Covid-19 Impacts on Waste Management Market
Before Covid-19 Market Scenario
- The waste management market was growing at a significant rate in various developing countries back in 2018 due to increasing awareness among the population regarding the harmful impact of waste and the necessity of having excellent waste management systems across the globe.
- As per data released by The world bank, plastic waste accounted for 12 percent of all municipal solid waste globally in 2016, with 242 million tons produced. The waste came mostly from three regions: East Asia and the Pacific (57 million tons), Europe and Central Asia (45 million tons)and North America (35 million tons).
- The alarming numbers have focused the government on taking measurable actions. In low-income countries, waste management comprises 20% of municipal budgets, on average. However, the studies show that the previous cost of addressing the impact was much higher than developing and operating simple, adequate waste management systems, creating more opportunities for global players to invest in developing affordable and advanced waste management systems in the forecast period.
- The government took many initiatives in waste management service before the covid-19 outbreak. For instance, The Chinese government planned to construct zero-waste cities was unveiled in December 2018. The strategy reflects the growing interest in switching from fossil to renewable energy sources to reduce China's carbon footprint, reduce waste production and maximize recycling—including various types of waste as secondary carbon raw material (i.e., feedstock) for manufacturing.
- Furthermore, as per The world bank 2019 data, In Can Tho, Vietnam, efforts in solid waste management are assisting the city in preventing drain obstruction, which could lead to flooding. Similarly, investments in the Philippines are assisting Metro Manila in reducing flood risk by reducing solid waste entering rivers and has improved the waste management market before the covid-19 outbreak.
Present Covid-19 or Future Scenario
- Covid-19 outbreak led to the spread of the virus. Hence, several countries implemented lockdowns; public authorities and municipal garbage operators were forced to quickly adjust their waste management systems and procedures, which hampered the global waste management business during the pandemic phase.
- Furthermore, inadequate waste management raises the danger of disease transmission, either directly from uncollected or discarded trash or indirectly through water and crop pollution, especially in the region which has seen the highest number of cases both in 1st and 2nd wave.
- Municipalities faced various challenges in solid waste management, including maintaining vital garbage collection and management services while compensating for growing streams of potentially infectious waste and protecting the lives of official and informal employees.
- Waste management in economically developing countries is usually not operated following international standards. As a result, there have been added challenges resulting from an increase in the amount of potentially infected waste, which necessitates more careful handling and treatment methods leading to an increase in the overall cost of the treatment compared to normal days.
- International organizations and academic associations have already developed Guidelines for infectious waste management. Many of those principles are intended for both developed and developing nations and just a few are tailored to the actual state of Covid-19 waste management in developing countries. The waste management situation in such countries differs from developed countries, making it difficult to adopt developed-country principles in their current form. Developing countries, in particular, lack capacity in financial, technical, social and institutional aspects and hence lead to a significant market drop in the waste management market in the developing regions.
After Covid-19 or Future Scenario
- The hazardous effect of covid-19 has been seen across the globe, alarming the healthcare management system in both developing and underdeveloped countries.
- Globally, researchers were struggling to break the chain of infection. A proper waste management system is one of the major factors considered by the developing regions to resist the further transmission of the virus. Therefore, the present and the future hold extreme opportunities for various global players to develop an efficient waste disposal system to prevent the transmission of such dangerous viruses and other infections.
- In 2021, the world is still struggling to make a complete swipe on the spread of the covid-19 virus; therefore, global players have started to develop various cost-effective and advanced waste management services that reduce the contamination chances become a renewable energy source.
- Developing countries lack access to modern technologies to manage mixed contaminated medical waste due to poor investment in key infrastructure, which has created immense opportunities for the key players to target those regions and build a major chunk of revenue from them forecast period.
- Prior to the Covid-19 pandemic, the globe faced challenges in the waste management sector, with over two billion people lacking access to garbage collection and over three billion lacking access to waste disposal. As a result, the emergence of the Covid-19 pandemic and the resulting social distancing measures exacerbates an already overburdened sector, increasing market growth opportunities and high investment demand.
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