Preliminary research of Fairfield Market Research indicates a promising growth outlook for global waste disposal equipment market during the course of next few years.
Swelling Waste Generation Volumes Create Strong Tailwinds Facing Waste Disposal Equipment Market
Rising generation of waste, both residential and industrial, owing to stockpiling and inefficient disposal has remained a crucial factor of consideration. Waste generated through industrial and municipal activities has overwhelmed the existing waste disposal systems, calling for highly efficient waste disposal equipment. This remains the prime factor stimulating the growth of waste disposal equipment market. Albeit a slight slack in generation of waste during the COVID-19 period, the post-lockdown scenario reflected a spike in manufacturing and other commercial activities. This has further accelerated the problem of waste generation which has increased rapidly and is expected to further grow in the coming years. For instance, according to the analysis of World Bank, by end of 2050 the generation of waste would increase by 73% as compared to 2020. This growth in waste generation would mostly be driven by the middle-income nations wherein the waste production would approximately double in the next few decades. In 2021, around 77% of the solid waste worldwide was collected and 33% was openly dumped.
Furthermore, according to the 2021 report of Institute of Scrap Recycling Industries (ISRI), around 66% individuals in the United States would refrain from recycling a product if it is difficult and inconvenient to carry out the activity. This leads to dumping problem thus impacting the environmental health as well as causing hygiene problems to human beings. In addition, according to National Environmental Agency (NEA), around 6.94 million tonnes of solid waste was produced in Singapore alone of which only 3.8 million tonnes were recycled and the remaining ended in landfills. The generation of waste through domestic and non-domestic sectors increased significantly in 2021 as compared to the previous year and is likely to further impact the global environment. This factor has triggered the adoption of technologically advanced systems for waste management and disposal, in turn bolstering the growth of the waste disposal equipment market.
Stringent Regulations Regarding Environmental Safety Drive Waste Disposal Equipment Market Growth
Rising concerns regarding environment health and safety has caused the implementation of strict policies for waste management and disposal. Government authorities have been focused on deploying stringent targets apropos to waste disposal and waste recycling, thus giving an impetus to the waste management initiatives. This factor remains instrumental in driving the growth of the waste disposal equipment market. For instance, since 2018, the European Union has been setting up targets for waste recycling and disposal to prevent the stacking of waste. By end of 2025, according to the set target, the European countries need to carry out recycling of about 55% of all the municipal waste and by 2030, the count should increase to cross 60%. This is expected to fuel the demand for advanced waste management systems, thus auguring well for the waste disposal equipment market.
Technological Advancements to Give an Impetus to the Growth of the Waste Disposal Equipment Market
Automation and technology have transformed several sectors and waste management is no exception. There has been an increase in the demand for advanced waste disposal equipment powered by new age technologies such as Internet of Things and artificial intelligence. This would improve the backend, and frontend sorting, and disposal of wastes depending upon the waste type, alongside reducing manual errors and intervention. In addition, with automation and technological advancements, higher safety and efficiency in processing and disposal of commercial as well as biomedical waste can be achieved, thus reducing burden on environment and human health. This has pushed manufacturers of waste disposal equipment to develop high energy efficient and low maintenance machines by leveraging technology. This factor continues to influence the growth of the waste disposal equipment market.
Growing Traction for Industrial Waste to Augur Well for Waste Disposal Equipment Market
Waste disposal equipment is used to dispose both municipal and industrial wastes. However, the demand for industrial waste disposal equipment is expected to increase thus largely contributing towards the revenue growth of the market. This can be attributed towards growing urbanization across emerging economies and developed nations resulting in high waste generation. There has been a surge in the generation of industrial waste due to momentous growth in industries such as construction, textile, chemicals, manufacturing, and pharmaceuticals. This has in turn resulted in the need for efficient waste disposal equipment such as compactors, dumpsters, and trucks to prevent the industrial waste penetrate the environment. In this backdrop, the need for industrial waste management is poised to surge, consequently complementing the growth of the waste disposal equipment market on the global front.
Europe Contributes the Lion’s Share Toward Waste Disposal Equipment Market
Developed nations in Europe are projected to reflect high attractiveness for the waste disposal equipment market. This is mainly owing to increasing waste generated in the region backed by rising adoption of advanced waste disposal equipment and presence of major players. For instance, according to the report by European Union, around 4.8 tonnes of waste was produced per inhabitant in the EU in 2020 of which 31.3% was land-filled in the same year. Growing industrial and municipal waste across major countries in Europe have triggered the initiation of effective waste management systems, giving a push to critical waste disposal projects, waste disposal solutions and other waste sorting initiatives. In this backdrop, the waste disposal equipment market in Europe is expected to gain high momentum in the coming years.
Waste Disposal Equipment Market: Competitive Landscape
Few of the major players in the waste disposal equipment market include TOMRA, Buhler Group, MSS Inc., Coparm Srl, Steinert GmbH, Green Machine, and Kingtiger Environmental Technology Co. Ltd.
The Global Waste Disposal Equipment Market is Segmented as Below:
By Waste Disposal Equipment Type
By Waste Type
Key Elements Included In The Study: Global Waste Disposal Equipment Market
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