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The global Solid Waste Management Market size is projected to gain traction on account of the increasing amount of waste generation, further attributed to the contributions of the residential, commercial, and industrial sectors. Solid waste majorly includes waste plastic products, organic matter, and metal and glass products.
Regional Analysis-
Europe Emerged Dominant Owing to High Collection Rate from Nations
Regionally, Europe generated USD 90.03 billion in 2019 and earned the highest solid waste management market share. This is attributable to the extensive collection of waste and the presence of more than 500 waste-to-energy plants all over the region. Comprehensive legislations are laid by the European Union for controlling greenhouse gas emissions and improving the waste management system in the region, thereby aiding to the dominance. However, North America may emerge dominant in the forecast period on account of the well-established collection, processing, and disposal methods, coupled with presence of large players such as Clean Harbors Inc., Waste Management, and others in this region.
As per a recent report by Fortune Business Insights, titled,“Solid Waste Management Market Size, Share and Industry Analysis, By Waste Type (Industrial Waste and Municipal Waste {Organic Matters, Paper, Plastic, Glass and Metal, and Others}), By Treatment Method (Collection, Processing {Recycling and Composting} and Disposal {Landfilling and Open Dump and Incineration}) and Regional Forecasts, 2020-2027,”the market is anticipated to reachUSD 366.52 billionby the end of 2027 fromUSD 285.16 billionearned in 2019. The forecast period is set between 2020 to 2027, and the market is likely to exhibit a CAGR of 3.3%.
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Drivers and Restraints-
Advent of Smart Waste Management to Aid in Expansion of Market
Rapid industrialization and urbanization are the key factors propelling the solid waste management market growth. In addition to this, the advent of the new technological trends, such as smart waste management, is expected to boost the market. This, coupled with the advent of Internet of Things technologies with the potential of better waste collection process via optimization that also reduces the overall operational expenditure, will aid in the expansion of the market in the coming years.
On the contrary, managing solid waste is a long and tedious task and requires high capital and operational cost in terms of waste collection bins, vehicles, and processing equipment. Additionally, solid waste causes land and water pollution that requires a large number of trained workers for carrying out smooth operations to processes the waste. Therefore, the high requirement of manual labor is also set to hamper the market growth.
Competitive Landscape-
Companies Focusing on Installation of New Energy-from-Waste Facilities to Gain Impetus
Major companies operating in this market are engaging in adopting smart waste management services to make their mark in the competition. Besides this, they are also engaging in the construction of new energy-from-waste facilities for sustainable waste management solutions, thereby gaining a significant position in the market and gather more revenue in the coming years.
Browse Detailed Analysis of this Research with, Segmentation and Table of Content:

https://www.fortunebusinessinsights.com/solid-waste-management-market-103045