Waste Management Market Thriving Worldwide to Reach $3498.2 Billion by 2032 | Leading Players Biffa Plc, Clean Harbors
Waste Management Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Service Forecast, 2023-2032
WILMINGTON, DELAWARE, UNITED STATES, July 11, 2024 /EINPresswire.com/ -- Waste in check: Keeping our world healthy
Our world relies on effective waste management to safeguard our health and environment. This involves collecting, transporting, processing, recycling, and disposing of waste responsibly. It's a multi-pronged approach that combines technology, public education, government rules, and community involvement.
Why is this important? Improper waste disposal pollutes air, water, and soil, harming everything from wildlife to human health. Good waste management reduces this pollution and protects our natural resources. It also helps fight climate change by minimizing greenhouse gases released from some disposal methods like incineration. Recycling and composting are much greener alternatives.
The waste management market size was valued at $1860.2 billion in 2020, and is estimated to reach $3498.2 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
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The world's waste leader: Asia-Pacific
As of 2020, the Asia-Pacific region reigned supreme in the global waste management market, holding a whopping 58% share. This is due to factors like:
Growing cities: Urban populations are booming, which means more waste is being generated.
Industrial boom: The rise of industries and businesses leads to increased waste production.
Environmental concerns: Uncontrolled waste dumping has caused serious pollution problems, raising awareness of the need for better waste management solutions.
Developed countries are leading the charge in adopting eco-friendly waste practices, and developing nations are catching up quickly.
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Industry Analysis:
As per data released by the World Bank, in 2023, the global municipal solid waste generated 2.1 billion tons annually, which is expected to reach approximately 3.40 billion tons by 2050. Countries with the highest per capita waste disposable rates are islands, most likely owing to waste generated by tourists. As per data recorded in the year 2022, the annual waste generation in East Asia and the Pacific region is more than approximately 270 million tons per year. This quantity is majorly influenced by waste generation in China, which makes up 70% of the regional figures. All these factors together significantly fuel the demand for waste management services, which, in turn, drives growth of the market.
Increase in environmental awareness regarding renewable waste management systems among people and rise in CO2 emissions, globally, are expected to generate growth opportunities for waste management systems market. Market players have been taking proactive measures to recycle MSW and nonhazardous industrial waste to reduce pollution and mitigate environmental hazards. Moreover, untreated waste and dumping affect health directly and indirectly by spreading vectors, which cause infectious diseases and in turn boost the demand for waste management services.
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Top Players:
The major players profiled in the waste management market include, Biffa Plc, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd., Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services, Inc., Suez, Veolia Environnment, and Waste Management Inc. These waste management companies have adopted strategies such as business expansion, acquisitions, agreement, and partnership to offer better services in the market.
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