The Smart Waste Management Market was worth USD 1.77 billion in 2021 and is set to reach USD 6.89 billion in 2027.

The Smart Waste Management Market Analysis (2023 - 2030)

The Smart Waste Management Market was worth USD 1.77 billion in 2021 and is set to reach USD 6.89 billion in 2027. The market is set to witness a stellar CAGR growth rate of 26.12% throughout the forecast period of 2022 – 2027.

Smart waste management is the effective sorting, recycling, and disposal of large amounts of waste in a seamless and well-organized manner. It is a combination of cutting-edge technologies and creative ideas. Smart waste management is expanding as a result of some factors, including the increasing urbanization of nations around the world, growing environmental concern, steadily rising trash volume, and increased acceptance of smart technologies in a variety of spheres of life. The demand for different smart waste management technologies is being stimulated by an ongoing rise in smart city projects around the world, which is fostering market expansion.

Smart waste management is the effective sorting, recycling, and disposal of large amounts of waste in a seamless and well-organized manner. It is a combination of cutting-edge technologies and creative ideas. Smart waste management is expanding as a result of several factors, including the increasing urbanization of nations around the world, growing environmental concern, steadily rising trash volume, and increased acceptance of smart technologies in a variety of spheres of life. The demand for different smart waste management technologies is being stimulated by an ongoing rise in smart city projects around the world, which is fostering market expansion.

Using numerous contemporary technologies, including radio frequency identification (RFID), the Internet of Things (IoT), and global positioning systems (GPS), among others, there is an increasing demand for cost-effective smart garbage collecting solutions today. The development of smart waste management technology in urban societies is being fueled by this trend, which is particularly prominent in metropolitan regions and aims to deliver a healthier environment and public health. For instance, Zhangjiang High-Tech Park in Shanghai now has smart trash cans powered by AI (China). By the end of 2019, Alpheus, an AIoT (AI + IoT) technology startup with a focus on waste management, plans to deploy another 2,000 AI smart trash cans.

Key Market Insights:

  • The smart waste management market may be divided based on waste type into categories such as solid waste, plastic trash, electronic waste, and chemical waste, among others. Of them, the solid waste segment made the biggest contribution to the market's growth. In terms of revenue, it contributed the most in 2021 and is anticipated to keep up this pace in the years to come. Throughout the forecast period, the market is also anticipated to expand with a sizable CAGR. This market expansion can be linked to the rise in trash production brought on by the population's exponential development over the previous few decades. Solid waste, which includes waste products deposited by the general population after use, is anticipated to have the highest occurrence in this group.
  • The smart waste management market may be further divided into three categories based on method: smart collecting, smart processing, and smart disposal. The Smart collection sector dominated the market and generated the most income out of all of them. To reduce costs and optimize garbage collection schedules, Smart Waste Management is using incremental technological advancements, particularly in the areas of the Internet of Things (IoT), smart devices and sensors, and machine-to-machine (M2M), which are boosting the market growth. An effective method for better managing our waste and boosting the effectiveness of waste collection and recycling is the Internet of Things (IoT). Route optimization, which lowers fuel usage while emptying trash throughout the city, is the most common IoT application.
  • The smart waste management market can be further divided into residential, commercial, and industrial sectors, among others, based on the source. The Industrial Segment stood out among them as the market leader in terms of market share, and it is projected that this trend would continue. Rapid manufacturing and urbanization are two main causes of the production of industrial waste. Mismanagement of abandoned goods has the potential to harm both flora and animals as well as groundwater and lakes. The use of landfills, recycling, and incineration are a few waste management techniques. The market for smart waste management is expanding as a result of the emphasis on resource and energy conservation. Aside from that, the market for medical waste is expanding quickly due to the pandemic outbreak.
  • Several industries, including automotive, consumer electronics, healthcare, construction, food & beverage, and packaging are currently growing at the quickest rates in the Asia Pacific area. The increasing population along with the economic growth of the region is contributing to the technological evolution of several industries in the region. Due to the region's increasing acceptance of smart city projects and expanding environmental awareness and transformation, there is a growing demand for smart waste management technology.

Market Segmentation:

BY WASTE TYPE

  • Solid Waste
  • Plastic Waste
  • Electronic -Waste
  • Chemical Waste
  • Others

BY METHOD

  • Smart Collection
  • Smart Processing
  • Smart Disposal

BY SOURCE

  • Residential
  • Commercial
  • Industrial
  • Others

BY REGION

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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