Waste Management Market Size To Witness A Pronounce Growth By 2030

Posted on 2023-01-03 by researchinsights in Industrial // 0 Comments

Waste Management Industry Overview

The global waste management market size was valued at USD 989.20 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030. The market is expected to be driven by stringent government regulations such as the Resource Conservation and Recovery Act and Waste Shipment Regulation for improving this service.

During the COVID-19 pandemic, due to the lockdown, waste production decreased from the commercial and industrial sectors as factories and offices were completely or partially shut down. However, the urban waste increased from residential areas. The reopening of production facilities at the beginning of 2021 and rising vaccination rates lead to the re-initiation of the waste recycling industry and companies at their full-scale capacities.

The U.S. was one of the majorly COVID-19 affected countries, wherein the government had imposed a lockdown in 2020 to control the spread of the virus, resulting in the reduction of waste generation from the industrial sector. By 2021, the production facilities have started their operation, resulting in increased waste generation, thereby impacting the market growth positively.

Gather more insights about the market drivers, restrains and growth of the Global Waste Management Market

Rising awareness regarding proper waste disposal globally for maintaining animal and human health has resulted in the emergence of various disposal methods and techniques. The occurrence of large quantities of dangerous compounds, such as metals and salts, in the waste, has made it necessary for waste management companies to dispose of or recycle the waste on time.

The market is dominated by a few major players such as Veolia; Covanta; Valicor; and Waste Management Inc., which have large customer bases and goodwill, limiting new entrants. New market entrants are also expected to witness high capital costs owing to the advanced nature of processing technologies. This is expected to lower the threat of new entrants, thereby limiting the competition in the market.

The high cost of operating and procuring waste management solutions is anticipated to impact the market growth. Additionally, the industry is labor-intensive and can require a lot of amount as their wages. Costs of transportation of waste are also high as the cost includes collection costs and transportation costs to recycle facilities or landfills.

Matched content

Editor’s pick