PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485892
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485892
Smart Waste Collection Technology Market size was valued at USD 1,858.2 Million in 2023, expanding at a CAGR of 10.60% from 2024 to 2032.
Smart waste-collection technology is a combination of creative solutions that use the Internet of Things (IoT), sensor technology, data analytics, and communication systems to improve the efficiency and efficacy of waste-collecting procedures. These technologies include smart garbage bins with sensors for real-time waste level monitoring, waste sorting robotics, route optimization software for collection vehicles, and data management systems that analyze and predict waste generation patterns. Smart waste-collecting technology plays an important role in urban management and sustainability. These methods contribute to lower operational costs, higher recycling rates, and a lower environmental effect from waste generation.
Smart Waste Collection Technology Market- Market Dynamics
Smart Waste Collection Technology Uses Sensors to Monitor Waste Collection Status, Optimize Routes, and Minimize Expenses is Driving Market Growth
Smart waste collection technology uses waste sensors to monitor the real-time status of municipal waste collection services and determine when bins should be emptied or filled. It also keeps track of previous data collected by sensors and databases, which may then be used to locate and improve driver routes, fill patterns, and reduce operational expenses. Remote monitoring and IoT-based garbage bins make rubbish collection more effective. The smart waste collection technology industry is primarily driven by urbanization and rising industrialization. As a result, the municipal and industrial sectors' waste volumes have increased. Because of increased environmental consciousness, waste collection and disposal have become more routine.
Smart Waste Collection Technology Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.60% over the forecast period (2024-2032)
Based on Solution segmentation, Asset management was the leading type in 2023
Based on End-Users segmentation, in 2023, the municipalities category is the dominant segment.
Based on region, North America was the leading revenue generator in 2023
The Global Smart Waste Collection Technology Market is segmented based on Services, Solutions, End users, and Region.
The market is divided into two categories based on Solutions: Network management, optimization solutions, asset management, reporting and analytics solutions, and others. Asset management is the leading segment in the market. Asset management solutions for smart waste collection are critical for properly monitoring and controlling waste collection assets such as bins, containers, and vehicles. These solutions track asset location, status, and condition, allowing for preventive maintenance and reduced downtime. Asset management systems use IoT sensors and RFID tags to offer real-time data on asset utilization, allowing for optimal resource allocation and prolonging equipment lifecycles through preventative maintenance plans.
The market is divided into three categories based on Users: Municipalities, manufacturing and industrial, healthcare, construction, food and retail, and others. The municipality category dominates the smart waste collection technology market. Municipalities are at the forefront of implementing smart garbage collection technologies to meet the issues of urban waste management. These technologies enable cities to improve public hygiene, reduce environmental impact, and increase the efficiency of waste collection services. Municipalities can acquire real-time garbage level data by installing sensors in waste bins and containers, allowing for more efficient collection routes and schedules. This minimizes operational costs and vehicle emissions by eliminating superfluous collection cycles, resulting in a cleaner, healthier urban environment.
Smart Waste Collection Technology Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America is the largest revenue generator during the projection period. An increase in smart city projects in the United States and Canada is expected to propel the smart waste collection technology industry. The use of smart bins to properly manage waste material, together with IoT and cloud-based technologies, will contribute to the growth of the smart waste collection technology market. Furthermore, increased awareness of the importance of garbage disposal and environmental safety is expected to boost market growth.
The Asia Pacific region's fastest-growing industries currently include automotive, consumer electronics, healthcare, construction, food and beverage, and packaging. Many sectors in the region are evolving technologically as a result of the region's expanding economy and population. Due to the region's growing acceptance of smart city projects and growing environmental awareness and transformation, there is an increasing demand for smart waste collection technologies.
Several competitors in the smart waste collection technology space have made agreements, partnerships, and acquisitions their main growth strategies to increase the range of services they offer to customers. For instance, in August 2020, Republic Services Inc. and Aria Energy, a US-based company that manages renewable energy, signed a collaboration deal. The partnership aimed to produce renewable natural gas from landfill methane.
In January 2023, Covanta will enter the severely regulated New England market by acquiring Globalcycle and Global Remediation Services, both headquartered in Massachusetts.
GLOBAL SMART WASTE COLLECTION TECHNOLOGY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
IBM (US)
SAP SE (Germany)
Sensoneo (Slovakia)
Big Belly Solar, LLC (US)
Inogen Environmental Alliance, Inc. (US)
Ecube Labs (South Korea)
Covanta Holding Corporation (US)
Pepperl+Fuchs (Germany)
OnePlus Systems Inc. (US)
Urbiotica (Spain)
Others