Waste Management Market is Estimated to Witness High Growth Owing to Opportunity in Waste Recycling

Waste management involves the collection, transportation, processing or disposal, managing and monitoring of waste materials. It includes all activities and actions required to manage waste from its inception to its final disposal. With rapid industrialization and urbanization, waste generation has increased significantly creating a need for proper waste management.

The global waste management market is estimated to be valued at US$ 2119.18 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

With stringent government policies and increasing environmental awareness, waste recycling provides a key opportunity for growth in the waste management market. Recycling helps conserve natural resources and reduce greenhouse gas emissions and pollution. It also promotes sustainability and low carbon economy. According to estimates, 75-80% of municipal solid waste can be recycled. However, currently only around 35% is recycled globally indicating significant untapped potential. Advanced sorting and segregation technologies are making recycling more efficient. Further, rise in recycled product demand from manufacturers is encouraging greater investments in waste recycling infrastructure and services. This provides an opportunity for waste management companies to leverage recycling and advance the circular economy.

Porter’s Analysis

Threat of new entrants: The waste management market requires large initial investments and strict regulations which act as a entry barrier for new players entering the market. The existing players have established infrastructure and economies of scale.

Bargaining power of buyers: Buyers have moderate bargaining power in the waste management market. The presence of numerous players provides choice to buyers however switching costs limits the bargaining power.

Bargaining power of suppliers: Suppliers of equipment and technology have low to moderate bargaining power due to global availability of alternatives. However localized vendors may exert some power.

Threat of new substitutes: There exists no close substitute for waste management. Some alternatives like waste reduction, reuse and material recovery helps reduce the demand for conventional waste collection and disposal services.

Competitive rivalry: The waste management market is highly competitive with large global players dominating the market.

SWOT Analysis

Strengths: Established infrastructure, economies of scale, technological capabilities and brand recognition provides advantage to major players.

Weaknesses: High initial investments, regulatory compliance and public resistance to landfill sites are challenges. Seasonal fluctuations in waste volume also impacts revenues.

Opportunities: Rising environmental concerns and stringent regulations driving demand for scientific waste disposal. Growth in industrialization and urbanization enabling market expansion.

Threats: Economic slowdowns impacting municipal budgets and private investments. Low waste treatment rate in developing nations remains a challenge.

Key Takeaways

The global Waste Management Market is expected to witness high growth over the forecast period between 2023 to 2030. The global waste management market is estimated to be valued at US$ 2119.18 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030.

Regional analysis Asia Pacific dominates the global waste management market currently with China and India accounting for major share. Favorable government policies and initiatives towards waste management modernization is supporting market expansion. Growing environmental regulations coupled with awareness levels in the region is likely to boost waste collection and recycling rate over the coming years.

Key players operating in the Waste Management market are Fujifilm Holdings Corporation, Olympus Corporation, Hitachi Medical Corporation, Pentax Medical (Hoya Corporation), Boston Scientific Corporation, Cook Medical, Carl Zeiss Meditec AG, Medtronic plc,BARD Diagnostic Systems, Inc.,ACON Laboratories, Inc. Major players are focusing on capacity expansions, mergers and acquisitions to strengthen market share. Technology advancement in waste treatment solutions is another key area of focus for established as well as emerging market participants.