The global smart waste management market is expected to reach USD 7,877 million by 2025, growing at a CAGR of 18.6% during the forecast period (2019–2025).
Increasing number of smart city initiatives is one of the factors responsible for the growth of the market during the forecast period. With the increased awareness among the leading countries regarding the need for sustainable growth, smart cities have been conceptualized and built across the globe to serve as models of modern development. Cities such as Tokyo, New York, and Paris have already made great strides in this model through the adoption of electric vehicles with zero emissions. In fact, the cumulative sales of electric vehicles have almost reached 50% of the total sales in Shanghai. Along with these initiatives to reduce air pollution and consumption of fossil fuels, there is an increasing requirement for reducing and better managing the total waste production in a smart city. Landfilling and waste incineration have been the main methods of waste disposal in cities until recently. Smart waste management products, such as IoT-based smart bins, help in sorting waste into biodegradable and non-biodegradable waste in an enhanced manner through smart waste segregation process. Smart cities are expected to be connected through sensors and high-speed data connectivity. Data analytics applied to the sensor data will boost smart waste management initiatives such as efficient segregation and recycling based on data insights.
The global smart waste management market has been segmented on the basis of component, type of waste, method, application, and region.
Based on component, the smart waste management market has been segmented into hardware, software, and services. The hardware segment held the highest market share, with a market value of USD 1,121.3 million in 2018. The hardware used for smart waste management includes sensors such as Radio Frequency Identification Reader (RFID) sensors and ultrasonic sensors. These sensors are installed in smart bins to gather real-time data related to the waste bins. However, the services segment is expected to reach the highest CAGR during the forecast period. This is due to the increasing demand for various organizations to comply with different rules and regulations implemented by the government for smart waste management.
The prominent players operating in the smart waste management market are Bigbelly, Inc. (US), Waste Management, Inc.(US), Ecube Labs Co., Ltd.(South Korea), Covanta (US), Pepperl+Fuchs Group (Germany), OnePlus Systems Inc(US), Urbiotica (Spain), IBM Corportaion (US), SAP SE (Germany), and Enevo (Finland).
By region, the smart waste management market has been divided into North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America
North America was the second-largest market in 2018 in terms of market share; it is projected to grow at a CAGR of 17.8%. The factors that contribute to the growth of the smart waste management market are growing investments and developments related to waste management technology in the region by key market players. Also, the US is one of the earliest adopters of wireless technology used for waste management.
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