The Smart Waste Management Market was valued at USD 1.20 billion in 2017, and is expected to reach USD 3.14 billion by 2023, registering a CAGR of 17.4%, during the forecast period of 2018-2023. The report profiles the providers of smart management solutions and platforms that support technologies.
Smart waste management is an important aspect of smart city development (along with water management, energy management, traffic management, etc.), in order to improve the quality of life in urban areas. The increasing number of smart city initiatives across regions therefore supports the growth of the smart waste management market. The waste management industry involves various activities, such as collection, transportation, disposal, and recycling, which have been facing efficiency issues at different stages of waste management. Specifically, the high operational costs corresponding to collection and transport of waste are leading to an increasing adoption of smart waste management.
Across the globe, about 1.3 billion metric ton of waste gets generated every year, and is expected to reach 2.3 billion by 2020, according to the World Bank. This increase can be attributed to the rapid urbanization and industrialization, worldwide. The increasing generation of waste, which consumes more fleet trucks and continuous monitoring, augments the demand for efficient handling, to keep the surroundings free of clutter. Effective waste management often accounts for around 20-50% of municipal budgets, and therefore poses a significant pressure on municipalities. The growing complexity in the logistics of waste collection and need to comply with regulations pertaining to waste processing demand better waste management solutions, which are made possible by the use of technologies, such as IoT sensors, RFID, GPS, etc. Although the smart waste management market is at a nascent phase, it is expected to witness healthy growth, owing to the availability of commercially viable technologies and operational benefits.
The decreasing price of IoT sensors and projected growth of machine-to-machine (M2M) connections, which enable better workflow in different stages of waste management, like processing and disposal, estimated to provide a significant growth potential, for the smart waste management market.
Key players in the market studied are innovators in the waste management industry, including Enevo, Smartbin, Bigbelly Inc., etc., and use high-end sensor-based technologies, to monitor waste at each stage of waste management.
Smart Collection Expected to Contribute the Most
In the smart collection segment, the emergence of IoT has revolutionized and addressed operational costs, for the waste handling companies. The companies that offer smart solutions for waste collection primarily focus on three solutions - intelligent monitoring, route optimization, and analytics. By deploying sensors, network infrastructure, and data visualization platforms, waste management companies have been able to generate actionable insights, to take informed decisions. By using fill level sensors (sometimes also cameras) near the trash bins, companies have been able to plan the fleet trucks in accordance with the volume of trash in bins, thus reducing the unnecessary fleet fuel consumption and contributing to reduce carbon emissions in cities (by up to 60%, according to Senseno).
Municipalities of a few cities across the United States, United Arab Emirates, United Kingdom, etc., in collaboration with smart waste management innovators (such as Enevo, Smartbin, Bigbelly, etc.) are saving around 30% of waste collection costs. Due to the presence of commercially available technology providers, coupled with smart city initiatives, this segment is expected to record robust growth, during the forecast period.
North America Estimated to Account for the Largest Share
North America comprises an increasing number of smart cities and the existing ones are currently under development. Approximately 22% of cities in the United States and Canada have already been implementing strategic programs, compared to just 7% of cities, worldwide. Of the North American regions, the United States alone contributes the majority of the annual waste produced, at approximately 230 million metric ton of trash, the major chunk of which is handled by private entities. Owing to government initiatives that promote sustainability, with the goal of achieving zero waste by 2020, and the penetration of smart city initiatives across the high urban concentration region, North America is expected to account for a lionÕs share in the smart waste management market, during the forecast period.
Key Developments in the Market
¥ Jun 2017: Technology giant Cisco partnered with the Danish government, to deploy an IoT city digital platform, intended for intelligent waste monitoring. SmartBin, an innovator in the smart waste management market, deployed its sensors in a wide range of waste and recycling containers that are integrated with the city digital platform.
Major Players: ENEVO, SMARTBIN (ONEPLUS SYSTEMS INC.), IBM CORPORATION, BIGBELLY INC., COVANTA HOLDING CORPORATION, BIN-E, COMPOLOGY, ECUBE LABS CO., PEPPERL+FUCHS GMBH, VEOLIA ENVIRONMENT SA, NEBULAE and SENSONEO, among others.
Reasons to Purchase this Report
¥ An analysis of various perspectives of the market, with the help of PorterÕs five forces analysis
¥ The segments that are expected to dominate the market
¥ The regional analysis of the market, during the forecast period
¥ The latest developments, market shares, and strategies employed by the major market players and key innovators
¥ 3months analyst support along with the Market Estimate sheet (in Excel)
Customization of the Report
¥ This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
1.1 Key Study Deliverables
1.2 Market Definition
1.3 Study Assumptions
2. Research Methodology
3. Executive Summary
4. Market Insights
4.1 Market Overview
4.2 Indusrty Attractiveness-Porter's Five Forces Model
4.2.1 Bargaining Power Of Suppliers
4.2.2 Bargaining Power Of The Consumers
4.2.3Threat Of New Entrants
4.2.4 Threat Of Substitutes
4.2.5 Intensity of Competitive Rivalry
5. Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Global Wastage
5.1.2 Rising Adoption of Smart Cities
5.2 Market Restraints
5.2.1 High Initial Costs
5.3 Market Opportunities
5.3.1 Evolution of IoT and Decreasing Sensor Prices
6. Global Smart Waste Management Market Segmentation
6.1 By Stage
6.1.1 Smart Collection
6.1.2 Smart Processing
6.1.3 Smart Energy Recovery
6.1.4 Smart Disposal
6.2 By Waste Type
6.2.1 Industrial Waste
6.2.2 Municipal Waste
6.3 By Region
6.3.1 North America
6.3.4 South America
6.3.5 Middle East & Africa
7. Competitive Intelligence - Company Profiles
7.2 Smartbin (OnePlus Systems Inc.)
7.3 Bigbelly Inc.
7.4 Covanta Holding Corporation
7.8 Ecube Labs Co.
7.9 Pepperl+Fuchs GmbH
7.10 RecycleSmart Solutions.
7.11 IBM Corporation
*List not Exhaustive
8. Investment Analysis
9. Future of the Global Smart Waste Management Market
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.