The global smart waste management market size was US$ 1,525.6 million in 2021. The global smart waste management market is forecast to grow to US$ 4,993.5 million by 2030 by growing at a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2022 to 2030.
Smart waste management uses sensors to track the live status of the place remotely. It also helps observe the historical data gathered by sensors and databases.
Factors Influencing the Market
The convenience of smart waste management practices will fuel the growth of the smart waste management market. In addition, the IoT-enabled services offer high accuracy at a low cost. It also reduces the cost of labor. Thus, all of these factors will contribute to the growth of the smart waste management market.
Stringent government regulations for waste management will also benefit the smart waste management market. In addition, growing technological innovations such as IoT and cloud-based smart waste bins will gain significant traction in the coming years.
Growing awareness among the general public about the hazardous health effects of waste will also surge the growth of the smart waste management market.
Growing urbanization will contribute to the growth of the smart waste management market. In addition, growing industrialization and increasing industrial waste will upsurge the demand for smart waste management services, thereby boosting the growth of the market.
Lack of efficient connectivity may limit the growth of the smart waste management market. On the contrary, growing technological advancements will escalate the growth of the smart waste management market.
Regional Analysis
The Asia-Pacific smart waste management market is forecast to grow at the highest growth rate. It is due to growing urbanization and industrialization across the region. In addition, the growing urban population and improvements in infrastructure will drive the waste management market forward.
Growing concerns over the environment and favorable initiatives by government bodies will also benefit the smart waste management market.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic upsurged the demand for smart solutions. However, the rapidly growing urbanization took a slow pace due to stringent regulations imposed by government bodies. Furthermore, the wake of the pandemic hampered manufacturing activities, which ultimately affected the development of smart waste management solutions. The terror of the infection also caused a labor shortage in various areas. Thus, all these factors have negatively impacted the global smart waste management market.
Competitors in the Market
Market Segmentation
The global smart waste management market segmentation focuses on Component, Waste, Method, Application, and Region.
By Component Outlook
By Waste Type Outlook
By Method Outlook
By Application Outlook
By Region
