Smart waste management refers to using sensors in waste to monitor the real-time status of municipal waste collection services and determine when bins need to be emptied or filled. It also keeps track of past information gathered by sensors and databases that can be used to pinpoint and improve driver routes, fill patterns, and lower operating costs. Effective waste collection is more practical with remote monitoring and IoT-based waste bins. Urbanization and fast industrialization are the two main drivers of the smart waste management market. Consequently, the volume of waste from the municipal and industrial sectors has increased. The systematic collection and disposal of waste have increased due to the rising environmental awareness.
The market for smart waste management is anticipated to experience expansion due to rising CO2 emissions and increased environmental consciousness among consumers regarding renewable waste management solutions. Market players have taken proactive steps to recycle MSW and non-hazardous industrial waste to reduce pollution and eliminate ecological risks. Additionally, dumping and leaving trash unprocessed has an impact on health both directly and indirectly by dispersing the vectors that spread infectious diseases, which in turn increases the demand for waste management services.
Waste management companies such as Urbiotica and Bigbelly Inc. offer smart waste bins with integrated sensors to collect data. Moreover, several countries are focusing on the implementation of zero waste initiatives. In addition, introducing country-level government norms and regulations to curb greenhouse gas emissions is expected to augment market growth. All these factors are predicted to increase demand for smart waste management services.
Key players have created innovative sensor-based Internet of Things and remote monitoring solutions for smart trash cans. Waste management techniques have also undergone significant rivalry. Businesses like SUEZ Environmental Services and Urbiotica offer IoT-based waste management monitoring solutions. For example, in October 2019, Bigbelly Inc. partnered with Telit, a UK-based company specializing in smart trash monitoring systems. The agreement aimed to enhance IoT-based intelligent trash and recycling systems. Accordingly, technological developments are anticipated to create profitable prospects for the global smart waste management market.
North America is the highest revenue contributor and is estimated to grow at a CAGR of 12.9% during the forecast period. An increase in smart city initiatives in the US and Canada is predicted to propel market growth for smart waste management. The utilization of smart bins for effective trash management, utilizing IoT and cloud-based technologies, is expected to contribute to the development of the smart waste management market. In addition, an increase in environmental consciousness regarding the need for garbage disposal and environmental safety is anticipated to contribute to the expansion of the market. Key manufacturers of smart waste management equipment in North America are also expected to propel market expansion.
Asia-Pacific is the fastest-growing region. Increases in infrastructure, urban population, and waste management reforms in emerging economies (such as India and China) are anticipated to enhance the demand for smart waste management. For example, India's urbanization increased by 0.98 percent between 2018 and 2019, creating 62 million tons of municipal solid trash. The Asia-Pacific smart waste management market is growing at a substantial CAGR due to initiatives such as waste-to-fuel and waste-to-energy, which are likely to contribute to market growth. In addition, the Asia-Pacific region witnessed a tremendous demand for intelligent waste management solutions due to increased environmental consciousness regarding garbage recycling.
The European smart waste management market is projected to reach USD 1,790 million by 2030, growing at a CAGR of 14.5%. In Europe, the expansion of the smart waste management market is predicted to be fueled by the rise in government regulations about renewable energy solutions. In addition, rising environmental concerns about eradicating CO2 gas through renewable energy sources are anticipated to fuel the smart waste management market. Major players provide trash recycling technologies for environmentally responsible waste management. For instance, in June 2020, the Finland-based Enevo Oy signed a cooperation with the New York-based garbage recycling and management company Recycle Track Systems. The agreement aimed to expand its trash recycling and tracking capabilities. Such occurrences are likely to stimulate market expansion for intelligent waste management.