In its research report, Market Research Future (MRFR), emphasizes that the global industrial waste management market 2021 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. 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.
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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.
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.
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.
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.
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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