"Growing population and urbanization supports the growth of waste management equipment market globally."
The global waste management equipment market is expected to grow at a CAGR of 4.0% during the estimated period from 2019 to 2027, starting from US$ 11.4 Bn in 2018.
Waste management is a major problem the world faces, irrespective of a developed or developing economy. The increasing population led to tremendous degradation with respect to waste, thereby requiring various waste management systems. Additionally, a recent survey conducted by World Bank suggests that about 1.3 billion tons of waste is being generated globally. The survey also estimates that the number will rise to 2.2 billion by 2025. The rise in waste generation and landfill-related issues and increasing awareness of consumers regarding the importance of reducing industrial waste drive the overall market growth during the forecast period. In addition, inhabited countries treat waste in billion tons yearly and require management equipment for recycling the waste, such as shredders and combustor baling presses are required. This, in turn, is anticipated to drive the waste management equipment Market.
"Smart waste management systems are upraising the market."
Waste management manufacturers are acquiring a new generation of start-ups implementing automation and smart technologies such as artificial intelligence, robotics, and machine learning to transform the industry. As a result, manufacturers are focusing on providing smart waste management equipment. The smart waste management system involves the application of modern and innovative technology development to collect and dispose of municipal and industrial waste. For instance, Steel Authority of India Ltd launched smart garbage bins. The smart bins are developed from stainless steel and offer delivery of signals to garbage collection vehicles when bins are about to be filled. Thereby providing less human intervention and improved cleanliness.
Additionally, in 2018 Yindi Smart Systems developed the world's first machine learning robot. The Yindi Blue is powered by the sun and Artificial intelligence. It can clear waterways containing water pollution. The Yindi Blue communicates by mobile network or Wi-Fi.
Market Synopsis
Form Analysis
"Urbanization and accelerating consumption of resources like textiles, paper, edibles, and plastic will double the solid waste."
The waste industry is growing rapidly and is becoming a crucial indicator of development. Solid waste dominated the waste management equipment market in 2018 and continued its dominance during the forecast period. For instance, India generates approximately 60 million tons of garbage every year. A major portion of India's solid waste is in landfills without basic treatment of solid waste management. Thereby, manufacturing is proving various new and developed equipment and playing an active part in solid waste management. Moreover, the World Bank report suggests that, in 2016, the world generated 242 million tonnes of plastic waste, approximately 12 percent of solid waste.
"Rising concerns regarding multiple ill effects associated with solid waste is flourishing the market demand."
Accumulated solid waste causes various environmental and aesthetic problems. Additionally, many nations are facing serious solid waste management issues. Thereby contributing to the growth of the waste management equipment market globally. For occurrence, The Population Control Department of Thailand reported that the country generated 24.7 million tons of solid waste in 2012, amounting to 44,730 tons in 2014. Moreover, government initiatives across various nations are one of the key factors for the rising demand for the solid waste management equipment.
Regional Analysis
"Enhanced government guidelines and regulations for overall waste management will show promising growth in the developed countries."
North America dominated the waste management equipment market in 2018 and is likely to dominate during the forecast period. The dominance is supported by reasons such as major waste management equipment manufacturers in this region. The research study suggests that approximately 258 million tons of waste is generated in North America annually.
A report by World Bank in 2018 suggests that high-income countries such as the U.S. and Canada generate one-third of the world's total waste, about 34% of total waste generated globally. In addition, major manufacturers in North America are developing new product development and expanding their reach globally. The aforementioned reasons also contribute to the market's growth within the region.
List of Companies Covered:
Torma Systems ASA
Sierra International Machinery, LLC.
CP Manufacturing, Inc.
Dover Corporation
General Kinematics Corporation
Morita Holdings Corporation
Buhler Group
Maren Engineering, Inc.
KK Balers Ltd.
Blue Group
Shed-Tech
Green Machine Sales LLC
Wastequip, LLC
JCB
MSS, Inc.
Key Industry Developments:
In November 2019, Xiaomi launched a new smart garbage bin. The Smart garbage bin is capable of opening automatically. The smart garbage bin also features an automatic sealing option when filled and offers 12 liters of capacity.
In November 2018, Sierra International Machinery announced its expansion. The expansion aims to increase production and meet the rising demand for the sierra product catalog.
In April 2018, Tamara Sorting Recycling launched the latest technology. The sorting technology is based on sensors. The new sorting technology is used for recycling metals.
In May 2019, Steri-Green LLC launched a new medical waste disposal and treatment center. With the inauguration of the new Florida-based waste disposal, Steri-Green entered into a partnership agreement with SteriMed.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Europe (U.K., Germany, France, Spain, Italy, Rest of Europe)
Asia Pacific (Japan, China, India, Rest of Asia Pacific)
Rest of the World (Latin America, Middle East & Africa)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the overall waste management equipment market better. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
Frequently Asked Questions
The market for Waste Management Equipment is expected to reach US$ 11.4 Bn in 2028.
The Waste Management Equipment market is expected to see significant CAGR growth over the coming years, at 4.0%.
The report is forcasted from 2019-2027.
The base year of this report is 2021.
Torma Systems ASA, Sierra International Machinery, LLC.,CP Manufacturing, Inc., Dover Corporation, General Kinematics Corporation, Morita Holdings Corporation, Buhler Group, Maren Engineering, Inc., KK Balers Ltd., Blue Group, Shed-Tech, Green Machine Sales LLC are some of the major players in the global market.
