The global waste management market was valued at USD 1,293.70 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030. This growth is expected to be driven by stringent government regulations, such as the Resource Conservation and Recovery Act and Waste Shipment Regulation, aimed at enhancing waste management services.
During the COVID-19 pandemic, waste production from the commercial and industrial sectors decreased significantly due to lockdown measures that resulted in the temporary or permanent closure of factories and offices. Conversely, there was an increase in urban waste generated from residential areas as people spent more time at home. With the reopening of production facilities in early 2021 and the rise in vaccination rates, the waste recycling industry began to restart, allowing companies to return to full operational capacities.
Gather more insights about the market drivers, restrains and growth of the Waste Management Market
The United States was notably impacted by COVID-19, with the government implementing lockdown measures in 2020 to curb the virus's spread. This led to a marked reduction in waste generation from the industrial sector. However, by 2021, as production facilities resumed operations, waste generation increased, positively influencing the market's growth.
Service Type Segmentation Insights
The collection segment was the dominant force in the market, accounting for over 62.0% of the share in 2022. Waste collection involves several key processes, including the segregation of waste, the loading and unloading of materials, selecting an appropriate location for storage, setting up that area at a minimal distance from where the waste is generated, and maintaining the waste throughout the collection process. Companies engaged in waste collection must ensure regular cleaning and upkeep of these storage areas to maintain hygiene and efficiency.
When it comes to transporting waste, it is crucial to implement proper measures to prevent spillage and leakage. Liquid waste must be adequately covered and contained in leak-proof containers during transit. Hazardous waste, originating from commercial and industrial sites, needs to be transported using specialized vehicles that offer a certain level of protection. In contrast, non-hazardous waste can be taken directly to recycling facilities without the same precautions.
The disposal segment is projected to experience the highest compound annual growth rate (CAGR) of 5.9% throughout the forecast period. There are several disposal methods available, including recycling, incineration, composting, landfilling, and open dumping. Proper waste disposal is essential to prevent environmental degradation and the spread of infections, such as HIV and hepatitis, which can result from improper waste management.
Incineration plants play a vital role by generating energy from waste, which can be harnessed for heating and electricity production. This method significantly reduces the volume of waste—by 95% to 96%, depending on the effectiveness of recovering recyclable materials like metals from the ash. By utilizing incineration, reliance on landfills is minimized, contributing to more sustainable waste management practices.
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