During the projection period, the global waste management market is predicted to increase at a CAGR of 5.6% (2021-2028) to reach US$ XX million in 2028.
The Waste Management (or Waste Disposal) market encompasses all of the activities and procedures necessary to manage waste from its inception to final disposal. This involves garbage collection, transportation, treatment and disposal, as well as waste management process monitoring and control. The market is growing due to a paucity of land for effective waste disposal and a focus on energy and resource recovery. On the other hand, market growth is constrained by a lack of sustainability in waste management and a low priority for trash management. Furthermore, the increased procurement of recyclable products is creating enormous market growth prospects. The adoption of proactive government initiatives to curb unlawful dumping is driving the growth of the worldwide waste management industry.
Market Dynamics
Drivers
- Technological advancements and shorter product life cycles have resulted in an increase in e-waste
- Construction and demolition (C&D) materials are becoming more widely used in metropolitan areas.
Restraints
- A lack of the requisite framework for garbage collection and separation
- Recycling plastic is more expensive than making new plastic
Opportunities
- Construction and demolition (C&D) materials are becoming more widely used in metropolitan areas.
Construction and demolition (C&D) materials are becoming more widely used in metropolitan areas.
The Environmental Protection Agency (EPA) encourages a Sustainable Materials Management (SMM) strategy, which identifies some C&D resources as commodities that can be used in new construction projects instead of virgin materials that must be mined and processed. The majority of construction and demolition waste currently created in the U.S. is legally intended for landfills governed by the Code of Federal Regulations (CFR).
In some areas, all or part of the building and demolition waste stream is illegally dumped on land or in natural drainage systems, including water, in violation of legislation designed to safeguard human health, commerce and the environment. According to the United Nations, cities will house 60% of the world's population by 2030, with one in every three people living in a metropolis with a population of half a million or more. Awareness of the proper disposal and reuse of construction materials has resulted in a decrease in the amount of construction & demolition waste disposed of in landfills in recent years.
Geographical Analysis
The Middle East & Africa waste management market was valued at US$ 25,113.55 million in 2020 and is expected to reach US$ YY million in 2028, growing with a CAGR of 2.5% during the forecast period 2021 to 2028.
The most important driving element for trash management in the region is the easy availability of waste. The market is predicted to rise due to increased recycling practices and continual advances in the waste management sector. Recent government regulations limiting incineration as a waste management strategy have forced many enterprises to scratch their heads in search of an alternate solution that does not significantly increase their costs. In Africa, waste management is still in its infancy and people's cooperation is required to function well. In 2012, Africa generated 125 million tonnes of municipal solid waste (MSW), which is predicted to quadruple by 2025. Africa's garbage creation is predicted to expand rapidly, that Africa would overshadow any reduction in waste generation in other parts of the world. In, most African countries, waste collection services are inadequate. The average collection rate for MSW is barely 55%. More than 90% of waste generated in Africa is disposed of in unregulated dumpsites and landfills, with open burning often accompanying it. Africa has 19 of the world's 50 largest dumpsites, all of which are in Sub-Saharan Africa.Plastic accounts for 13% of MSW created in Africa, whereas organic waste accounts for 57%, the majority of which is now disposed of but might give considerable socio-economic prospects for countries.
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