Rising Consumer Buying Power boosting the growth of waste management market with CAGR 5.5%

IndustryPRwire - The global waste management market size is estimated to grow at a CAGR of 5.5% during the forecast period till 2027, according to a new study published by Astute Analytica.

The collection, transport and disposal of sewage, garbage, and other waste materials is waste management. It includes the handling of solid waste and the safe and effective disposal of discarded goods and substances. The major growth drivers of the market are growing consumer buying power, challenges related to discard, and government measures to reduce illegal dumping. For instant, As per Bureau of Labor Statistics average annual expenditures per consumer for 2017 was increase with 4.8% from 2016 i.e. USD 60,060.

Also, population growth and growth in globalization have contributed to a rise in the total amount of waste, in result propelling the waste management market growth during the forecast period. 

Regional Analysis

Global waste management market is segmented into the North America (the United States, Mexico, and Canada), Europe (the UK, Germany, France, Spain, Russia, Italy, Norway, Denmark, Portugal, Ireland, Greece and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Australia and Rest of APAC), and LAMEA (Latin America, the Middle East, and Africa).

After analyzing the market in depth, analyst suggest that the Asia-Pacific region holds the highest market share in 2019. The regional growth is due to increasing population on account of the significant surge in the number of foreign immigrants in countries like China, India, Japan, and others. 

Segment Analysis
The global waste management market is fragmented into various sub-groups, such as:
  • By Type
  • By Services 
By Type segment is further sub-segmented as:
  • Municipal Waste
  • Industrial Waste
  • Hazardous Waste
By type, the industrial segment expected to hold the highest revenue in 2019.
By Services segment is further sub-segmented as:
  • Collection Services
    • Collection & Transportation
    • Storage & Handling
    • Sorting
  • Disposable Services
The disposable services contribute the highest revenue in 2019.

Competitive Landscape
The focus on expansion of businesses of major market players by various strategic initiatives, R&D investments, and introduction of customized products cater the increasing demand customers. Some of the key companies in the market are as follows:
  • Biffa Plc
  • Clean Harbors, Inc.
  • Covanta Holding Corporation
  • Daiseki Co., Ltd.
  • Hitachi Zosen Corporation
  • Remondis Se & Co. Kg
  • Republic Services, Inc.
  • Suez
  • Veolia Environnement
  • Waste Management Inc.
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