Global Smart Waste Collection Technology Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Solution), By Waste Type (Solid, Electronic, Paper, Plastic, Glass, Other), By Treatment Method (Processing, Collection, Disposal, Energy Recovery), By Waste Source (Industrial, Residential, Commercial), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2028

KEY MARKET INSIGHTS

The global Smart Waste Collection Technology Market was valued at USD 1937.1 million in 2021. The market is projected to grow USD 4357.7 million in 2028, at a CAGR of 15.1%. The smart waste management system is a sensor- and IoT-based measurement system that reveals waste or rubbish filling levels and alerts users when storage bins need to be emptied or replaced. 

The increasing difficulty in waste collection, processing, and management demand a more efficient solution. Adoption of a smart waste management system in conjunction with rising urbanization and smart city initiatives can be very beneficial to the government and other concerned authorities, as the efficiency of collecting large amounts of waste will increase, and waste categories will be more easily classified, leading to recycling or disposal of the waste. Growing worries and awareness of the need for a comprehensive waste management system around the world may prompt governments to take action and enact proper waste management environmental rules using a combination of advanced technology contributing to the Smart Waste Collection Technology Market growth during the forecast period.

COVID-19 ANALYSIS

COVID-19 is an unprecedented global public health crisis that has affected practically every business, and its long-term effect is expected to have an influence on industry growth during the forecast period. The market study is enhancing our research approach to guarantee that fundamental COVID-19 concerns and potential solutions are included. The research examines COVID-19 in light of changes in consumer behavior and demand, purchasing patterns, supply chain re-routing, market dynamics, and government involvement. The updated study considers the impact of COVID-19 on the market and provides insights, analysis, projections, and forecasts. 

LATEST TREND

Increasing Smart Waste Collection in Smart Cities with Adoption of IoT Technology Drive Market Growth

With the advent of IoT, rising government initiatives, rigorous laws, and large-scale expenditures have transformed and addressed operating expenses for smart garbage collection systems and management in smart cities throughout the world. Furthermore, the smart trash collection market is benefiting from the growing usage of IoT technology, which connects a variety of smart sensors and devices to monitor and automate city waste management operations.

DRIVING FACTORS

Utilization of Data Analytics in Waste Collection Technologies Propel Market Growth

Waste management companies that use data analytics improve efficiency by assisting them in making timely data-driven waste management decisions. Furthermore, increased data analytics use aids in the acquisition of real-time information on garbage generation based on waste collection and management in various areas. Increasing the use of data analytics in waste management operations lowers worker risk while also increasing the efficiency of waste collection vehicles.

Stringent Government Laws for Waste Management Boost Market Growth

Customers' purchasing power is increasing, and e-waste is increasing, all of which contribute to the market's growth. Government laws for waste management are becoming more stringent around the world, which has resulted in a rise in the use of smart waste management systems. Mechanical and biological treatments, as well as refuse-derived fuel production facilities and advanced recovery facilities, are now used in smart waste management. Moreover, growing number of smart city projects, as well as increased R&D in waste management around the world, which is boosting the market growth. 

RESTRAINTS

Lacks Of Operational Efficiency in Developing Economies Hamper Market Growth

A lack of large-scale funding and poor levels of operational efficiency in developing economies hamper the expansion of the smart waste management market. The adoption of smart waste management technologies is complicated by a lack of awareness about the necessity of waste management.

SEGMENTATION

The global Smart Waste Collection Technology Market is segmented by Component, Waste Type, Treatment Method, Waste Source, and Region. Based on the Component, the market is categorized into Hardware, Solution. Based on Waste Type, the market is categorized into Solid, Electronic, Paper, Plastic, Glass, Other. Based on Treatment Method, the market is categorized into Processing, Collection, Disposal, and Energy Recovery. Based on Waste Source, the market is categorized into Industrial, Residential, and Commercial. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.     

REGIONAL INSIGHTS

The Smart Waste Collection Technology Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.      

North America presently dominates the smart waste collection technology market and is expected to quadruple its market share with a double CAGR due to increased investment in smart cities and the use of smart bins and novel waste management solutions. However, due to increased infrastructure, expanding urban populations, large industrialization, and a boom in waste management, the Asia Pacific area is predicted to grow significantly between 2021 and 2027, with significant investment in R&D.  

Europe is predicted to be the fastest-growing smart waste collection technology market, as several nations in the area have appropriate government legislation, as well as increased awareness of e-waste management and government initiatives, all of which will contribute to market growth in the future.

Similarly, the Middle East is expected to grow rapidly, as nations in the region, including as Saudi Arabia and the United Arab Emirates, are constantly implementing and supporting new techniques to recycle and dispose of garbage created in order to achieve environmental sustainability and preservation. Several industries, including automotive, consumer electronics, healthcare, construction, food and beverage, and packaging, are currently seeing the fastest growth in the Asia Pacific region. The region’s growing population and economic expansion are aiding the technological advancement of numerous businesses in the region. Due to growing environmental consciousness and change, as well as increased adoption of smart city projects in the region, demand for smart waste management solutions is on the rise in this region.

KEY INDUSTRY PLAYERS

Companies are concentrating on efficiently recycling the majority of garbage and maximizing renewable benefits by generating electricity or gas. Covanta Holding Corporation, Waste Management, Inc., Sensoneo, and Enevo Oy are among the prominent competitors featured in the Smart Waste Collection Technology Market. In April 2021, Covanta Holding Corporation made continuous emissions monitoring data from Delaware Valley Waste to Energy available online to the public 24 hours a day, seven days a week on the company's website. The data will be as accurate as it is with Pennsylvania's concerned authorities, increasing transparency between the authorities and the general public and allowing them to monitor the authorities' actions to maintain air quality and gaseous compounds in the atmosphere.

KEY INDUSTRY DEVELOPMENTS:

February 2018, IBM brought IoT technology to waste management collection with its business partner GreenQ. The main goal was to develop the Internet of Things (IoT) architecture for a smart waste management system, dubbed the Internet of Garbage (IoG), in order to bring sensors and Big Data analytics to residential garbage routes. GreenQ also wants to use IBM cloud features to construct a solid waste management solution that can track and analyse waste management skills.

November 2019, Big Belly Solar, Inc. launched the Talking Trash bin in Vasteras, Sweden. To improve the popularity of the talking gadget among users, the company is developing and deploying advanced solutions in smart garbage collecting equipment.

May 2021, Veolia and SUEZ announced in April 2021 that they had achieved an agreement on a merger, which is likely to take place.

LIST OF KEY COMPANIES PROFILED:

• Covanta Holding Corporation
• SUEZ SA.
• Veolia Environnement SA
• IBM Corporation
• Big Belly Solar LLC.
• Ecube Labs Co., Ltd.
• WM Intellectual Property Holdings, L.L.C
• SENSONEO
• Enevo, Inc.

SEGMENTATION

By Component

• Hardware
• Solution

By Waste Type

• Solid
• Electronic
• Paper
• Plastic
• Glass
• Other

By Treatment Method

• Processing
• Collection
• Disposal
• Energy Recovery

By Waste Source

• Industrial
• Residential
• Commercial

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa