Industry: Industrial Automation
Published Date: August-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 290
Report ID: PMRREP19513
The global waste management equipment market is expected to increase from US$14.2 Bn in 2024 to US$19.5 Bn by the end of 2031. The market is projected to expand at a CAGR of 7.5% during the forecast period from 2024 to 2031.
Key Highlights of the Market
|
Attributes |
Key Insights |
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Waste Management Equipment Market Size (2024E) |
US$14.2 Bn |
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Projected Market Value (2031F) |
US$19.5 Bn |
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Global Market Growth Rate (CAGR 2024 to 2031) |
7.5% |
|
Historical Market Growth Rate (CAGR 2019 to 2023) |
4.7% |
The global waste management equipment market is expected to increase from US$14.2 Bn in 2024 to US$19.5 Bn by the end of 2031. The market is projected to expand at a CAGR of 7.5% during the forecast period from 2024 to 2031.
Key Highlights of the Market
|
Attributes |
Key Insights |
|
Waste Management Equipment Market Size (2024E) |
US$14.2 Bn |
|
Projected Market Value (2031F) |
US$19.5 Bn |
|
Global Market Growth Rate (CAGR 2024 to 2031) |
7.5% |
|
Historical Market Growth Rate (CAGR 2019 to 2023) |
4.7% |
|
Region |
CAGR through 2031 |
|
Asia Pacific |
5.1% |
Governments in the region are implementing stringent regulations and policies to manage waste more effectively. For instance, China's National Sword policy has driven the need for better recycling infrastructure. Asia Pacific to expand at high CAGR of 5.1% during the forecast period. The region is expanding due to the increasing amount of waste generated from economies including India, Japan, and China.
Growing awareness about environmental sustainability among the population and businesses is pushing the demand for efficient waste management systems. Also, the region's economic development is leading to high consumption rates, resulting in increased waste generation. This drives the need for advanced waste management equipment.
Industrial Waste to Surge with a Projected CAGR of 4.5%
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Category |
CAGR through 2031 |
|
Application - Industrial Waste |
4.5% |
Industrial activities, including manufacturing, mining, and construction, generate a substantial volume of waste. This waste often includes hazardous materials, chemical by-products, and large quantities of non-recyclable residues. As industries continue to expand and production levels increase, the amount of industrial waste also rises.
This growing volume drives demand for specialized waste management equipment designed to handle, process, and dispose of industrial waste efficiently. The need for advanced machinery that can manage large-scale waste streams and ensure compliance with environmental regulations contributes to the segment’s dominance in the market.
The industrial waste segment is set to lead the waste management equipment market, showcasing a notable CAGR of 4.5% over the forecast period. This growth trajectory is largely driven by escalating waste production from key industries such as construction, oil & gas, and manufacturing.
The waste management equipment market is driven mainly by the increasing emphasis on sustainability and the adoption of advanced technologies. As global awareness of environmental issues rises, there is a growing demand for efficient waste management solutions that minimize ecological impact.
This shift is bolstered by stricter government regulations aimed at reducing waste and promoting recycling, which compel municipalities and businesses to invest in modern waste management equipment. Additionally, technological advancements such as IoT, AI, and automation are revolutionizing the industry by enhancing the efficiency and accuracy of waste collection, sorting, and recycling processes.
Urbanization and population growth are generating higher volumes of waste, necessitating the development of more effective waste management infrastructure. The push toward smart city initiatives are further driving the demand for integrated waste management systems that leverage data analytics and real-time monitoring.
Combined with increased public awareness and corporate social responsibility efforts, these factors are creating significant opportunities for innovation and growth in the waste management equipment market.
The waste management equipment sector began to grow as environmental concerns became more prominent. Market growth has been driven by increasing waste generation, heightened environmental awareness, and advancements in waste management technologies. Growth in emerging markets, driven by rapid urbanization and industrialization, contributed to the expansion of the market.
Continued innovation in waste sorting technologies, AI-driven waste management systems, and advanced recycling processes. A significant shift towards circular economy practices with more emphasis on waste reduction, resource recovery, and minimal environmental impact drives market growth in the coming years. Enhanced international cooperation and standards for waste management practices, especially in combating global waste challenges will work better in the future.
Upsurge in Food Wastage to Augment Market Growth
Food wastage has grown significantly over the last few years. As per the Food and Agricultural Organization of the United Nations, roughly one-third of the total food processed for human consumption is wasted yearly around 1.3 Billion Units. Food wastage is growing at a significant CAGR.
Of the total food wasted, 16% is sent to landfills and 8.1% is recycled. Food waste recycling has increased gradually in the last three years. With enhancements in the food waste recycling process, the demand for recycling equipment has also increased, which has uplifted the sales of waste management equipment in the market.
Increasing Concern Regarding Industrial Waste Recycling to Spur the Market
Increasing environmental effects are making consumers more inclined toward industrial waste recycling. Increasing awareness among consumers about the importance of reducing industrial waste is the primary driver for industrial waste recycling equipment.
A significant part of the global waste in developed countries is generated by the industrial sector. The demand for industrial waste recycling machines around the globe is anticipated to expand at significant pace. Growth is due to the owing to the anticipated increase in growth avenues in the global industrial waste management equipment market in the coming years.
Rising Awareness Among End Users for the Waste Collection
Rising awareness among end-users for the collection of waste is significantly driving the growth of the waste management equipment market. With growing environmental awareness, end-users are increasingly conscious of the impact of waste on the environment. This awareness is driving demand for more efficient and effective waste collection systems.
Businesses are becoming more aware of their environmental footprint and are investing in waste management equipment to comply with regulations and meet consumer expectations for sustainable practices.
The awareness about the need for efficient waste management is pushing municipalities and private companies to adopt advanced technologies like smart bins equipped with sensors that notify when they are full. This reduces the frequency of collection trips and ensures timely waste collection.
Governments around the world are implementing stricter regulations regarding waste management. End-users, including municipalities and businesses, are increasingly aware of these regulations and are investing in waste management equipment to comply with legal requirements.
High Initial Capital Investment
One of the primary restraints for the waste management equipment market is the substantial initial capital investment required for purchasing and installing advanced waste management systems. The cost of acquiring state-of-the-art machinery, such as automated sorting systems, compactors, and waste-to-energy plants, can be prohibitively high. This upfront investment poses a significant barrier for municipalities, businesses, and waste management companies, especially in developing regions with limited financial resources.
The high cost not only includes the price of the equipment itself but also installation, maintenance, and operational expenses. Additionally, many waste management facilities require customization of equipment to meet specific waste types and processing needs, further increasing costs.
The substantial capital required can deter potential investors and slow the adoption of modern waste management technologies, thereby limiting market growth.
Regulatory and Compliance Challenges
The waste management sector is heavily regulated due to its impact on the environment and public health. Compliance with diverse and evolving regulations across different regions can pose a significant challenge for the waste management equipment market.
Regulations often include stringent requirements for waste processing, recycling, and disposal, which can vary significantly from one country or region to another. Navigating this complex regulatory landscape requires continuous adaptation and investment in compliance-related modifications and certifications for equipment.
This regulatory burden can increase operational costs and delay the deployment of new technologies. Additionally, the need for adherence to environmental standards and safety protocols adds layers of complexity to the development and operation of waste management systems.
Companies must invest in research and development to ensure their equipment meets the latest regulations, which can be both time-consuming and costly. Regulatory uncertainty and frequent changes can also impact long-term planning and investment strategies in the waste management equipment market.
Increasing Focus on Sustainability and Circular Economy
The growing emphasis on sustainability and the circular economy is another key opportunity for the waste management equipment market. As governments, businesses, and consumers become more aware of environmental issues, there is a heightened focus on reducing waste, increasing recycling rates, and minimizing environmental impact.
The circular economy model, which aims to keep resources in use for as long as possible through recycling, reusing, and repurposing, is gaining traction. This shift creates demand for equipment that supports advanced recycling processes, waste-to-energy technologies, and other sustainable waste management solutions. For instance,
The development of machinery that can handle complex waste streams, such as electronic waste or organic materials, is becoming increasingly important. Furthermore, regulations and incentives aimed at promoting sustainability and circularity are encouraging investment in innovative waste management technologies. Companies that can develop equipment aligned with these sustainability goals are well-positioned to capitalize on the expanding market opportunities.
Wastequip introduced the innovative Compactor Service Solutions through its Wastequip WRX service division in May 2023. This offering is a pioneering end-to-end service solution in the industry, giving waste management compactor customers a centralized platform for efficiently scheduling preventative maintenance, installation, repairs, or other services. The comprehensive service is supported by Wastequip WRX's extensive network of skilled technicians.
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Product Type
By Waste Type
By Application
By Region
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Increasing concern about industrial waste recycling is shaping the market growth.
The global waste management equipment market is expected to increase from US$14.2 Bn in 2024 to US$19.5 Bn by the end of 2031.
Increasing focus on sustainability and circular economy presents a key opportunity for the market players.
Dover Corporation, Morita Holding Corporation, and Recycling Equipment Manufacturing, Inc are a few of the leading industry participants in the market.
Asia Pacific to lead the market by capturing 5.1% CAGR in the market.
