Smart Trash Bins Market – Top Participant to Focus on Regional Expansion | Radiostudio Tech Pvt. Ltd., Compology, Joseph Joseph.

Posted on 2021-02-26 by Future Market Insights, Inc in Retail // 0 Comments

On one hand, the world is grappling with the problem of waste management and on the other hand, the number of smart city projects across the world is growing at a rapid pace. As a combination of both the parameters of growth in urbanization and globalization, the demand for smart trash bins is increasing at a rapid pace. Leading market players active in the smart trash bins market are focusing on various prospects of waste management while addressing the rise in global demand for smart trash bins.

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Taking into account the important procedures associated with waste management, such as waste collection, transportation, disposal, and treatment, manufacturers of smart trash bins are introducing products with innovative features to perform these procedures.

In addition, rapid developments in technologies contribute greatly to improve the functionality and convenience of using smart trash bins. The smart trash bins market is expected to grow at a rapid pace with constant developments in technologies; a mounting number of market players are launching unique and efficient smart trash bins to gain a competitive edge.

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Furthermore, increasing awareness about the needs for disposing of waste and its association with the safety of environment remains a major contributor to the growth of the smart trash bins market. End-users are becoming conscious about various aspects of waste management, and manufacturers of smart trash bins are further improving the features of their products to ensure the safety of the environment. This is expected to aid manufacturers and distributors of smart trash bins to improve their sales and achieve a stronger position in the smart trash bins market.

While waste management services have gained significant importance in city planning, current operating standards have proven to be highly resource-intensive and inefficient. This is mainly due to use of outdated and manual waste collection techniques, as well as logistical processes that lack effective data-driven waste management and collection solutions. Governments, policymakers, and the waste management industry is focusing on developing and implementing smart, IoT-based techniques and solutions to address these pressing challenges.

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According to National Environment Agency, over 7 million tonnes of solid waste was generated in 2017. In addition, the amount of waste recycled dropped from 4.77 million tonnes in 2016 to 4.72 million tonnes in 2017. These statistics have been a stark reminder for governments that efficient, tech-based waste management solutions are the need of the hour. Fortunately, some governments have been quick to assess the situation, and investment in smart waste management solutions has witnessed a spike. The City of Baltimore’s US$ 15 million funding to Ecube Labs Co. Ltd. is a case in point.

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