Global Underground Waste Containers Market Share to Grow at a CAGR of 6.25% During 2023 to 2031

Introduction

Waste is collected in underground residential, commercial, and industrial garbage cans. Various materials can be used to build underground trash cans, including metal, plastic, and others. The market for underground trash cans is anticipated to grow as the residential and commercial sectors develop. The market is expected to grow more quickly due to industrialization and population growth.

Market Dynamics

Urbanization and Population Growth Drives the Global Market

The increasing population and increased urbanization are expected to lead to an increase in demand for waste management services on a global scale. This feature of rising demand for such containers is projected to cause the market for underground trash containers to grow. Rapid population growth brought on by increased migration leads to rapid urbanization. This situation is predicted to increase demand for underground trash cans. The need for underground trash cans in commercial, industrial, and municipal settings is expected to boost the growth of the underground waste container market.

Technological Progress Creates Tremendous Opportunities

Waste management is a significant issue on a global scale that affects the household, municipal, and industrial sectors. As a result, more and more applications of technologies like sensors, the Internet of Things (IoT), and artificial intelligence (AI) are being used. Starting businesses and large corporations have also experienced intense competition due to their drive to boost their profitability and market shares. Many countries, including India, Japan, the U.S., and others, are developing clever subterranean rubbish bins to support the industry's expansion. For instance, in 2018, the Surat Municipal Corporation (SMC) installed 43 cutting-edge, sensor-equipped subterranean trash cans in public areas. The containers include two compartments: one for garbage collection by municipal workers and the other for the disposal of trash by the general public.

Regional Analysis 

Europe is the most substantial shareholder in the global underground waste containers market and is expected to grow at a CAGR of 5.40% during the forecast period. Several vital countries, like the UK, Germany, France, and other European nations, are studied regarding the underground trash container business in Europe. Due to stringent laws for garbage disposal and an increasing emphasis on sustainable waste management, the market is predicted to grow more quickly in the European region. Additionally, a rise in urban migration is expected to hasten market expansion. For instance, by 2050, around 80% of the population in Europe will reside in metropolitan areas.

North America is expected to grow at a CAGR of 5.50% during the forecast period. High quantities of trash will be produced in the area as the urban population grows, which is expected to drive market expansion. Additionally, the business is projected to expand more quickly as environmental concerns and construction activity rise. In public areas, such as malls, airports, bus stops, subway stations, and other development projects, underground trash cans are installed. The need for containers with huge volume capacities of 3,000 and 5,000 liters in the industrial sectors is another factor driving the market for underground waste containers to expand.

Key Highlights

• The global underground waste containers market was valued at USD 836.80 million in 2022. It is projected to reach USD 1,444.05 million by 2031, growing at a CAGR of 6.25% during the forecast period (2023-2031). 
• Based on product type, the global underground waste containers market is bifurcated into metal, plastic, and others. The metal segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.45% during the forecast period.
• Based on capacity, the global underground waste containers market is bifurcated into below 1,000 L, 1,000-3,000 L, and above 3,000 L. The 1,000-3,000 L segment owns the highest market share and is projected to grow at a CAGR of 6.25% during the forecast period.
• Based on application, the global underground waste containers market is bifurcated into residential, commercial, and industrial. The commercial segment is the highest contributor to the market and is estimated to boost at a CAGR of 6.35% during the forecast period.
• Europe is the most substantial shareholder in the global underground waste containers market and is expected to grow at a CAGR of 5.40% during the forecast period.

Competitive Players

Competitive Players

The global underground waste containers market's major key players are ESE World B.V., Ecoloxia Environmental Group Inc, Meulenbroek Machinebouw B.V., Nord Engineering S.r., and Oktagon Engineering GmbH.

Recent Developments

Market News

• In August 2022, Jamar Health Products, a Wisconsin-based maker of healthcare items, and Brightmark, a supplier of international waste solutions, teamed up to recycle plastic medical waste.
• In April 2022, SafeShield antimicrobial medical waste containers, a range of premium, standardized containers especially created for storing and transporting regulated medical waste, were introduced by Stericycle, Inc. (RMW).

Segmentation

Global Underground Waste Containers Market: Segmentation

By Product Type

• Metal
• Plastic
• Others

By Applications

• Residential
• Commercial
• Industrial

By Capacity

• Below 1,000 L
• 1,000-3,000 L
• Above 3,000 L

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA