According to a new report published by Portland, Oregon-based Allied Market Research, the global waste management market is expected to grow from $285 billion in 2016 to $435 billion by 2023, growing at a compound annual growth rate (CAGR) of 6.2 percent from 2017 to 2023.
The report, titled “Global Waste Management Market by Waste Type and Service: Global Opportunity Analysis and Industry Forecast, 2017-2023,” notes that a rise in environmental concerns along with inevitable increases in non-hazardous waste from rapid economic growth (primarily across developing nations) will drive the demand for waste management services. The other key factors that portend to boost the expansion of the waste management market include the continued adoption of recycling techniques and development of innovative technologies and advanced waste collection solutions. Additionally, the global waste management market is expected to be bolstered by government initiatives geared toward building a more secure and safe environment and reducing greenhouse gas emissions.
Based on waste type, the waste management market is bifurcated into municipal waste and industrial waste. Municipal solid waste is expected to reach $222.8 billion by 2023, growing at a CAGR of 6.1 percent during the forecast period.
The waste collection market is expected to grow at a notable rate during the forecast period. Strict regulatory norms aimed at limiting landfills and government measures meant to facilitate the collection of recycling waste will spur market growth. Additionally, the fastest growing sector for the waste management market is anticipated to be the disposal segment, which is expected to grow at a CAGR of 6.9 percent and is forecast to reach $230.7 billion by 2023.
The majority of the growth in the waste management market is expected to be witnessed in the emerging regions of Asia-Pacific. Factors such as rapid industrial development and emergence of new recycling techniques drive the global waste management market in that region.
Europe accounted for the highest share of the waste management industry in 2016 (more than 30 percent) and is expected to maintain its dominance throughout the forecast period, owing to the existence of well-developed infrastructure and various end-user industries in the region.