Waste Management Market Worth $1598.1 billion by 2029 Globally, at a CAGR of 5.6%, says MarketsandMarkets™

/EIN News/ -- Chicago, May 09, 2024 (GLOBE NEWSWIRE) -- Waste Management Market size was USD 1219.6 billion in 2024 and is projected to reach USD 1598.1 billion by 2029 at a CAGR of 5.6% between 2024 to 2029, as per the recent study by MarketsandMarkets™. Proactive government measures to reduce illegal waste disposal, technological advancements in waste processing and recycling, and the rising generation of e-waste globally is leading to increase in Waste Management Market.

Browse in-depth TOC on “Waste Management Market”

270 - Tables
61 - Figures
303 – Pages

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List of Key Players in Waste Management Market:

• WM Intellectual Property Holdings, L.L.C. (US),
• Suez (France),
• Veolia (France),
• Republic Services (US)
• Waste Connections (US)

Drivers, Opportunities and Challenges in Waste Management Market:

1. Drivers: Technological advancements in waste management
2. Restraint: Lack of Infrastructure
3. Opportunities: Circular economy & recycling
4. Challenges: Illegal trading of E-waste

Key Findings of the Study:

1. By source, the Industrial segment is expected to be the largest market during the forecast period
2. Disposal type, Landfilling is expected to be the largest segment during the forecast period.
3. By Region, Asia-Pacific is expected to dominate the Waste Management Market during the forecast period.

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This report segments the Waste Management Market based on waste type into six categories: Hazardous Waste, E-Waste, Municipal Solid Waste, Medical Waste, Construction & Demolition, Non-Hazardous Industrial waste. The Non-Hazardous Industrial Waste management’s segment is expected to be the fastest-growing segment. Factors such as expanding oil production, rising municipal solid trash per capita, rising construction activity, economic expansion, and an aging population are major drivers of market growth for non-hazardous waste management services. Additionally, developments such as vertical integration, expanding commercial franchise zones, outsourcing, greater governmental support, and rising demand for environmental services all have a significant impact on the growth of non-hazardous waste management services.

Based on, the disposal method, Waste Management Market is segmented into five categories: Open Dumping, Incineration/Combustion, Landfill, Recycling, Composting & Anaerobic Digestion. The Landfill waste management segment is expected to be the largest segment during the forecast period. Landfills effectively manage non-hazardous solid waste by disposing of non-recyclable garbage. Modern landfills are well-engineered and can handle numerous waste types, making them prominent in the waste management business. Furthermore, the growing population and large solid waste generation, particularly from residential sources, boost need for waste management services, which frequently end up in landfills. Additionally, the residential segment contributes heavily to garbage generation, with families producing a variety of waste that frequently ends up in landfills, underscoring landfills' role in the waste management business.

This report segments Waste Management Market based on source type into three categories: Residential, Commercial & Industrial source. The commercial segment is expected to be the second largest segment by source during the forecast period. It includes physical pickup and transfer of waste produced by businesses to a place where it can be treated or disposed of. Schools, offices, hotels and restaurants, stores, hospitals, prisons, and government centers fall under this category. The segment covers waste in the form of appliances, crockery products, FMCG products, stationery, consumer durables, and packaging materials. The Waste Management Market in this sector is projected to witness moderate growth due to rapid urbanization and the booming hospitality sector. The recycling of commercial waste includes collection, sorting, and recycling of waste, which can be done either by a municipality or a private recycling firm.

North America is expected to be the largest region in the Waste Management Industry.

The dense population and rapid urban development in the area result in a notable volume of waste from residential, commercial, and industrial activities. This situation necessitates the implementation of comprehensive waste management systems and infrastructure. Moreover, the United States, being the largest contributor to waste due to its population size, generates a significant portion of the world's municipal solid waste. In North America, the waste management sector benefits from efficient industrial waste management techniques, an increasing focus on environmental cleanliness, and the primary industrial sectors such as electricity, pharmaceuticals, and oil and gas, which are major consumers of waste management services. Stringent government regulations in the U.S. and Canada have spurred the collection and disposal of industrial waste, further stimulating the waste management industry in the region. It has headquarters of many big waste management companies such as WM Intellectual Property Holdings, L.L.C. (US), Republic Services (US) & Waste Connections (US).

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Recent Developments:

• In November 2023, Biffa has acquired Hamilton Waste and Recycling Limited (HWR), Scotland’s leading construction and demolition (C&D) waste collection and processing business.?The acquisition of HWR is a significant step for Biffa, expanding its waste capabilities in the construction and demolition sector, further underpinning its commitment to low-carbon collections and material processing.
• In July 2023, SUEZ has acquired 60% share of APBB (Czech Republic), suez is extending the scope of its activities in the Czech Republic by entering the municipal and industrial waste management and green energy production markets.
• In November 2022, Veolia and Abu Dhabhi National Oil company Refining has signed a historic agreemen for the treatment of hazardous industrial waste.
• In September 2022, WM Intellectual Property Holdings, L.L.C. acquired Avangard Innovative's U.S. business, which will operate as Natura PCR – an independent company expected to scale and grow recycling capacity to produce an estimated 400 million pounds per year of post-consumer resin (PCR) in five years.

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