Industrial Waste Management Market Is Expected To Reach USD 1,434.98 Billion by 2030, Grow at a CAGR Of 5.6% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
According to a market research study published by Contrive Datum Insights, during the time frame of the forecast, the market is likely to be dominated by Asia Pacific. The area was worth $320.85 billion in 2020.
Farmington, March 15, 2023 (GLOBE NEWSWIRE) -- The Industrial Waste Management Market is expected to grow from USD 979.60 billion in 2022 to USD 1,434.98 billion in 2030 at a CAGR of 5.6% in the 2022-2030. In 2020, the size of the industrial waste management market around the world was $937.06 billion. COVID-19 has had devastating effects around the world that have never been seen before. During the pandemic, there have been negative demand shocks in all regions. In 2020, the global market was down by -10.4%, according to our research.
Industrial waste is made up of solid, liquid, and gaseous waste from industries like construction, oil and gas, chemicals, nuclear power, farming, and mining. It is a mix of dangerous and non-dangerous trash. It is dumped in the oceans, rivers, or on land without being properly cleaned. Because of this, it has become a big source of pollution. Most of the dangerous industrial waste made each year comes from the chemical, oil and gas, and nuclear industries. Due to the nature of many industrial processes, handling, collecting, and getting rid of waste materials safely can be very hard. The waste may be dangerous or bad for the environment, which means that safety, compliance, and environmental protection must be taken very seriously.
In November 2020 - Mumbai's only biomedical waste incineration plant has begun moving out of the city and is expected to complete the process by February 2022.
In May 2018 – Sembcorp Environment, a wholly owned subsidiary of Sembcorp Industries, sold its medical waste disposal business to TEE Medical Services for US$20 million. Sembcorp's Medical Waste Division specializes in the treatment and disposal of biohazard and pharmaceutical waste.
Market Dynamics:
Drivers:
Increasing industrialization and urbanisation: As cities and factories grow, so does the amount of waste they make. Because of this, it's important to find good ways to deal with trash so it doesn't hurt the environment.
Governments are putting in place strict rules to stop pollution and encourage good environmental practises. Waste management has become more important in many areas as a result.
People want to recycle more because they want to save natural resources and lower the cost of getting rid of trash.
Improvements in waste management technologies: New and advanced technologies like waste-to-energy, landfill gas-to-energy, and bioreactor landfills are driving the growth of the industrial waste management market.
Restraints:
High cost: It costs a lot of money to build new waste management facilities and use new technologies. This can be hard for small and medium-sized businesses.
Lack of knowledge: Many businesses and people still don't know how important it is to handle waste well or what benefits it could bring.
Lack of good places to put trash: Finding good places to put trash is getting harder and harder, which could slow the growth of the industrial waste management market.
Fragmented market: There are a lot of small and big players in the market for managing industrial waste, and they are all trying to get a bigger share of the market.
Opportunities:
The number of people who want sustainable ways to deal with trash is growing. As people learn more about how to protect the environment, the need for sustainable ways to handle trash grows.
When the following things happen: A circular economy is based on the idea that waste materials can be used to make new things. This opens up new chances for the market for managing industrial waste.
Getting rid of trash in a smart way: Smart waste management solutions that use technology to improve how trash is collected, processed, and thrown away are becoming more and more popular.
Investment in emerging markets: In Asia-Pacific and Latin American emerging markets, which are becoming more industrialised and urbanised, there is a lot of room for the industrial waste management market to grow.
Regional Outlook:
During the time frame of the forecast, the market is likely to be dominated by Asia Pacific. The area was worth $320.85 billion in 2020. Compared to other regions, the Asia-Pacific region has a very large number of people. Several industries in the area are also growing, which means that there is a lot of extra sludge. China makes a lot of trash in this area, and the government is taking serious steps to stop pollution. To deal with the growing amount of trash in the area, there is a growing need for industrial waste management.
During the period of the forecast, North America is likely to grow a lot. People in the area are becoming much more aware of how their actions affect the environment. The Environmental Protection Agency says that the laws about dumping have changed in the area. For illegally dumping trash and burning it, the US government has fined each person $7,500. As industrialization and other related activities grow, more waste is made. Governments are taking different steps to deal with these wastes in the right way. So, it will drive growth in North America over the next few years.
The Middle East and Africa are expected to contribute a lot to the growth of the market. The region's industrial sector is doing very well, which means that there is a lot of waste. To deal with this waste, the government is working to improve the waste management market. The Ministry of Climate Change and Environment in the UAE has made a decision about how hazardous waste can be exported and moved across UAE borders. This will help this area grow over the next few years.
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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