Smart Waste Management Market: Key Drivers, Trends, Growth, Outlook, and Forecast 2024-2033

Smart waste management refers to the use of advanced technologies and data analytics to optimize the collection, transportation, and disposal of waste. It aims to enhance efficiency, reduce costs, and minimize environmental impact by leveraging IoT devices, sensors, and real-time monitoring systems. This innovative approach facilitates better resource allocation and promotes sustainable waste management practices.

Sizing and Forecast

The smart waste management market size has grown rapidly in recent years. It will grow from $2.26 billion in 2023 to $2.58 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to growth in population, increased awareness of environmental impact, increased investment in waste management, increased recycling initiatives, and increased public health concerns.

The smart waste management market size is expected to see rapid growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to increasing urbanization, growing focus on the circular economy, rise in smart city initiatives, rise in strict environmental regulations by countries, and rapid industrialization. Major trends in the forecast period include smart waste management using IoT, increasing acceptance of the Internet of Things (IoT), adoption of AI and machine learning, integration of robots equipped with AI, and smart compactors.

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Segmentation & Regional Insights

The smart waste management market covered in this report is segmented –

1) By Type: Smart Collection, Smart Processing, Smart Disposal, Smart Energy Recovery

2) By Waste Type: Solid Waste, Special Waste, Electronic Waste (E-Waste)

3) By Application: Residential And Municipality, Industrial, Commercial, Construction And Demolition, Energy, Water Supply And Sewage Treatment

North America was the largest region in the smart waste management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

Rapid industrialization is expected to propel the growth of the smart waste management market going forward. Industrialization is the process of creating industries within a society or economy, which usually involves the mechanized production of goods and the expansion of metropolitan areas. The rapid growth of industrialization can be attributed to various factors, such as infrastructure development, urbanization, and economic growth. Smart waste management provides several advantages for industries, including higher output, better use of resources, cost savings, regulatory compliance, risk reduction, sustainability, data-driven decision-making, and improved brand recognition. For instance, in August 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, the industrial production of the EU increased by 8% in 2021 compared to 2020, and it has since maintained this upward trend, increasing by 5% in 2022 compared to 2021. Therefore, rapid industrialization is driving the growth of the smart waste management market.

Key Industry Players

Major companies operating in the smart waste management market are International Business Machines Corporation, Veolia Environnement SA, Republic Services Inc., Waste Management Holdings Inc., TOMRA Sorting Solutions, Pepperl+Fuchs SE, Averda International LLC, AMCS Group Limited, Pellenc Selective Technologies, Harvest Power LLC, Faststream Technologies, Recycle Smart Solutions LLC, Compology Inc., Geminor AS, FleetMind Solutions Inc., Big Belly Solar LLC, Ecube Labs Co. Ltd., Otto Waste Systems Pvt. Ltd., WAVIoT LLC, SUEZ Smart Solutions, Allvy Software Solutions Private Limited, CleanRobotics Inc., Enevo Inc., Evreka Yazılım ve Tasarım A.Ş.

The smart waste management market report table of contents includes: