The Waste Management Market size is expected to grow from an estimated USD 423.4 billion in 2021 to USD 542.7 billion by 2026, at a CAGR of 5.1%, during the forecast period.
The key drivers for the Waste Management Market include stringent regulations of governments worldwide for better management of waste and initiate environmental protection; the strong focus of several governments to conduct awareness programs showcasing the importance of waste segregation and waste management; technological advances and shortened life cycle of electronic products help in increasing e-waste
Some of the prominent key players are Waste Management (US), Veolia (France), Republic Services (US), SUEZ (France), Waste Connections (US), Biffa (England), Clean Harbors (US), Covanta Holding (US), Daiseki (Japan), Hitachi Zosen (Japan)
The e-waste segment is expected to be the largest contributor during the forecast period; the e-waste segment is estimated to lead the Market during the forecast period. E-waste includes electrically powered component waste. They include appliances such as computers, consumer electronics, and refrigerators. E-waste is a mixture of useful and hazardous materials that demand careful handling and recycling of materials. Thus, e-waste management has gained importance globally to secure the environment from the adverse effects of the materials such as lead and plastics. The recycled material is used to make next-generation goods. The market for the waste segment is driven by rapid urbanization, transforming urban mobility, and an increased need to reduce carbon emissions offered by the segment. The Asia Pacific is estimated to hold the largest share of the waste management market, followed by North America because the growing usage of appliances that use electricity is expected to drive the market for the waste management market.
The landfill segment is expected to be the largest contributor during the forecast period; the landfill held the largest share of the market, by waste type in 2020. The growth of the landfill segment is driven by the Increased Need to dispose of waste that cannot be recycled. Landfills offer various advantages, such as it offers good energy sources; it is an eco-friendly option; it keeps cities, towns, and districts clean, and helps keep hazardous waste segregated; it is a relatively cheaper option for waste management. The market for the landfill segment in the Asia Pacific is expected to grow at the 7.2% CAGR during the forecast period.
The Asia Pacific is expected to be the largest and fastest-growing market during the forecast period; the Asia Pacific accounted for the largest share of the global Waste Management Market in 2020. The region has been segmented, by country, into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. The rest of Asia Pacific mainly includes Singapore, Malaysia, Thailand, and Indonesia. The population growth in the region, the high disposable income of the people, and the increased demand for packaged food products are among a few major factors that drive the growth of waste management in the region. The Asia Pacific is also a key contributor to marine plastic pollution. The materials involved include plastic bottles, plastic bags, single-use plastic items, and plastic packaging, among others. Key countries responsible for this kind of pollution include China, Indonesia, and Thailand.