Waste Management Market by Waste Type (Municipal Waste, Industrial Waste, and Hazardous Waste), by Waste Treatment (Landfill Disposal, Incineration, Recycling, Composting, Chemical Treatment, and Others), and by End User (Residential, Commercial, and Indu

Waste Management Market by Waste Type (Municipal Waste, Industrial Waste, and Hazardous Waste), by Waste Treatment (Landfill Disposal, Incineration, Recycling, Composting, Chemical Treatment, and Others), and by End User (Residential, Commercial, and Industrial)– Global Opportunity Analysis and Industry Forecast, 2024–2030

Waste management market share was valued at USD 1.01 trillion in 2023, and is predicted to reach USD 1.39 trillion by 2030, due to the growing urban population and rapid increase in e-waste generation.

Waste Management Market
Domain – Energy and Power
Sub Domain – Renewables

The waste management market size was valued at USD 1.01 trillion in 2023, and is projected to reach USD 1.39 trillion by 2030, with a CAGR of 4.7% during the forecast period, 2024–2030.

The rapid growth of urbanization and the increase in the global population are driving the waste management market. As urban areas continue to expand quickly, more and more people are producing waste. In 2022, as per the World Bank, more than half of the global population resided in urban areas. Predictions indicate that the urban population will double by 2050, with nearly 70% of people living in cities. This rapid urbanization requires effective waste management solutions to deal with growing waste.

Additionally, the need to address environmental issues, maintain public health and sanitation, and meet changing regulations pushes governments and private companies to invest in waste management infrastructure and innovation. Urbanization not only presents challenges but also creates opportunities for the waste management industry to develop sustainable and technologically advanced solutions. This industry is becoming a crucial driver in the shift toward responsible and eco-friendly urban waste practices.

In addition, the deteriorating quality of the environment, including exposure to air pollution, can worsen skin conditions and exacerbate acne. This environmental impact will boost the market as individuals seek effective solutions.

Moreover, the rapid increase in e-waste generation, as highlighted by TheRoundup Organization's estimate of 57.4 million metric tons in 2021 and the annual increase of two million metric tons, underscores the urgent need for a comprehensive response in the waste management sector. With over 347 million metric tons of unrecycled e-waste burdening the planet in 2023, it is necessary to address this growing concern. Countries such as China, the U.S., and India are among the leading contributors to this burgeoning issue. This surge in e-waste presents a unique opportunity for the waste management market to expand and innovate its services, ranging from collection and recycling to regulatory compliance and public education. The industry's proactive role in responsibly managing electronic waste is essential in mitigating the environmental and health risks associated with improper disposal, ultimately contributing to a sustainable and cleaner future.

However, the waste management industry growth is hindered by the significant financial expenses and expenditures associated with waste management facilities. These high costs encompass various aspects of the waste management process, including constructing and maintaining facilities for waste collection, sorting, recycling, treatment, and disposal. Furthermore, these high costs can discourage smaller or less financially stable organizations from entering the waste management sector, limiting the competition and innovation within the industry.

On the contrary, several public and private agencies are embracing technological innovations such as eco-friendly product design and waste-to-energy technology to foster the development of a more circular economy for waste. In this sustainable strategy, the focus is placed on maximizing the reuse and recycling of materials. As a result, this shift is predicted to create numerous opportunities for the waste management market in the future.

Segment Overview
The global waste management market is segmented on the basis of waste type, waste treatment, end user, and region.
 Based on waste type, the market is categorized into municipal waste, industrial waste, and hazardous waste.
 Based on waste treatment, the market is segmented into landfill disposal, incineration, recycling, composting, chemical treatment, and others.
 Based on end user, the market is categorized into residential, commercial, and industrial.
 Based on region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).

Regional Analysis
Europe holds the dominant market share in the global waste management market

Europe is a dominant force in the global waste management market, holding an impressive 39% of the worldwide share. The remarkable growth of the waste management market in Europe is primarily attributed to a substantial increase in recycling rates across the region.

In the European Union (EU), waste production from various sectors such as manufacturing, food, construction, electronics, textiles, and others continues to rise annually. To address this challenge, several initiatives focused on reusing and recycling have been put into action to preserve valuable resources within Europe. A report from the European Environment Agency, published in June 2023, revealed that every European citizen generates an estimated 4.8 metric tons of waste each year. Encouragingly, nearly half (49%) of municipal waste is recycled annually.

Furthermore, the expansion of the waste management industry is driven by proactive measures taken by various European governments to promote a circular economy and environmentally responsible waste management practices. In November 2022, the European Commission introduced comprehensive proposals for EU-wide regulations related to packaging. These regulations focus on improving packaging design through clear labeling, facilitating reuse and recycling, and promoting the use of bio-based, biodegradable, and compostable plastics. This, in turn, fosters the development and expansion of the waste management market in the region.

Key Market Players
Leading players operating in the waste management industry include:

• Biffa Group
• Clean Harbors, Inc.
• Covanta Holding Corporation
• Hitachi Zosen Corporation
• Waste Management, Inc.
• Veolia Environment S.A.
• Suez Group
• Remondis SE & Co. Kg
• Republic Services, Inc.
• Waste Connections, Inc.

Recent Developments
October 2023
Veolia secured a USD 2.4 billion waste management agreement to advance decarbonization and resource regeneration efforts in Hong Kong. The company intends to construct a state-of-the-art storage facility to enhance methane capture, preventing the release of 10 million metric tons of CO2 emissions over two decades.

September 2023
Hitachi Zosen Corporation’s subsidiary Hitachi Zosen Inova was selected by Entsorgung + Recycling Zurich, the waste management division of Zurich to design, build, and commission an advanced waste to energy line at the Hagenholz waste treatment site. Upon fully commissioning, operations at the Hagenholz line is expected to start in December 2026, producing much-needed electricity and steam for Zurich’s expanding district heating infrastructure.

September 2023
Waste Management, Inc. unveiled a cutting-edge recycling facility in Cleveland, covering almost 100,000 square feet. This state-of-the-art technology integrated into the new facility can process approximately 420 tons of recyclable materials daily. This significant investment enhances the company's capability to handle inbound contamination or ""non-recyclables"" more effectively than before. Moreover, it creates avenues for educating customers on proper recycling practices.

May 2023
Biffa Group, a British waste management company, took a substantial step by reinserting 1,600 tons of plastic that had been discarded earlier into the circular economy. This impressive feat was accomplished through its PET Recovery Plant situated in Washington, the U.K. The recycling process was initiated at Biffa's Seaham facility, located near the PET Recovery Plant in Durham.

April 2023
Covanta entered an agreement to purchase Circon Holdings, Inc., a company that offers a wide range of environmental services. This acquisition holds a great importance for Covanta, as Circon has a presence in different regions across the country and provides comprehensive solutions for handling wastewater and non-hazardous and hazardous waste. With Circon as part of the team, Covanta is in a stronger position to provide sustainable solutions to its valued customers, transforming waste into valuable materials.

KEY BENEFITS
• The waste management market report provides a quantitative analysis of the current market and estimations from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises a detailed analysis of the waste management market trends, including the current and future trends to depict prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the waste management market is provided in the report.
• The competitive analysis of the market players along with their market share in the waste management market is provided in the report.
• The SWOT analysis and Porter's Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.