The global waste management market was valued at USD 1,293.70 billion in 2022 and is projected to experience a steady growth rate, expanding at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030. This growth is primarily driven by stricter government regulations, such as the Resource Conservation and Recovery Act (RCRA) and Waste Shipment Regulations, which are designed to improve waste management services and promote more sustainable practices in handling waste.
During the COVID-19 pandemic, waste generation from the commercial and industrial sectors saw a significant decline. This reduction was largely due to the lockdown measures that led to the temporary or permanent closure of factories, businesses, and offices. On the other hand, urban waste, particularly from residential areas, increased as more people worked and stayed at home. However, as the global economy began to recover in early 2021, with the reopening of production facilities and the rise in vaccination rates, the waste recycling industry began to regain momentum, allowing companies to return to full operational capacity.
Gather more insights about the market drivers, restrains and growth of the Waste Management Market
In the United States, the impact of COVID-19 was particularly pronounced, with the government enforcing lockdown measures in 2020 to mitigate the spread of the virus. This led to a noticeable drop in waste generation, especially from the industrial sector. Nevertheless, by 2021, as production facilities reopened and economic activities resumed, waste generation increased, contributing to the overall growth of the waste management market.
Waste Type Segmentation Insights
In 2022, the industrial waste segment led the market, accounting for over 85.9% of the total share. This dominance can be attributed to rapid urbanization and industrialization, which have driven an increase in industrial waste generation. Proper industrial waste management is essential, as mishandling or mismanagement of such waste can lead to significant environmental harm, including the contamination of lakes, groundwater, and damage to ecosystems and wildlife.
Looking ahead, the global population is expected to reach approximately 7 billion in urban areas by 2050, according to data from Our World in Data. This significant increase in urban populations is likely to exacerbate the generation of urban waste in the near future. During the COVID-19 pandemic in 2020, the lockdown measures implemented by governments in countries like the U.S., India, and China resulted in people working from home, contributing to an uptick in urban waste production.
The e-waste segment is expected to grow at the fastest rate, with a projected CAGR of 7.4% over the forecast period. The rapid pace of technological advancement and the continuous release of new and updated electronic products have shortened the lifespan of existing devices, leading to a rise in e-waste generation.
Additionally, the management of waste generated by hospitals, clinics, and diagnostic centers is of critical importance. This biomedical waste must be handled properly to prevent the spread of infections and diseases such as pneumonia, tuberculosis, tetanus, whooping cough, and diarrhea. The generation of biomedical waste saw an increase between 2020 and 2021, primarily due to the surge in diagnostic activities and the treatment of COVID-19 patients, further emphasizing the need for effective and safe waste management strategies in the healthcare sector.
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