Opportunity Assessment of Waste Management in US Cities will expected to grow $1.7 billion by 2023

Posted on 2020-07-10 by MarketsandMarkets in Computers, Industrial, Management, Software, Technology // 0 Comments

According to a new market research report “ Opportunity Assessment of Waste Management in US Cities by Waste Management Outlook (Budget, Programs, Volume, and Disposal Statistics), Key Initiatives, Market Dynamics, and Cities (Boston, Los Angeles, Philadelphia, Seattle, and San Diego) – Forecast to 2023″,published by MarketsandMarkets™,the waste management investments in US cities are expected to grow from USD 1.0 billion in 2018 to USD 1.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.

Key factors driving the waste management assessment in major US cities include increasing focus on the collection of waste materials and transportation to recycling facilities, sorting material type and selling them to manufacturers to make new products, state governments’ increasing focus on waste recycling and energy generation, and growing adoption of smart waste management systems.

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Increasing focus on waste recycling to create significant growth opportunities for vendors in the US

Population explosion and improved lifestyle result in the increased generation of solid wastes in urban as well as rural areas. In US cities, there is a marked distinction between the solid waste from urban and rural areas. However, due to increased urbanization, fast adoption of ‘use & throw concept’ and equally fast communication, the gap between urban and rural is diminishing. The solid waste from rural areas is more of a biodegradable nature and the same from urban areas contains more non-biodegradable components, such as plastics and packaging. Recycling organic materials, including food and compostable paper, is the biggest opportunity to reduce trash and focus on recycling initiatives. Organics make up about one-quarter of overall trash, and not many people are participating in organic recycling programs yet. The increasing focus on vendors toward organic waste in the region could provide growth opportunities for the market vendors.

Los Angeles to provide opportunities for vendors of smart waste management solutions

Los Angeles has adopted Smart Waste Management (SWM) solutions and is looking forward to expanding the SWM program to other vendors apart from Bigbelly. LA Sanitation (LASAN) handles waste management activities for single-family and multi-family (less than 4 units) establishments. Franchises (haulers) handle waste management activities for multi-family (with 4 or more units) and commercial establishments. Athens Services, Republic Services, Waste Management Inc., Universal Waste Systems, NASA Services, Ware Disposal Company, and CalMet Services are responsible for waste collection, transfer, recycling, processing and disposal for multi-family and commercial establishments till 2024. However, changes in the Chinese import policy have led to increased waste processing costs and higher volumes of waste being disposed in landfills. Other waste management challenges include hygiene-related issues, due to illegal dumping, increasing complaints about waste pick-up services, and unrest around higher service fees charged by haulers.

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IoT-based smart solutions to enhance the efficiency of waste management programs

With growing regional populations, changing policy requirements, new sustainability and recycling goals, and improved technology departments, municipalities across the US are joining the waste recycling movement to become more efficient in managing solid waste and produce energy. IoT for smart waste management solutions has successfully been applied across cities in the US. IoT waste management solutions include the use of sensor-enabled waste bins, technologies such as global positioning systems-enabled (GPS) routing, and radio frequency identification (RFID). IoT-based smart waste management system has various benefits, such as better utilization of manpower, reducing fleet cost, and also the provision of analytical information to determine the cost of waste collection making it easier for civic bodies to set a budget on the same.

The major vendors offering waste management systems include Bigbelly, Inc. (US), Compology (US), OnePlus Systems (US), Ecube Labs (South Korea), Waste Management Inc. (US), Republic Services Inc. (US), Covanta Holding Corporation (US), Recology (US), Athens Services (US), and Bin-e (Poland). The study includes an in-depth competitive analysis of the key players in the waste management market, along with their projects and investments, recent developments, and key market strategies.

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