Global Smart Waste Management Market

Smart Waste Management Market Size, Share, Growth Analysis, By Waste Type (Solid, Special), By Method (Smart Collection, Smart Processing), By Source (Residential, Commercial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45E2268 | Region: Global | Published Date: November, 2024
Pages: 171 | Tables: 90 | Figures: 71

Smart Waste Management Market News

  • October 2023: Veolia wins a record EUR 2 billion contract to manage the non-hazardous waste of the city, continuing its ecological transformation and resource regeneration in Hong Kong. With more than a thousand workers and over 30 years of experience, the Group accelerates the local ecological transition through local operations aimed at decarbonizing the city through several water, waste, and energy contracts.
  • September 2023: WM opened an advanced recycling facility of 100,000 square feet in Cleveland, Ohio. The facility with new technology will process up to 420 tons of recyclables a day. The new recycling facility produced by WM forms top-quality materials, including the glass recovery equipment, optical sorter, non-wrapping screen, and ballistic separators, to serve clients who use recycled material as raw material for the creation of new products and for increasing the recycling programs in the area.
  • April 2021: Veolia and SUEZ announced that the two companies agreed to a merger. The May 2021 timeframe had been established for this merger to occur.
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FAQs

Global Smart Waste Management Market size was valued at USD 2.4 Billion in 2022 and is poised to grow from USD 3.08 Billion in 2023 to USD 8.23 Billion by 2031, growing at a CAGR of 15.08% in the forecast period (2024-2031). 

The smart waste management market is fragmented. The massive increase in capabilities that smart connected things reveal can tempt manufacturers to outgain competitors by providing over-improved product functionality. The current circumstance increases costs and reduces the profitability of industry. Some of the major companies of the market are SAP SE, Veolia Environmental Services, Enevo, Waste Management Inc., and Bigbelly Inc. 'Waste Management Inc. ', 'Veolia Environnement S.A. ', 'SUEZ Environmental Services. ', 'IBM ', 'Civitas Solutions ', 'Bigbelly, Inc ', 'Enevo ', 'Waste Wise ', 'Kiverco ', 'Amarillo Waste Management ', 'Urbiotica ', 'Ecube Labs Co Ltd. ', 'Republic Services Inc ', 'Sensoneo J.s.a. ', 'Covanta Holding Corporation '

The integration of smart technologies, such as IoT devices, artificial intelligence, and data analytics, brings a drastic increase in efficiency in trash collection, processing, and recycling. These technologies help monitor the garbage level in real time and enable improved collection routes that save on fuel usage and operation expenses. Furthermore, AI-based sorting systems ensure correct material sorting for reuse, thus increasing the accuracy of recycling processes. To improve service provision, minimize environmental impacts, and maximize operations, these innovations can be applied by trash management firms to make the smart trash management solutions more appealing to businesses and governments.

Circular Economy Initiatives: Many circular economy initiatives are gaining momentum as businesses and governments increasingly witness garbage not merely as something to get rid of but as a treasure worth harnessing. Such a paradigmatic shift encourages more sustainable resource management techniques that bring about recycling, reusing, and reducing waste output. This is based on the technology's ability to optimize trash sorting and increase recycling rates, thus making it easier for valuable materials to be recovered. Public awareness campaigns promote consumer involvement in these activities, hence increasing demand for ecologically friendly solutions. The all-encompassing strategy improves the environment while opening new commercial prospects through resource recovery and creative business models.

The North American market itself leads the smart waste management market and is expected to experience double-digit compound annual growth in the next several years. This growth comes mainly from heavy investments made in the development of advanced technologies in waste management. In this region, tremendous steps have been taken concerning technology and infrastructure after huge R&D efforts. The public and commercial sectors emphasize more on sustainability, improve the recycling initiatives, and utilize intelligent technology in handling and collecting garbage. North America stands tall for being a pioneer in smart waste management due to its dedication towards innovation, which also helps in providing safeguards to the environment.

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Global Smart Waste Management Market

Report ID: SQMIG45E2268

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