The global smart waste management market was valued at USD 1,531.6 million in 2020 to USD 4,103.5 million by 2027, at a CAGR of 15.1% from 2021 to 2027. Smart waste management is the concept that uses sensors in waste to track the live status of the city waste collection services when bins are ready for the emptied or filled. It also monitors the historical data collected by sensors and databases, identifying and optimizing driver routes, reducing operational costs, filling patterns, and scheduling. Remote monitoring and IoT-based waste bins are more feasible for collecting waste effectively. It also reduces routing and fuel prices.
Some of the factors, such as strict government regulations for waste management, are anticipated to boost the market growth of smart waste management. An increase in technological innovations such as IoT and cloud-based smart waste bins and development in the adoption of smart waste bins are anticipated to provide lucrative opportunities for smart waste management companies.
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Strict government regulations in North America and Europe toward waste management are projected to boost the growth of the global smart waste management market. In addition, regulatory norms for garbage disposal, solid waste, recycling of materials, and hazardous waste are expected to propel the growth of the smart waste management market. Major players such as Veolia Environnement S.A. and Bigbelly Inc offer energy from waste services. An increase in environmental awareness regarding renewable waste management systems among people and a rise in CO2 emissions globally are expected to generate growth opportunities for the smart waste management systems market. All these factors are expected to increase the demand for smart waste management services.
Global Smart Waste Management Market Dynamics
Drivers: Rapid urbanization and industrialization
The global urban population was reported at 34% in 1960. This trend reveals a potential growth in the urban population. As per the estimates and forecasts of the WHO, the global urban population is expected to grow by approximately 1.84% every year until 2020, which is at the rate of about 1.63% per annum from 2020 to 2025, and around 1.44% per annum from 2025 to 2030. As per the current estimates, by 2025, the urban population is expected to reach 4.3 billion, generating about 1.42 kg/capita/day of municipal solid waste. As per the United Nations Economic and Social Commissions for Asia and the Pacific (UNESCAP), the Association of South East Asian Nations (ASEAN) region witnessed an annual urban population growth rate of 2.6% in the past five years. Adoption of data analytics and IoT by major players to improve efficiency by assisting them in the making data-driven decisions fuels the growth of the smart waste management market. This rise in the urban population is expected to result in an unprecedented increase in waste generation. Thus, to manage waste sustainably by using sensor-based services and IoT-based systems, urban and smart cities are anticipated to adopt smart waste management, which, in turn, would propel the growth of the market.
Restraints: Lack of efficient connectivity
Smart waste management systems use ultrasonic sensors, IoT-based systems, Bluetooth connectivity, and other garbage collection and effective waste management systems. IoT-based smart waste collection and monitoring systems are used to collect waste effectively. At times, IoT-based systems do not work correctly, owing to lack of internet connection, lack of standardization, and IoT barriers, which hampers the development of smart cities, particularly in waste management practices. Hence, these factors are anticipated to restrain the growth of the global smart waste management market.
Opportunities: Technological advancements
Key players have developed new innovations in smart waste bins, enabling sensor-based, IoT, and remote monitoring systems. In addition, intense competition has been witnessed within waste management processes. Furthermore, key players such as SUEZ Environmental Services and Urbiotica offer IoT-based monitoring systems for waste management. For instance, in October 2019, Bigbelly Inc. entered into a partnership with Telit, based in the UK, and deals in smart waste monitoring systems. The partnership aimed to improve IoT-based smart waste and recycling systems. Hence, an increase in technological advancements is expected to provide lucrative opportunities for the global smart waste management market.
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Scope of the Report
The study categorizes the smart waste management market based on components, waste type, method, and application at the regional and global levels.
By Component Outlook (Sales, USD Million, 2017-2027)
- Fleet Management
- Remote Monitoring
- Data Analytics & Advanced Reporting
- Network Management
- Asset Management
- Professional Services
- Managed Services
By Waste Type Outlook (Sales, USD Million, 2017-2027)
- Solid Waste
- Special Waste
By Method Outlook (Sales, USD Million, 2017-2027)
- Smart Collection
- Smart Processing
- Smart Disposal
- Smart Energy Recovery
By Application Outlook (Sales, USD Million, 2017-2027)
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Solid Waste, by waste type, is projected to account for the largest market share
Based on type, the global smart waste management market is divided into solid waste, special waste, and e-waste. In 2020, the solid waste segment accounted for the largest market share of 54.1% in the global smart waste management market. Solid waste includes residential, commercial, and municipal waste. It usually consists of a mixture of heavy loads of timber, bricks, tiles, rubber, paperboard, paper, plastics, clothing, packaging materials, food scraps, cans, bottles, garden waste, and newspaper waste. It can be disposed of in landfills or waste stations. It uses sensors, RFID tags, and mobile applications. Rapid industrialization and urbanization from developed to developing countries have resulted in enormous volumes of solid waste. For instance, in 2017, Americans generated about 267.8 million tons of municipal solid waste, of which about 67 million tons were recycled, and 27 were composted, which is equivalent to a 35.1% recycling rate. The rise in waste generated by countries such as China and India propels the smart waste management market growth.
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Asia Pacific accounts for the highest CAGR during the forecast period in the smart waste management market
Based on region, the global smart waste management market has segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia-Pacific is expected to grow with a CAGR of 18.5% during the forecast period, owing to strong economic growth in countries such as China, Japan, and India.
An increase in infrastructure, the surge in urban population, and growth in waste management reforms in emerging markets (such as India and China) are projected to boost demand for smart waste management market. For instance, urbanization in India grew at a rate of 0.98% from 2018 to2019 and generated 62 million tons of municipal solid waste. The Asia-Pacific smart waste management market is growing at a significant CAGR, owing to initiatives such as waste to fuel and waste to energy, which are expected to cater to the growth of the smart waste management market. In addition, the rise in environmental awareness toward waste recycling has led to a huge demand for smart waste management technologies in Asia-Pacific. Furthermore, major players such as Ecube Labs Co Ltd and Urbiotica offer customer-centric reasonable solutions for the market. For instance, in 2018, SenRa signed a partnership with Smart Ends, based in Belgium, for sensible waste bin resolution to dispose of, achieve trash pickup, and accurately monitor waste trucks and garbage vans. All such instances are anticipated to propel the growth of the smart waste management market.
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Key Market Players
The global smart waste management market is fragmented into a few major players, they are Covanta Holding Corporation, SUEZ Environmental Services, Republic Services Inc, Waste Management Inc, Sensoneo J.s.a., Bigbelly Inc, Urbiotica, Ecube Labs Co Ltd, and Enevo Oy. have garnered the maximum market share in 2020. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the key growth strategies adopted by different key players in the market.
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