Industrial Waste Management Market Expected To Witness A Sustainable Growth Till 2030
Industrial
Waste Management Market Overview
Industrial Waste
Management Market is expected to be valued at USD 2 Trillion, with a CAGR of 10% Forecast
by 2030.
In
its research report, Market Research Future (MRFR), emphasizes that the global
industrial waste management market is expected to grow significantly over the
review period, securing a substantial market valuation and a healthy CAGR over
the review period.
Drivers
and Restraints
The
increase in environmental issues and hazardous and non-hazardous waste
resulting from rapid economic development would boost demand for waste
management services. Less understanding of the environment within society also
affects the demand for waste management. The big driver for the industry was
rapid urbanisation and industrialisation. Driven by a increasing awareness of
the adverse environmental effects of industrial waste, governments and
environmental organizations have shifted their attention toward industrial
waste management as a key field.
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The
global waste management market will be strengthened by industrial growth, new
recycling techniques and innovation in waste disposal technologies. Throughout
the past few decades, a number of catastrophic industrial accidents have helped
to understand the need to control and manage hazardous waste that has been a
key catalyst for the development of the global industrial waste management
industry. Business development has also been fuelled by developments in
industrial waste management techniques. The lack of land for waste disposal is
also an essential driver of growth in the industry.
Creation
of infrastructure for waste management in both developing and developed
countries coupled with strict standards also stimulates market development. Low
sustainability in waste management and low value of waste management, however,
are likely to impede the growth of the global market for industrial waste
management. The shortage of skilled labor in the recycling industry, lack of
expertise for the employee in the handling of machinery and work health are
some of the factors that hinder the growth of the global market for industrial
waste management.
Segmental
Analysis
By
type, the segments include biodegradable, energy, manufacturing, and chemical,
among others. These segments are poised to witness rapid growth due to a broad
range of waste management solutions available for different type of wastages.
Furthermore, the service & equipment basis of the segmentation comprise
landfill, collection, recycling, and incineration.
Regional
overview
The
geographical overview of the global market has been analyzed in four major
regions, comprising the Asia Pacific, Europe, North America, and the rest of
the world.
Major
factors responsible for the growth of North America's online travel market are
the rising demand for CRM solutions across various industries, and the adoption
of mobile booking technology and travel apps. Focusing on tourism in Europe is
seen as one of the main pillars for job growth and sustainable economic
development. In Asia-Pacific, developments in travel technology are boosting
the growth of the online travel industry.
The
growth of this market in the Middle East and South America is responsible for
the rising scope of the Internet, technological advances and increasing tourism
services. Asia-Pacific is expected to boost demand for industrial waste
management services, owing to the presence of densely populated countries like
China and India where urban penetration is growing. In addition, government
measures in India are projected to fuel demand for industrial waste management
facilities, such as Swachh Bharat Abhiyan
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North
America and Europe are critical growth zones, and are expected to hold large
market shares over the next few years. Such regions' growing industrial sector
is fuelling demand for solutions to waste disposal. Additionally, the stringent
laws enforced for regulating the industrial waste management due to rising
environmental concerns is another factor responsible for market proliferation.
Europe is projected to drive the market share of industrial waste management in
the near future, due to a rise in favorable policy policies along with the adoption
of high-end management services technology.
Competitive
Landscape
The
major market players operating in the global market as identified by MRFR are
Veolia Environmental, EnviroServ Waste, SembCorp, Reclay Group, SA Waste
Holding Pvt Ltd., Suez Environnement, Stericycle Inc., Himark BioGas Inc., and
Clean Harbor.
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