Trends

Smart Waste Collection Through IoT to Contribute to the Market Growth

• One of the key factors propelling the smart waste management market is the rise in demand for smart waste management due to the creation of smart cities that offer a better quality of life in urban areas-additionally, the market benefits from adopting smart city initiatives across regions.
• In the smart collection segment, the emergence of IoT has revolutionized and addressed operational costs for waste-handling companies. The companies that offer smart solutions for waste collection primarily focus on three solutions - intelligent monitoring, route optimization, and analytics. By deploying sensors, network infrastructure, and data visualization platforms, waste management companies have been able to generate actionable insights, to make informed decisions.
• By using fill-level sensors (sometimes also cameras) near the trash bins, companies have been able to plan the fleet trucks following the volume of trash in bins, thus reducing unnecessary fleet fuel consumption and contributing to reducing carbon emissions in cities. Also, fleet operations may be more productive than ever using IoT. For instance, a Fleet Management Solution backed by IoT is Evreka's Fleet Management Software. Additionally, this approach will give managers and workers a structured environment.
• The municipalities of a few cities across the United States, United Arab Emirates, United Kingdom, etc., in collaboration with smart waste management innovators (such as Enevo, Smartbin, Bigbelly, etc.), are saving around 30% of waste collection costs. Due to the presence of commercially available technology providers, coupled with smart city initiatives and decreasing cost of IoT sensors, the market is being pushed toward robust growth.

North America to Account for the Largest Market Share

• Smart waste management solutions are being used more frequently by smart cities in the U.S. to solve issues with waste collection and disposal, which is anticipated to boost market sales. Additionally, strict rules governing reducing carbon emissions across North America are expected to drive market sales in the following years. The government's increasing efforts to promote sustainability and achieve net-zero waste will keep driving up demand in the area.
• Approximately 22% of the cities in the United States and Canada have already been implementing strategic programs, compared to just 7% of cities worldwide. The United States alone contributes the majority of the annual waste produced, with approximately 230 million metric tons of trash, a significant chunk of which is handled by private entities. Owing to government initiatives that promote sustainability, to achieve zero waste by 2020, and the penetration of smart city initiatives across the high urban concentration region, North America is expected to account for the lion's share in the Smart Waste Management Market.

Smart Waste Management Industry Overview

The Smart Waste Management Market is consolidated due to a few players having a major market share. Moreover, the need for more awareness among the people is making it challenging for the players to enter the market. Some of the key players in the market are Suez Environmental Services, Veolia Environmental Services, Enevo, Pepperl+Fuchs GmbH, Smartbin (OnePlus Systems Inc.), IBM Corporation, Bigbelly Inc., Covanta Holding Corporation, among others.

• February 2022 - The public-private relationship between Covanta, a sustainable waste and energy solutions provider, and the Lee County Solid Waste Resource Recovery Facility will last until 2031.
• September 2022 - Smarter Sorting start-up teams up with Republic Services, Inc. to enter the waste management market and increase the sustainability of its products. The waste is sorted correctly and classified based on its category using a database. Consequently, the time and money required for further waste management are reduced.

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• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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