Smart Waste Management Market Assessment, Size, Value, Share, Growth, Trends, Competition, Industry Analysis, Market Intelligence, Actionable Insights Report; By Method, By Waste Type, By Source, By Region and By Country; Outlook and Forecast, 2024 – 2032

Report Summary

The Global Smart Waste Management Market size in terms of revenue was valued at USD 2.1 billion in 2023 and is projected to surpass USD 7 billion by the end of 2032. The smart waste management industry is expected to grow at a CAGR of 14.9% between 2024 and 2032.

Smart Waste Management Market: Overview

Smart waste management refers to the adoption of data-driven solutions and advanced technology to optimize the processing, collection, and disposal of waste. The process involves the integration of advanced technologies like analytic sensors and many others to improve the effectiveness of the whole process. The smart waste management solution involves fleet management solutions to optimize route and vehicle performance. Different kinds of sorting technology such as AI, machine learning, and robotics are implemented to automate the waste sorting process, thereby lowering contamination. Mobile apps are built to help citizens report waste-associated issues. This can also help people schedule pick-ups and register any other information regarding waste management practices.

Key Insights

• As per the analysis shared by our research analyst, the global smart waste management market size is estimated to grow annually at a CAGR of around 14.9% over the forecast period (2024-2032).
• In terms of revenue, the global smart waste management market size was valued at around USD 2.1 billion in 2023 and is projected to reach USD 7 billion by 2032.
• Growing focus on the circular economy is driving the growth of the global smart waste management market.
• Based on the source, the commercial segment is growing at a high rate and is projected to dominate the global market.
• Based on the method, the smart collection segment is projected to swipe the largest market share.
• Based on waste type, the solid waste segment is expected to dominate the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Smart Waste Management Market: Growth Drivers

Growing focus on the circular economy is driving the growth of the global market

One of the major reasons propelling the growth of the global smart waste management market is the rising concerns regarding environmental degradation and resource depletion. Such concerns are making the massive shift to a circular model economy where there is a growing focus on recycling and reusing resources to minimize waste generation. Smart waste management solutions play an important role in implementing this project efficiently by processing the sorting, recycling, and recovery activities. Rising concerns regarding public health are also posing a huge demand for smart waste management solutions in the market. Traditional waste management processes are not efficient and, therefore, lead to high risks to public health because of polluted air and water, which causes disease transmission and many other problems to human health. Such management solutions mitigate these risks by efficiently handling waste. Smart waste management solutions help companies optimize resources like manpower, vehicles, and other processing facilities, thereby lowering downtime, optimizing collection rules, and announcing the recycling process. All these factors are expected to accentuate the growth of the industry during the forecast period. For instance, WM inaugurated a new recycling facility in Ohio. The facility is 100000 sq feet in area and can process 420 tonnes of recyclables on a regular basis.

Smart Waste Management Market: Restraints

Limited awareness is expected to hamper the growth of the global market

Several businesses and consumers still lack awareness regarding the benefits and capabilities of these smart practices, which is likely to hamper the growth of the global smart waste management market in the coming years. Implementing smart waste management solutions face challenges from organizations because of their resistance to change behavior. This landscape is anticipated to slow down the adoption of these smart waste management practices in coming years.

Smart Waste Management Market: Opportunities

Rising urbanization is expected to foster growth opportunities in the global market

The global population is increasing massively, thereby boosting the volume of waste generated every day. Such a landscape is driving demand for smart waste management solutions to handle the increasing waste burden. Moreover, governments all across the globe impose strict regulations regarding waste management practices. Consequently, these regulations promote the growth of the smart waste management industry. Furthermore, the growing awareness among people, businesses, municipalities, and other end users regarding environmental sustainability is also expected to positively impact the growth trajectory of the industry. For instance, BigBelly came up with BigBelly ACS in 2020. It is an excellent access control system that functions using a 100% solar system. The product can easily integrate and is fully cloud driven. For instance, SUEZ and Veolia said to merge with each other in April 2021. The agreement will come into effect in May 2021.

Smart Waste Management Market: Challenges

Lack of standardization is a big challenge in the global market

There is no standardization of technology and protocols in the smart waste management practices, which is leading to compatibility issues between different systems. Therefore, it poses a big challenge in the global market, which is expected to hinder the integration of these practices in the end user environment. Additionally, deploying the whole smart waste management infrastructure requires heavy upfront investments, which is further expected to hinder the growth of the industry.

Smart Waste Management Market Report Scope & Snapshot

Smart Waste Management Market: Segmentation

The global smart waste management market can be segmented into source, method, waste type, and region.

On the basis of source, the market can be segmented into industrial, commercial and residential. The commercial segment accounts for the largest share of the smart waste management industry. The increasing number of commercial establishments like educational institutes, office buildings, hotels, restaurants, shopping malls, and many others are generating huge volumes of waste on a regular basis. This large volume of waste poses a huge requirement for efficient waste management solutions, which drives high demand for smart waste management solutions in the market. The waste generated from commercial establishments is diverse in nature, like paper packaging, plastics, food waste, and other recyclables. Therefore, these wastes require a proper optimized process for sorting and disposal. However, a smart management waste solution helps reduce the overall cost associated with manual waste handling.

On the basis of method, the market can be segmented into smart disposal, smart processing and smart collection. The smart collection is the fastest-growing segment in the global smart waste management market. Also, it is more affordable than any other option as it minimizes labor costs, fuel consumption, and time. Smart collection involves the utilization of different technologies like GPS tracking, RFID tags, IOT sensors, and data analytics to optimize the process of collection from different sources, including industrial, commercial, and residential sources. However, smart collection involves not only the collection of waste but also other activities, such as the deployment of sensors in containers or waste bins to monitor the levels and optimization of collection routes. The smart collection helps reduce unnecessary travel to waste bins or containers by optimizing waste levels, thereby improving overall operational efficiency and lowering fuel consumption. However, the rapidly increasing urbanization rate is leading to a higher demand for smart collection techniques in order to handle the growing waste. Moreover, the municipalities are growing their focus on lowering the impact of collection operations because smart collection helps in minimizing carbon emissions by optimizing resource utilization and lowering traffic congestion. Also, this technique is more affordable than any other option as it minimizes labor costs, fuel consumption, and time.

On the basis of waste type, the market can be segmented into special waste, solid waste, and e-waste. The solid waste segment is expected to dominate the smart waste management industry during the forecast period. Solid waste is a non-gas and non-liquid material generated from different sectors. It could include everyday items like construction debris, packaging material, household items, and many others. Solid waste is widely generated by industries, businesses, and households, which further contributes towards the domination of the segment in the market. However, increasing population growth is one of the major factors expected to increase solid waste generation. Additionally, government and environmental agencies are highly focused on managing solid waste because of its negative impact on human and environmental health. Therefore, the increasing requirement to optimize solid waste is further demanding efficient solid waste management solutions.

Smart Waste Management Market: Regional Analysis

North America to dominate the global market

North America accounts for the largest share of the global smart waste management market during the forecast period. One of the major reasons for the high growth rate of the region is the strict regulations. There are a lot of mandates regarding efficient waste management practices, which promote the growth of the regional market. Smart management solutions are adopted to optimize the collection and disposal of waste products in order to lower the impact of human waste on the environment. Another major reason for the high growth rate of the regional market is the ongoing technological advancements. The region is known to be a hub for technological innovation. Therefore, companies are integrating advanced technologies like data analytics and automation in smart waste management operations to improve the operational efficiency of the process. Therefore, all these factors are expected to poison the growth rate of the regional market in the coming years.

Asia Pacific is another major region expected to see significant growth in the coming years. This growth is highly influenced by increasing population growth and urbanization in the region. Rapidly emerging cities in the Asia Pacific, along with a fast-growing population, are leading to a high generation of waste, particularly from the residential, commercial and industrial sectors. This is causing a huge demand for efficient waste management solutions. Moreover, many emerging economies in the region are investing heavily in infrastructure development, thereby increasing the generation of waste materials. Therefore, governments in the region are deploying infrastructural projects to modernize the waste collection process and minimize the impact of waste generation on public and environmental health. The rising disposable income of people is increasing consumption levels, which is also leading to a high volume of waste generation. Therefore, there is heavy demand for smart waste management solutions to address all these challenges in the region.

Smart Waste Management Market: Competitive Analysis

The key players in the global smart waste management market include Bigbelly, BRE SMART Waste, Covanta, Ecube Labs, Enevo, Harvest Power, IBM, Recycle Smart Solutions, Republic Services, SAP, SENSONEO, Suez, Urbiotica, Veolia, Waste Management Inc., and others. For instance, The Government of India said to help City Investments to Innovate, Integrate, and Sustain (CITIIS) project in 2023. The program is being executed under Smart Cities Mission which encourages climate-oriented reform actions.

The global smart waste management market is segmented as follows:

By Method

• Smart Disposal
• Smart Processing
• Smart Collection
• Others

By Waste Type

• Special Waste
• Solid Waste
• E-Waste

By Source

• Industrial
• Commercial
• Residential