Smart Waste Collection Technology Market: Top Industry Players, Revenue By 2027
Global Smart Waste Collection Technology Market: Overview
Based on various studies, globally, municipal solid waste (MSW) is around 2.01 billion metric that is produced annually. This figure is likely to reach 3.40 billion metric tons by 2050. Rich countries including Canada, the United States, and members of the European Union produce 34% of the global waste. But issues are more in low-income countries, where 93% of the waste is mismanaged, as compared to the 2% in the high-income countries. Climate issues are also increasing due to rising waste and low management of it; therefore, numerous countries are now looking forward to smart waste collection techniques.
Market research companies are coming up analysis and the growth scope of smart waste collection technology. One such report is developed by Transparency Market Research on the global smart waste collection technology market, the report discusses all the key factors affecting the growth of the market. As involvement of advanced technology is growing day by day, governments across the globe are taking steps in deploying those technologies in waste management. Along with the key insights, information is also given on regional growth, competitors’ growth strategies, and ongoing competition in the market over the period of eight years from 2019 to 2027.
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Global Smart Waste Collection Technology Market: Notable Developments
Players providing smart waste collection technology are engaged in using advanced technology that will help in fast collection of waste. Leading players in the smart waste collection technology market are also planning to expand their services in new regions that will help them in strengthening in the new regions. Other strategies by players such as investing in mergers and acquisition, collaboration, partnership, and expansion are projected increase in the coming years. Some of the prominent players in the smart waste collection technology market are Pepperl+Fuchs GmbH, Suez Environmental Services, Enevo, Veolia Environmental Services, Bigbelly Inc., Smartbin (OnePlus Systems Inc.), Covanta Holding Corporation, IBM Corporation, and few others. Substantial steps taken by these companies include:
- Recently, IBM introduced a new range of Internet of Things (IoT) solutions. These solutions include advanced analytics and artificial intelligence (AI) designed to benefit asset-intensive organizations, for example the Metropolitan Atlanta Rapid Transit Authority (MARTA) in improving maintenance strategies.
- LyondellBasell and SUEZ collaborated with Samsonite in order to produce industry first suitcase manufactured from recycled plastics. This product is first of its form, as the suitcase is made from composed of post-consumer plastic waste. Besides, being environment friendly, this suitcase is strong and lightweight most preferred for travelling.
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Global Smart Waste Collection Technology Market: Drivers and Restraints
Factors responsible for driving the growth of the market are:
- Increasing investment in smart city projects is one of the triggering factor augmenting growth in the smart waste collection technology market. These projects are high in countries such as India and China, where governments are investing billions in smart city projects. As everything will be connected in smart cities, waste collection with the use of smart waste collection technology will also benefit in these areas.
- Secondly, reducing cost of IoT sensors is another significant factor driving growth in the global smart waste collection technology market. As sensors will be deployed in data visualization platforms and network infrastructure, waste management companies are taking this very seriously as it will help in easy collection of waste.
Global Smart Waste Collection Technology Market: Regional Outlook
Regionally, North America is anticipated to lead the global smart waste collection technology market in the near future. Easy deployment of smart waste collection technology and rising demand for advanced technologies has made this region high lucrative for the growth of smart waste collection technology. Moreover, high penetration of smart city initiatives and rising government initiative to manage waste effectively are fueling growth in this market.