According to Fortune Business Insights, the global waste management equipment market size is projected to reach USD 24.21 billion by 2030 from its value USD 17.21 billion in 2022, at CAGR of 4.5% during forecast period.
Pune, India, April 21, 2023 (GLOBE NEWSWIRE) -- The global waste management equipment market size was valued at USD 17.21 billion in 2022. The market is anticipated to grow from USD 17.82 billion in 2023 to USD 24.21 billion by 2030, exhibiting a CAGR of 4.5% over the forecast period. The rise is due to the growing product adoption for handling hazardous, industrial, and municipal waste. This information is provided by Fortune Business Insights™ in its research report, titled “Waste Management Equipment Market, 2023-2030”.
Key Industry Development:
STG Global launched new tech savvy garbage trucks to handle the industrial and municipal waste. The equipment is utilized for the effective handling and maintenance of waste.
By Product Type, By Waste Type, By Application, and By Region
Growth Drivers
Increasing Municipal Waste and Rising Demand for Disposal Methods to Drive the Market Growth
Lack of Awareness About Waste Management in Developing Countries to Restrain Market Growth
Key Takeaways:
Rising Awareness Regarding Recycling Among End-users to Boost Market Growth
Industrial Waste to Gain Traction Owing to Increasing Number of Industries
Waste Recycling & Sorting Equipment to Grow at Highest CAGR Due to Increasing Amount of Waste Generated
Hazardous Segment to Dominate the Market Owing to Stringent Government Regulations
U.S. to Witness Fastest Growth Owing to Huge Amount of Waste Generated
Prominent Players Emphasize Strategies to Improve the Overall Market Presence
COVID-19 Impact
Industry Growth Affected Owing to Halt in Collection and Recycling Activities
The COVID-19 pandemic negatively affected market expansion driven by a decline in waste generation from industrial and commercial sectors. The crisis led to a halt on construction and manufacturing activities, impacting industry growth throughout the projected period. However, the industry expansion was propelled to some extent by the surging sales of test kits, face masks, and gloves.
Market Value to Surge Owing to Growing Demand for Disposal Methods
The waste management equipment market growth is being driven by the huge amount of generated waste and the need for appropriate waste management systems. This is anticipated to surge the demand for recycling machines, dumpsters, and compactors.
However, the market expansion may be hampered by the lack of awareness regarding waste management in developing countries.
Report Coverage:
The report provides a comprehensive coverage of the vital trends propelling the business scenario over the forthcoming years. It also delves into the major factors boosting the global industry landscape across numerous regions. Some of the additional aspects of the report include major initiatives undertaken by leading industry participants for strengthening their business position.
Industrial Waste to Record Surging Demand Due to Escalating Number of Industries
Based on application, the market for waste management equipment is subdivided into industrial waste, municipal waste, and others. The industrial waste segment is slated to depict considerable expansion throughout the estimated period. The rise is due to the escalating generation of waste from the manufacturing, oil & gas waste, and construction sectors.
Waste Recycling & Sorting Equipment Segment Share to Expand at a Substantial Pace Owing to Increasing Amount of Waste Generated
By product type, the market is segmented into waste disposal equipment and waste recycling & sorting equipment. The waste recycling & sorting equipment segment is set to grow at an appreciable rate over the study period. The growth is on account of the increasing awareness regarding various benefits associated with waste management systems.
Hazardous Segment to Gain Traction Driven by Strict Government Regulations
By waste type, the market is segmented into non-hazardous and hazardous. Of these, the hazardous segment dominated the market. The rise is due to the increasing amount of waste generated from the chemical and medical sectors.
By geography, the market for waste management equipment has been analyzed across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Regional Insights:
North America to Emerge as a Leading Region Driven by Presence of Key Players
The North America waste management equipment market share is expected to expand at a substantial rate over the forthcoming years. The surge is on account of the presence of major market players in the region.
The Asia Pacific market is poised to register commendable expansion throughout the projected period. The rise is due to the escalating amount of waste generated from countries such as China, India, and Japan.
Competitive Landscape:
Market Players Ink Partnership Deals to Strengthen Business Landscape
Leading industry participants enter into collaborative agreements for strengthening their position in the market. Some of the other initiatives include merger agreements, acquisitions, and the launch of new products. Additional steps include an increase in research activities and rising participation in trade conferences.
The global Waste Management Equipment Market size was estimated at USD 17.21 billion in 2022 and is expected to reach USD 17.82 billion in 2023
What is the Waste Management Equipment Market growth?
The global Waste Management Equipment Market is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030 to reach USD 24.21 billion by 2030
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
