USD 2.5 billion
Report ID: SQMIG20I2074 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 61 | Figures: 75
Optical Sorters for Waste Recycling Market size was valued at USD 2.5 billion in 2021 and is poised to grow from USD 3.7 billion in 2022 to USD 8.40 billion by 2030, growing at a CAGR of 12.4% in the forecast period (2023-2030).
Global optical sorters for waste recycling market is growing as businesses, governments, and consumers increasingly focus on sustainability and waste reduction. There is a growing concern about the environmental impact of waste, particularly plastic waste. Governments, businesses, and consumers are increasingly interested in finding ways to reduce, reuse, and recycle waste, which is driving the demand for recycling technologies like optical sorters. Also, governments around the world are implementing regulations and policies aimed at reducing waste and increasing recycling rates. These regulations are creating a favorable environment for the growth of the market. Moreover, there is a growing demand for recycled materials, particularly in the manufacturing sector, where recycled materials are seen as a way to reduce costs and improve sustainability. Optical sorters are critical to the process of recovering valuable materials from waste streams. Furthermore, the development of advanced optical sensors and cameras, along with improvements in machine learning and artificial intelligence, have made optical sorters more efficient, accurate, and adaptable to a wide range of waste streams.
US Optical Sorters for Waste Recycling Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 2.5 billion
Municipal Solid Waste (MSW),
Municipal Solid Waste (MSW),
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Global Optical Sorters for Waste Recycling market is segmented by type, application, and region. Based on type, the market can be segmented into municipal solid waste (MSW), and industrial waste. Based on technology, the market is segmented into near-infrared (NIR) sorting, and hyperspectral imaging (HSI) sorting. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Optical Sorters for Waste Recycling Market Analysis by Type
By type, the market can be segmented into municipal solid waste (MSW), and industrial waste. Municipal solid waste (MSW) dominated the market due to the increasing volume of MSW generated by households and commercial sectors, and the need for efficient and cost-effective sorting and recycling solutions.
However, the industrial waste segment is expected to grow at a faster rate during the forecast period due to the rising industrialization and the increasing adoption of advanced sorting technologies in the industrial sector. The industrial waste segment includes waste generated from manufacturing, construction, and demolition activities, which often contain high-value materials that can be recycled and reused. Optical sorters provide an efficient and reliable way to sort these materials and reduce waste sent to landfills.
Global Optical Sorters for Waste Recycling Market Analysis by Technology
By technology, the market can be segmented into near-infrared (NIR) sorting, and hyperspectral imaging (HSI) sorting. Near-infrared (NIR) sorting dominated the globalmarket. NIR sorting technology is widely used in the waste recycling industry due to its high efficiency in identifying and separating different waste materials based on their optical properties.
However, the HSI sorting segment is expected to witness faster growth during the forecast period due to its higher accuracy in identifying different materials based on their unique spectral signatures. HSI sorting can identify and separate materials with similar optical properties but different spectral signatures, making it a valuable technology for sorting complex waste streams that contain mixed materials.
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North America dominated the market due to the presence of a large number of waste recycling facilities in the region, along with favorable government regulations and increasing demand for sustainable waste management solutions.
However, the APAC region is expected to witness the fastest growth during the forecast period due to the increasing industrialization, urbanization, and government initiatives for waste management. The growing population and rapid economic development in countries such as China, India, and Japan are driving the demand for efficient waste management solutions, including optical sorters for waste recycling. Furthermore, the increasing adoption of advanced sorting technologies in the food industry for sorting food grains and seeds is expected to drive the growth of the market in the APAC region.
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Global Optical Sorters for Waste Recycling Market Drivers
Increasing need for sustainable waste management solutions
Global Optical Sorters for Waste Recycling Market Restraints
High cost of equipment and maintenance
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Global optical sorters for waste recycling market is highly competitive, with several established players and new entrants vying for market share. The market is characterized by intense competition, with players focusing on product innovation, quality, and cost-effectiveness to gain a competitive edge. Some of the key strategies adopted by players include partnerships, collaborations, and mergers and acquisitions to expand their market reach and customer base. The competitive landscape of the market is expected to remain intense in the coming years, with players continuing to invest in research and development to introduce innovative products and gain a competitive advantage.
Top Player’s Company Profiles in Global Optical Sorters for Waste Recycling Market
Optical Sorters for Waste Recycling Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global optical sorters for waste recycling market analysis, the market is a growing industry that offers innovative solutions for the efficient sorting and recycling of various waste materials. The market is segmented based on waste type and technology, with municipal solid waste (MSW) and near-infrared (NIR) sorting being the dominant segments. The market is driven by increasing awareness of the importance of waste recycling and the adoption of advanced sensor-based sorting technologies. However, high initial investment costs and limited availability of skilled operators may restrain market growth. The market is highly competitive with major players including TOMRA, Buhler, and Sesotec. Recent developments include partnerships, acquisitions, and launches of new optical sorting systems.
|Market size value in 2021
|USD 2.5 billion
|Market size value in 2030
|USD 8.40 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Optical Sorters for Waste Recycling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Optical Sorters for Waste Recycling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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