Smart Waste Management Global Market Report 2024

The smart waste management market size has grown rapidly in recent years. It will grow from $2.26 billion in 2023 to $2.58 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The expansion observed in the historical period can be attributed to several factors. These include population growth, heightened awareness of environmental impact, increased investment in waste management, growing recycling initiatives, and heightened public health concerns.

The smart waste management market size is expected to see rapid growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The anticipated growth in the forecast period can be attributed to several factors. These include increasing urbanization, a growing focus on the circular economy, the rise in smart city initiatives, stricter environmental regulations by countries, and rapid industrialization. Major trends expected in the forecast period encompass smart waste management utilizing IoT technologies, the increasing acceptance of the Internet of Things (IoT), the adoption of Artificial Intelligence (AI) and machine learning, the integration of robots equipped with AI, and the utilization of smart compactors.

The anticipated growth of the smart waste management market is driven by rapid industrialization. Industrialization involves establishing industries within a society or economy, typically leading to mechanized production and urban expansion. Several factors contribute to the swift pace of industrialization, including infrastructure development, urbanization, and economic expansion. Smart waste management offers numerous benefits to industries, including increased productivity, resource optimization, cost reduction, regulatory compliance, risk mitigation, sustainability promotion, data-driven decision-making, and enhanced brand reputation. For instance, Eurostat reported an 8% increase in EU industrial production in 2021 compared to 2020, maintaining a 5% growth in 2022 over 2021. This underscores how rapid industrialization fuels the smart waste management market's expansion.

Leading companies in the smart waste management sector are prioritizing innovative technologies, particularly artificial intelligence (AI), to automate tasks traditionally requiring human intervention and gain a competitive advantage. AI technology enhances garbage collection and recycling processes by analyzing data to optimize efficiency and sustainability. For example, ZenRobotics Ltd. introduced ZenRobotics 4 in February 2024, featuring robots designed for seamless integration into existing waste management systems. These robots, capable of improving recycling rates, reducing contamination, and enhancing operational efficiency, represent a significant advancement in sustainable waste management practices.

In March 2023, Recycle Track Systems Inc., a US-based waste management firm, acquired RecycleSmart Solutions, Inc., expanding its service offerings and product portfolio to provide comprehensive smart waste diversion, organic capture, and recycling management solutions to businesses throughout North America. RecycleSmart Solutions Inc., based in Canada, specializes in offering recycling and waste management services.

Major companies operating in the smart waste management market are International Business Machines Corporation, Veolia Environnement SA, Republic Services Inc., Waste Management Holdings Inc., TOMRA Sorting Solutions, Pepperl+Fuchs SE, Averda International LLC, AMCS Group Limited, Pellenc Selective Technologies, Harvest Power LLC, Faststream Technologies, Recycle Smart Solutions LLC, Compology Inc., Geminor AS, FleetMind Solutions Inc., Big Belly Solar LLC, Ecube Labs Co. Ltd., Otto Waste Systems Pvt. Ltd., WAVIoT LLC, SUEZ Smart Solutions, Allvy Software Solutions Private Limited, CleanRobotics Inc., Enevo Inc., Evreka Yazılım ve Tasarım A.Ş.

North America was the largest region in the smart waste management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the smart waste management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smart waste management involves leveraging advanced technologies and data analytics to optimize the collection, transportation, and disposal of waste. It aims to improve efficiency, reduce costs, and minimize environmental impact by utilizing IoT devices, sensors, and real-time monitoring systems. This innovative approach enables better resource allocation and promotes sustainable waste management practices.

The primary types of the smart waste management market include smart collection, smart processing, smart disposal, and smart energy recovery. Smart collection entails using technology such as sensors and IoT devices to optimize waste collection processes. Various waste types, including solid waste, special waste, and electronic waste (E-Waste), are managed across applications such as residential and municipal, industrial, commercial, construction and demolition, as well as energy, water supply, and sewage treatment.

The smart waste management market research report is one of a series of new reports that provides smart waste management market statistics, including smart waste management industry global market size, regional shares, competitors with a smart waste management market share, detailed smart waste management market segments, market trends, and opportunities, and any further data you may need to thrive in the smart waste management industry. This smart waste management research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart waste management market consists of revenues earned by entities by providing services such as waste collection, recycling, and disposal. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart waste management market also includes sales of Smart bins, compactor bins, smart recycling system, and trash compactors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The IT market is segmented into IT services, computer hardware, telecom and software products.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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