The North America waste management market was valued at US$ 78,928.29 million in 2020 and is expected to reach US$ YY million in 2029, growing with a CAGR 5.0% of XX during the forecast period 2022 to 2029.
To avoid infections like cholera, diarrhea, and dengue fever, proper waste management is necessary. Waste collection services include waste collection, transportation, storage, sorting, and management.
Disposable services, on the other hand, include activities such as trash separation into recyclables, landfills, and waste composition.
The expansion of the North American waste management market is fueled by increased trash volume and strict government laws for waste management and unlawful dumping.
Several industries and the commercial sector saw a sharp drop in waste generation during the early stages of Covid-19 when factories and offices were partially or entirely shut down. As a result, the expansion of the North American waste management industry has been hampered.
Labor-intensive and high transportation expenses hamper the market's expansion. On the other hand, implementing improved waste management procedures presents new potential in the coming years.
Organizations like the Waste Management Association of Air, the Waste Management Association of Solid Waste Management, the International Solid Waste Association and the Association of North America make significant contributions to developing effective waste management systems.
Rapid urbanization and industrialization are projected to generate a large amount of garbage, which will necessitate intelligent waste management systems, which are expected to drive the North American waste management market forward.
In Mexico, for example, urbanization was 80.44% in 2019 and 80.16% in 2018. People's growing environmental awareness of renewable waste management technologies and rising CO2 emissions will drive the waste management industry forward.
The massive volume of waste generated in the U.S., Canada, and Mexico drives the North American waste management market forward.
Furthermore, an enormous amount of garbage generated from hazardous waste and municipal waste requires collection or disposal, which fuels the market's growth.
According to figures given by the U.S. Environmental Protection Agency, Americans generated 267.8 million tonnes of municipal solid trash in 2017, of which 67 million tonnes were recycled and 27 were composted, resulting in a 35.1% recycling rate.
Market growth is likely to be aided by implementing country-level government rules and policies to reduce greenhouse gas emissions. According to the Environmental Protection Agency (EPA), there has been a change in the law regarding illegal dumping, with the U.S. government charging US$ 7,500 per person for illegal dumping and waste burning. Such occurrences are expected to fuel market growth.
Businesses are adopting these solutions to boost profitability and lower manufacturing costs. For example, in August 2018, Bigbelly Inc. announced cooperation with Recycling Across America, a non-profit organization based in the U.S. that works with recycling materials. Glass, bottles, plastics, paper, and aluminum tins were all collected and recycled as part of the cooperation.
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