Smart Waste Management Market Overview
Smart waste management refers to technology-enabled solutions for optimizing collection, monitoring, and handling of residential and business waste. Global Smart Waste Management Market size is projected to grow at a compound annual growth rate (CAGR) of 24.38 percent, reaching a market size of USD 1.75 billion by 2030.
Internet of Things (IoT), artificial intelligence (AI), automation, and data analytics are key technologies powering smart waste management solutions. These include smart waste bins, route optimization software, vehicle tracking systems, and waste analytics dashboards. Europe currently leads the market followed by North America and APAC.
Key Smart Waste Management Segments
The smart waste management market is segmented on the basis of solutions, services, waste type, and regions.
Solutions: Key solutions in this market are fleet management, analytics, optimization solutions, asset management, and network management. Fleet management accounted for the largest share.
Services: Related services include managed services, professional services (consulting, integration), and support & maintenance. Professional services make up the highest share.
Waste Type: The major waste types addressed through smart waste management are residential, commercial, industrial, and others. Residential waste collection offers significant opportunities.
Key Smart Waste Management Companies
Leading technology vendors in the smart waste management market include IBM, SAP, Waste Management Inc., Enevo, Covanta Holding, Bigbelly, Ecube Labs, Enerkem, Veolia, RecycleSmart Solutions, and Pepperl+Fuchs. Startups are emerging in areas like waste analytics, route optimization, and waste-to-energy solutions.
Strategic partnerships, new product launches, global expansion are key strategies adopted by companies to tap growth avenues. For instance, in June 2022 Enevo partnered with Landbell Group for waste analytics in Europe. In May 2022, SAP launched SAP Business Network for Waste and Recycling Management.
Regional Market Insights
Europe accounted for the largest smart waste management market share in 2020. Government regulations around waste processing and presence of mature waste management infrastructure are contributing factors.
North America is expected to exhibit significant growth over the forecast period. Rapid adoption of waste-to-energy solutions and IoT in waste management are key drivers in this region.
The Asia Pacific will witness the fastest growth globally due to urbanization in China, India, and Southeast Asian countries. Growing smart city projects also present opportunities for smart waste management in APAC.
Browse In-depth Market Research Report (155 Pages, Charts, Tables, Figures) on Smart Waste Management Market
Latest Industry Developments
- May 2022 - RecycleSmart Solutions raised $28 million in funding to drive expansion of its smart waste management platform.
- March 2022 – Compology announced $35 million in funding to accelerate development of its smart dumpster monitoring solutions.
- Oct 2021 - Bigbelly partnered with AZEUS to deploy smart waste stations across the city of Montreal, Canada.
- Sept 2021 – Enevo raised $21.6 million to enhance its sensor technology and waste analytics capabilities.
- July 2021 - Pepperl+Fuchs acquired ecom instruments GmbH to boost its smart waste management portfolio.
In summary, the need for effective waste management driven by environmental factors and urban growth is fueling the smart waste management market. Integration of technologies like IoT, cloud, AI, and automation will continue transforming traditional waste collection operations.
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