PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1269615
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1269615
Global Smart Trash Bin Market is valued approximately USD 57.26 million in 2021 and is anticipated to grow with a healthy growth rate of more than 12.40% over the forecast period 2022-2029. Smart trash bins are a component of intelligent waste management systems. They have wireless ultrasonic fill-level sensors that can detect how full a bin is built into them. This data is transmitted to a platform for cloud-based monitoring and analytics via the internet of things. The Smart Trash Bin market is expanding because of factors such as increasing implementation for smart city programs and growing need for effective waste management across the globe. However, high Cost of Smart Trash Bin and lack of awareness among consumers may halt market growth.
According to Statista, in year 2019 the Technology spending on smart city initiatives worldwide stood at USD 104.3 billion which increased to USD 158 billion in year 2022 and it is projected to reach at USD 189.5 billion by year ending 2023. Thus, rising spending on development of smart cities across the world is driving the market growth. In addition, another significant element driving the market's expansion is the expanding demand for efficient waste management on a global scale. Waste management systems are under pressure due to the rising global garbage production. Local government entities have run a variety of innovative programmes nationwide to address these issues. For instance, the Environmental Protection Agency (EPA) stated in November 2021 that it would invest approximately USD 375 million in recycling and waste reduction projects, which would be its largest investment in waste management in the United States. Thus, rising government projects is further favouring the market growth. Along with these, rising proliferation of Internet of Things (IoT) and Artificial Intelligence (AI) technologies is creating a lucrative opportunity to the market.
The key regions considered for the Global Smart Trash Bin Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to presence of prominent smart trash bin manufactures, and strong adoption of cutting-edge technology. Whereas Europe is expected to grow with a highest CAGR during the forecast period, owing to factors such as rising smart cities projects, government initiatives for sustainability and garbage reduction.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Capacityofferings of key players. The detailed segments and sub-segment of the market are explained below.
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures and dummy in nature, final lists may vary in the final deliverable